Market Cap : 150.55 B | Enterprise Value : 159.19 B | PE Ratio : 13.02 | PB Ratio : 8.03 |
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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Qualcomm's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Qualcomm was 1.06. The lowest was -4.37. And the median was -2.50.
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.
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.
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.
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. |
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. |
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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