United States Cellular Beneish M-Score Historical Data
The historical data trend for United States Cellular'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.
United States Cellular Beneish M-Score Chart
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United States Cellular Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.92 |
-3.06 |
-2.65 |
-2.95 |
-3.00 |
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United States Cellular Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.78 |
-2.87 |
-3.03 |
-3.00 |
-3.05 |
Competitive Comparison of United States Cellular's Beneish M-Score
For the Telecom Services subindustry, United States Cellular'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.
United States Cellular's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, United States Cellular's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United States Cellular's Beneish M-Score falls into.
United States Cellular 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 United States Cellular 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 * 1.0076 | + | 0.528 * 0.934 | + | 0.404 * 1.026 | + | 0.892 * 0.8994 | + | 0.115 * 1.0508 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0143 | + | 4.679 * -0.104826 | - | 0.327 * 0.948 |
| = | -3.06 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €857 Mil.
Revenue was 874 + 917 + 902.331 + 883.311 = €3,577 Mil.
Gross Profit was 507.84 + 492.429 + 515.35 + 497.497 = €2,013 Mil.
Total Current Assets was €1,283 Mil.
Total Assets was €9,848 Mil.
Property, Plant and Equipment(Net PPE) was €3,174 Mil.
Depreciation, Depletion and Amortization(DDA) was €602 Mil.
Selling, General, & Admin. Expense(SGA) was €1,250 Mil.
Total Current Liabilities was €770 Mil.
Long-Term Debt & Capital Lease Obligation was €3,548 Mil.
Net Income was 16.56 + 12.838 + 21.551 + 4.615 = €56 Mil.
Non Operating Income was 34.04 + 33.012 + 36.543 + 32.305 = €136 Mil.
Cash Flow from Operations was 186.76 + 134.799 + 308.273 + 322.127 = €952 Mil.
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Total Receivables was €946 Mil.
Revenue was 920.924 + 990.256 + 1093.83 + 971.542 = €3,977 Mil.
Gross Profit was 514.634 + 508.816 + 537.32 + 529.76 = €2,091 Mil.
Total Current Assets was €1,459 Mil.
Total Assets was €10,271 Mil.
Property, Plant and Equipment(Net PPE) was €3,333 Mil.
Depreciation, Depletion and Amortization(DDA) was €670 Mil.
Selling, General, & Admin. Expense(SGA) was €1,371 Mil.
Total Current Liabilities was €890 Mil.
Long-Term Debt & Capital Lease Obligation was €3,860 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) |
| = | (857.44 / 3576.642) | / | (946.142 / 3976.552) |
| = | 0.239733 | / | 0.23793 |
| | = | 1.0076 |
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) |
| = | (2090.53 / 3976.552) | / | (2013.116 / 3576.642) |
| = | 0.525714 | / | 0.562851 |
| | = | 0.934 |
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 - (1283.4 + 3174) / 9847.68) | / | (1 - (1458.908 + 3332.512) / 10271.198) |
| = | 0.547365 | / | 0.533509 |
| | = | 1.026 |
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 |
| = | 3576.642 | / | 3976.552 |
| | = | 0.8994 |
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)) |
| = | (670.246 / (670.246 + 3332.512)) | / | (601.622 / (601.622 + 3174)) |
| = | 0.167446 | / | 0.159344 |
| | = | 1.0508 |
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) |
| = | (1250.4 / 3576.642) | / | (1370.558 / 3976.552) |
| = | 0.349602 | / | 0.34466 |
| | = | 1.0143 |
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) |
| = | ((3547.52 + 770.04) / 9847.68) | / | ((3860.222 + 890.102) / 10271.198) |
| = | 0.438434 | / | 0.46249 |
| | = | 0.948 |
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 |
| = | (55.564 - 135.9 | - | 951.959) | / | 9847.68 |
| | = | -0.104826 |
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.
United States Cellular has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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