0(0%) Volume: 2,032,189 3:15AM EDT| Market Cap : 67.95 B | Enterprise Value : 92.79 B | P/E (TTM) : 20.77 | P/B : 2.51 |
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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of T-Mobile US was 47.71. The lowest was -3.98. And the median was -2.61.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| T-Mobile US Quarterly Data | ||||||||||||||||||||
| Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | |
| Beneish M-Score |
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-2.49 | -2.44 | -2.60 | -2.63 | -2.65 |
* 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 * 1.0542 | + | 0.528 * 0.9772 | + | 0.404 * 0.8541 | + | 0.892 * 1.0607 | + | 0.115 * 1.3721 | |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
| - | 0.172 * 1.0211 | + | 4.679 * -0.0249 | - | 0.327 * 1.3703 | |||||||
| = | -2.65 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| This Year (Jun19) TTM: | Last Year (Jun18) TTM: |
| Accounts Receivable was $1,835 Mil. Revenue was 10979 + 11080 + 11445 + 10839 = $44,343 Mil. Gross Profit was 6669 + 6518 + 6275 + 6391 = $25,853 Mil. Total Current Assets was $8,114 Mil. Total Assets was $84,788 Mil. Property, Plant and Equipment(Net PPE) was $34,875 Mil. Depreciation, Depletion and Amortization(DDA) was $6,462 Mil. Selling, General, & Admin. Expense(SGA) was $13,797 Mil. Total Current Liabilities was $13,173 Mil. Long-Term Debt & Capital Lease Obligation was $22,413 Mil. Net Income was 939 + 908 + 640 + 795 = $3,282 Mil. Non Operating Income was -22 + 7 + -3 + 3 = $-15 Mil. Cash Flow from Operations was 2147 + 1392 + 954 + 914 = $5,407 Mil. |
Accounts Receivable was $1,641 Mil. Revenue was 10571 + 10455 + 10759 + 10019 = $41,804 Mil. Gross Profit was 6269 + 6021 + 5720 + 5808 = $23,818 Mil. Total Current Assets was $7,091 Mil. Total Assets was $69,692 Mil. Property, Plant and Equipment(Net PPE) was $22,375 Mil. (DDA) was $6,110 Mil. Selling, General, & Admin. Expense(SGA) was $12,738 Mil. Total Current Liabilities was $9,281 Mil. Long-Term Debt & Capital Lease Obligation was $12,065 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) |
| = | (1835 / 44343) | / | (1641 / 41804) | |
| = | 0.04138195 | / | 0.03925462 | |
| = | 1.0542 |
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) | |
| = | (23818 / 41804) | / | (25853 / 44343) | |
| = | 0.56975409 | / | 0.58302325 | |
| = | 0.9772 |
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 - (8114 + 34875) / 84788) | / | (1 - (7091 + 22375) / 69692) | |
| = | 0.4929825 | / | 0.57719681 | |
| = | 0.8541 |
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 | |
| = | 44343 | / | 41804 | |
| = | 1.0607 |
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)) |
| = | (6110 / (6110 + 22375)) | / | (6462 / (6462 + 34875)) | |
| = | 0.21449886 | / | 0.15632484 | |
| = | 1.3721 |
6. SGAI = Sales, General and Administrative expenses Index
The ratio of c 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) |
| = | (13797 / 44343) | / | (12738 / 41804) | |
| = | 0.31114268 | / | 0.30470768 | |
| = | 1.0211 |
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$sgai= in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((22413 + 13173) / 84788) | / | ((12065 + 9281) / 69692) | |
| = | 0.41970562 | / | 0.30629054 | |
| = | 1.3703 |
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 | |
| = | (3282 - -15 | - | 5407) | / | 84788 | |
| = | -0.0249 |
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
T-Mobile US has a M-score of -2.65 suggests that the company will not be a manipulator.
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