Qualcomm Beneish M-Score Historical Data
The historical data trend for Qualcomm's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Qualcomm Beneish M-Score Chart
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Qualcomm Annual Data
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Trend |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-1.92 |
-2.60 |
-1.45 |
-3.33 |
-2.46 |
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Qualcomm Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.16 |
-3.18 |
-2.46 |
-2.75 |
-2.43 |
Competitive Comparison of Qualcomm's Beneish M-Score
For the Semiconductors subindustry, Qualcomm's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Qualcomm's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Qualcomm's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Qualcomm's Beneish M-Score falls into.
Qualcomm Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Qualcomm for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0428 | + | 0.528 * 1.0022 | + | 0.404 * 0.9868 | + | 0.892 * 1.1615 | + | 0.115 * 0.991 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.952 | + | 4.679 * -0.033934 | - | 0.327 * 0.9243 |
| = | -2.43 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $3,699 Mil.
Revenue was 10979 + 11669 + 10244 + 9393 = $42,285 Mil.
Gross Profit was 6042 + 6508 + 5777 + 5219 = $23,546 Mil.
Total Current Assets was $26,080 Mil.
Total Assets was $55,372 Mil.
Property, Plant and Equipment(Net PPE) was $4,410 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,691 Mil.
Selling, General, & Admin. Expense(SGA) was $2,854 Mil.
Total Current Liabilities was $9,544 Mil.
Long-Term Debt & Capital Lease Obligation was $13,258 Mil.
Net Income was 2812 + 3180 + 2920 + 2129 = $11,041 Mil.
Non Operating Income was -19 + 74 + 56 + -31 = $80 Mil.
Cash Flow from Operations was 2554 + 4587 + 2647 + 3052 = $12,840 Mil.
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Total Receivables was $3,054 Mil.
Revenue was 9389 + 9935 + 8631 + 8451 = $36,406 Mil.
Gross Profit was 5283 + 5623 + 4751 + 4659 = $20,316 Mil.
Total Current Assets was $24,232 Mil.
Total Assets was $53,167 Mil.
Property, Plant and Equipment(Net PPE) was $4,724 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,789 Mil.
Selling, General, & Admin. Expense(SGA) was $2,581 Mil.
Total Current Liabilities was $9,143 Mil.
Long-Term Debt & Capital Lease Obligation was $14,543 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (3699 / 42285) | / | (3054 / 36406) |
| = | 0.087478 | / | 0.083887 |
| | = | 1.0428 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (20316 / 36406) | / | (23546 / 42285) |
| = | 0.55804 | / | 0.55684 |
| | = | 1.0022 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (26080 + 4410) / 55372) | / | (1 - (24232 + 4724) / 53167) |
| = | 0.449361 | / | 0.455376 |
| | = | 0.9868 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 42285 | / | 36406 |
| | = | 1.1615 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (1789 / (1789 + 4724)) | / | (1691 / (1691 + 4410)) |
| = | 0.274681 | / | 0.277168 |
| | = | 0.991 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (2854 / 42285) | / | (2581 / 36406) |
| = | 0.067494 | / | 0.070895 |
| | = | 0.952 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((13258 + 9544) / 55372) | / | ((14543 + 9143) / 53167) |
| = | 0.411797 | / | 0.445502 |
| | = | 0.9243 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (11041 - 80 | - | 12840) | / | 55372 |
| | = | -0.033934 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Qualcomm has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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