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.
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Qualcomm Annual Data
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Trend |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
| Beneish M-Score |
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-4.06 |
-2.97 |
-1.92 |
-2.60 |
-1.45 |
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Qualcomm Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
| Beneish M-Score |
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-2.33 |
-2.02 |
-1.71 |
-1.45 |
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Competitive Comparison
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 Beneish M-Score Distribution
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 in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
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 * 0.8239 | + | 0.528 * 1.0164 | + | 0.404 * 1.1352 | + | 0.892 * 1.1921 | + | 0.115 * 1.0166 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9111 | + | 4.679 * 0.044 | - | 0.327 * 0.8407 |
| = | -2.13 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $3,960 Mil.
Revenue was 9463 + 11395 + 10936 + 11164 = $42,958 Mil.
Gross Profit was 5419 + 6527 + 6120 + 6516 = $24,582 Mil.
Total Current Assets was $21,098 Mil.
Total Assets was $50,014 Mil.
Property, Plant and Equipment(Net PPE) was $5,215 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,754 Mil.
Selling, General, & Admin. Expense(SGA) was $2,585 Mil.
Total Current Liabilities was $10,081 Mil.
Long-Term Debt & Capital Lease Obligation was $15,431 Mil.
Net Income was 2235 + 2873 + 3730 + 2934 = $11,772 Mil.
Non Operating Income was 21 + -1142 + 874 + -318 = $-565 Mil.
Cash Flow from Operations was 3095 + 1446 + 2895 + 2698 = $10,134 Mil.
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Total Receivables was $4,032 Mil.
Revenue was 10705 + 9336 + 8060 + 7935 = $36,036 Mil.
Gross Profit was 6402 + 5399 + 4656 + 4503 = $20,960 Mil.
Total Current Assets was $20,222 Mil.
Total Assets was $42,820 Mil.
Property, Plant and Equipment(Net PPE) was $4,723 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,624 Mil.
Selling, General, & Admin. Expense(SGA) was $2,380 Mil.
Total Current Liabilities was $12,273 Mil.
Long-Term Debt & Capital Lease Obligation was $13,708 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) |
| = | (3960 / 42958) | / | (4032 / 36036) |
| = | 0.09218306 | / | 0.11188811 |
| | = | 0.8239 |
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) |
| = | (20960 / 36036) | / | (24582 / 42958) |
| = | 0.58164058 | / | 0.57223334 |
| | = | 1.0164 |
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 - (21098 + 5215) / 50014) | / | (1 - (20222 + 4723) / 42820) |
| = | 0.47388731 | / | 0.41744512 |
| | = | 1.1352 |
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 |
| = | 42958 | / | 36036 |
| | = | 1.1921 |
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)) |
| = | (1624 / (1624 + 4723)) | / | (1754 / (1754 + 5215)) |
| = | 0.25586891 | / | 0.25168604 |
| | = | 1.0166 |
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) |
| = | (2585 / 42958) | / | (2380 / 36036) |
| = | 0.06017505 | / | 0.06604507 |
| | = | 0.9111 |
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) |
| = | ((15431 + 10081) / 50014) | / | ((13708 + 12273) / 42820) |
| = | 0.51009717 | / | 0.60674918 |
| | = | 0.8407 |
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 |
| = | (11772 - -565 | - | 10134) | / | 50014 |
| | = | 0.044 |
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 -2.13 suggests that the company is unlikely to be a manipulator.
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