Tegna Beneish M-Score Historical Data
The historical data trend for Tegna'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.
Tegna Beneish M-Score Chart
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Tegna Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.15 |
-2.67 |
-2.30 |
-2.58 |
-2.62 |
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Tegna Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.52 |
-2.62 |
-2.62 |
-2.54 |
-2.63 |
Competitive Comparison of Tegna's Beneish M-Score
For the Broadcasting subindustry, Tegna'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.
Tegna's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Tegna's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tegna's Beneish M-Score falls into.
Tegna 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 Tegna 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 * 1.0491 | + | 0.528 * 1.0616 | + | 0.404 * 1.006 | + | 0.892 * 0.9533 | + | 0.115 * 1.003 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0328 | + | 4.679 * -0.036183 | - | 0.327 * 1.0297 |
| = | -2.63 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $616 Mil.
Revenue was 806.827 + 710.363 + 714.252 + 725.854 = $2,957 Mil.
Gross Profit was 368.972 + 278.319 + 283.685 + 302.717 = $1,234 Mil.
Total Current Assets was $1,216 Mil.
Total Assets was $7,199 Mil.
Property, Plant and Equipment(Net PPE) was $509 Mil.
Depreciation, Depletion and Amortization(DDA) was $114 Mil.
Selling, General, & Admin. Expense(SGA) was $466 Mil.
Total Current Liabilities was $467 Mil.
Long-Term Debt & Capital Lease Obligation was $3,142 Mil.
Net Income was 146.807 + 81.648 + 188.9 + 75.643 = $493 Mil.
Non Operating Income was -2.696 + -2.749 + 148.661 + -3.377 = $140 Mil.
Cash Flow from Operations was 210.057 + 124.779 + 100.38 + 178.41 = $614 Mil.
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Total Receivables was $616 Mil.
Revenue was 713.243 + 731.506 + 740.327 + 917.13 = $3,102 Mil.
Gross Profit was 274.983 + 300.978 + 313.395 + 484.485 = $1,374 Mil.
Total Current Assets was $1,242 Mil.
Total Assets was $7,195 Mil.
Property, Plant and Equipment(Net PPE) was $515 Mil.
Depreciation, Depletion and Amortization(DDA) was $115 Mil.
Selling, General, & Admin. Expense(SGA) was $473 Mil.
Total Current Liabilities was $358 Mil.
Long-Term Debt & Capital Lease Obligation was $3,145 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) |
| = | (615.573 / 2957.296) | / | (615.512 / 3102.206) |
| = | 0.208154 | / | 0.198411 |
| | = | 1.0491 |
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) |
| = | (1373.841 / 3102.206) | / | (1233.693 / 2957.296) |
| = | 0.442859 | / | 0.417169 |
| | = | 1.0616 |
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 - (1215.74 + 509.265) / 7198.602) | / | (1 - (1242.396 + 514.582) / 7195.049) |
| = | 0.760369 | / | 0.755807 |
| | = | 1.006 |
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 |
| = | 2957.296 | / | 3102.206 |
| | = | 0.9533 |
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)) |
| = | (115.361 / (115.361 + 514.582)) | / | (113.758 / (113.758 + 509.265)) |
| = | 0.183129 | / | 0.18259 |
| | = | 1.003 |
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) |
| = | (465.792 / 2957.296) | / | (473.095 / 3102.206) |
| = | 0.157506 | / | 0.152503 |
| | = | 1.0328 |
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) |
| = | ((3141.504 + 466.71) / 7198.602) | / | ((3144.748 + 357.636) / 7195.049) |
| = | 0.501238 | / | 0.486777 |
| | = | 1.0297 |
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 |
| = | (492.998 - 139.839 | - | 613.626) | / | 7198.602 |
| | = | -0.036183 |
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.
Tegna has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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