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Viasat (Viasat) Beneish M-Score : -0.41 (As of May. 28, 2024)


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What is Viasat Beneish M-Score?

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 -0.41 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Viasat's Beneish M-Score or its related term are showing as below:

VSAT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.49   Med: -3   Max: 0.11
Current: -0.41

During the past 13 years, the highest Beneish M-Score of Viasat was 0.11. The lowest was -3.49. And the median was -3.00.


Viasat Beneish M-Score Historical Data

The historical data trend for Viasat'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.

* Premium members only.

Viasat Beneish M-Score Chart

Viasat Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.98 -3.40 -2.60 -1.84 -

Viasat Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.84 -1.41 0.11 -0.41 -

Competitive Comparison of Viasat's Beneish M-Score

For the Communication Equipment subindustry, Viasat'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.


Viasat's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Viasat's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Viasat's Beneish M-Score falls into.



Viasat 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 Viasat 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 * 2.5758+0.528 * 0.889+0.404 * 2.0133+0.892 * 1.5219+0.115 * 0.8984
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.7765+4.679 * -0.016712-0.327 * 0.9102
=-0.41

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $1,446 Mil.
Revenue was 1128.539 + 1225.415 + 779.791 + 666.099 = $3,800 Mil.
Gross Profit was 361.263 + 459.125 + 234.88 + 174.047 = $1,229 Mil.
Total Current Assets was $3,736 Mil.
Total Assets was $16,651 Mil.
Property, Plant and Equipment(Net PPE) was $7,783 Mil.
Depreciation, Depletion and Amortization(DDA) was $972 Mil.
Selling, General, & Admin. Expense(SGA) was $1,847 Mil.
Total Current Liabilities was $1,377 Mil.
Long-Term Debt & Capital Lease Obligation was $7,606 Mil.
Net Income was -124.399 + -767.238 + -77.004 + 1196.838 = $228 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 133.568 + 218.976 + 103.666 + 50.249 = $506 Mil.
Total Receivables was $369 Mil.
Revenue was 651.444 + 663.559 + 575.056 + 606.747 = $2,497 Mil.
Gross Profit was 168.411 + 221.671 + 157.275 + 170.701 = $718 Mil.
Total Current Assets was $1,252 Mil.
Total Assets was $6,802 Mil.
Property, Plant and Equipment(Net PPE) was $4,509 Mil.
Depreciation, Depletion and Amortization(DDA) was $499 Mil.
Selling, General, & Admin. Expense(SGA) was $683 Mil.
Total Current Liabilities was $851 Mil.
Long-Term Debt & Capital Lease Obligation was $3,180 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)
=(1445.846 / 3799.844) / (368.827 / 2496.806)
=0.380501 / 0.14772
=2.5758

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)
=(718.058 / 2496.806) / (1229.315 / 3799.844)
=0.287591 / 0.323517
=0.889

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 - (3736.308 + 7782.709) / 16650.655) / (1 - (1252.179 + 4508.531) / 6801.924)
=0.308194 / 0.153076
=2.0133

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
=3799.844 / 2496.806
=1.5219

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))
=(499.439 / (499.439 + 4508.531)) / (971.867 / (971.867 + 7782.709))
=0.099729 / 0.111012
=0.8984

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)
=(1847.269 / 3799.844) / (683.255 / 2496.806)
=0.486143 / 0.273652
=1.7765

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)
=((7606.194 + 1376.517) / 16650.655) / ((3180.218 + 851.223) / 6801.924)
=0.539481 / 0.592691
=0.9102

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
=(228.197 - 0 - 506.459) / 16650.655
=-0.016712

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.

Viasat has a M-score of -0.41 signals that the company is likely to be a manipulator.


Viasat (Viasat) Business Description

Traded in Other Exchanges
Address
6155 El Camino Real, Carlsbad, CA, USA, 92009
Viasat Inc provides bandwidth technologies and services in three segments: satellite services, which provides satellite-based high-speed broadband services to consumers, enterprises, and commercial airlines; commercial networks, which develops end-to-end communication and connectivity systems; and government systems, which produces network-centric Internet Protocol-based secure government communication systems. A large majority of the firm's revenue is generated in the United States, with the rest coming from the Americas, Europe, Middle East, Africa, and Asia-Pacific.
Executives
Craig Andrew Miller officer: Pres. Government Systems C/O VIASAT, INC., 6155 EL CAMINO REAL, CARLSBAD CA 92009
Keven K Lippert officer: Vice President General Counsel 6155 EL CAMINO REAL, CARLSBAD CA 92009
Benjamin Edward Palmer officer: President, Maritime C/O VIASAT, INC., 6155 EL CAMINO REAL, CARLSBAD CA 92009
Richard A Baldridge officer: Chief Operating Officer 6155 EL CAMINO REAL, CARLSBAD CA 92009
James Michael Dodd officer: President, Global Mobile 6155 EL CAMINO REAL, CARLSBAD CA 92009
Warburg Pincus (europa) Global Growth (cayman), L.p. 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus Llc 10 percent owner 450 LEXINGTON AVENUE, NEW YORK NY 10017
Mark Nieuwendijk 10 percent owner C/O PRETZEL LOGIC BV, WILHELMINALAAN 30, ZEIST P7 3701BL
Luxtopholding Sarl Triton 10 percent owner 1-3 BOULEVARD DE LA FOIRE, LUXEMBOURG N4 L-1528
Logic Bv Pretzel 10 percent owner WILHELMINALAAN 30, ZEIST P7 3701BL
Apax Ix Gp Co. Ltd 10 percent owner THIRD FLOOR, ROYAL BANK PLACE, 1 GLATEGNY ESPLANADE, ST PETER PORT Y7 GY5 7FS
Warburg Pincus (cayman) Global Growth Gp Llc 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus (cayman) Global Growth Gp, L.p. 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Andrew Sukawaty director C/O VIASAT, INC., 6155 EL CAMINO REAL, CARLSBAD CA 92009
Cpp Investment Board Private Holdings (4) Inc. 10 percent owner 1 QUEEN STREET EAST, SUITE 2500, TORONTO A6 M5C 2W5