Market Cap : 147.69 B | Enterprise Value : 241.53 B | PE Ratio : 42.59 | PB Ratio : 2.30 |
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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.
Warning Sign:
Beneish M-Score -1.65 higher than -1.78, which implies that the company might have manipulated its financial results.
During the past 13 years, the highest Beneish M-Score of T-Mobile US was 47.71. The lowest was -3.08. And the median was -2.58.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where T-Mobile US's Beneish M-Score falls into.
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 T-Mobile US 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 * 1.4744 | + | 0.528 * 1.0028 | + | 0.404 * 1.0763 | + | 0.892 * 1.52 | + | 0.115 * 0.9559 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8806 | + | 4.679 * -0.0237 | - | 0.327 * 1.0247 | |||||||
= | -1.65 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Dec20) TTM: | Last Year (Dec19) TTM: |
Accounts Receivable was $4,276 Mil. Revenue was 20341 + 19272 + 17671 + 11113 = $68,397 Mil. Gross Profit was 10689 + 11591 + 10906 + 6945 = $40,131 Mil. Total Current Assets was $23,885 Mil. Total Assets was $200,162 Mil. Property, Plant and Equipment(Net PPE) was $72,224 Mil. Depreciation, Depletion and Amortization(DDA) was $14,151 Mil. Selling, General, & Admin. Expense(SGA) was $18,926 Mil. Total Current Liabilities was $21,703 Mil. Long-Term Debt & Capital Lease Obligation was $94,709 Mil. Net Income was 750 + 1253 + 110 + 951 = $3,064 Mil. Non Operating Income was -101 + -99 + -613 + -10 = $-823 Mil. Cash Flow from Operations was 3474 + 2772 + 777 + 1617 = $8,640 Mil. |
Accounts Receivable was $1,908 Mil. Revenue was 11878 + 11061 + 10979 + 11080 = $44,998 Mil. Gross Profit was 6666 + 6624 + 6669 + 6518 = $26,477 Mil. Total Current Assets was $9,305 Mil. Total Assets was $86,921 Mil. Property, Plant and Equipment(Net PPE) was $35,632 Mil. Depreciation, Depletion and Amortization(DDA) was $6,616 Mil. Selling, General, & Admin. Expense(SGA) was $14,139 Mil. Total Current Liabilities was $12,506 Mil. Long-Term Debt & Capital Lease Obligation was $36,829 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
= | (4276 / 68397) | / | (1908 / 44998) | |
= | 0.06251736 | / | 0.04240188 | |
= | 1.4744 |
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) | |
= | (26477 / 44998) | / | (40131 / 68397) | |
= | 0.58840393 | / | 0.58673626 | |
= | 1.0028 |
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 - (23885 + 72224) / 200162) | / | (1 - (9305 + 35632) / 86921) | |
= | 0.51984393 | / | 0.48301331 | |
= | 1.0763 |
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 | |
= | 68397 | / | 44998 | |
= | 1.52 |
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)) |
= | (6616 / (6616 + 35632)) | / | (14151 / (14151 + 72224)) | |
= | 0.15659913 | / | 0.16383213 | |
= | 0.9559 |
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) |
= | (18926 / 68397) | / | (14139 / 44998) | |
= | 0.27670804 | / | 0.31421397 | |
= | 0.8806 |
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) |
= | ((94709 + 21703) / 200162) | / | ((36829 + 12506) / 86921) | |
= | 0.58158891 | / | 0.56758436 | |
= | 1.0247 |
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 | |
= | (3064 - -823 | - | 8640) | / | 200162 | |
= | -0.0237 |
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.
T-Mobile US has a M-score of -1.65 signals that the company is likely to be a manipulator.
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