GURUFOCUS.COM » STOCK LIST » USA » NAS » Viasat Inc (NAS:VSAT) » Definitions » Beneish M-Score
Switch to:

Viasat (NAS:VSAT) Beneish M-Score

: -3.10 (As of Today)
View and export this data going back to 1996. Start your Free Trial

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.

Good Sign:

Beneish M-Score -3.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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: -2.68   Max: 4.85
Current: -3.1

During the past 13 years, the highest Beneish M-Score of Viasat was 4.85. The lowest was -3.49. And the median was -2.68.


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 Annual Data
Trend Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.99 -2.80 -2.98 -3.39 -2.48

Viasat Quarterly Data
Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22
Beneish M-Score 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 Premium Member Only Premium Member Only Premium Member Only -2.56 -2.29 -2.48 -2.86 -3.10

Competitive Comparison

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 Beneish M-Score Distribution

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 in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.



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 * 0.7695+0.528 * 1.0309+0.404 * 0.8561+0.892 * 1.1272+0.115 * 1.0144
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0892+4.679 * -0.0941-0.327 * 1.0912
=-3.10

* 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 (Sep22) TTM:Last Year (Sep21) TTM:
Total Receivables was $320 Mil.
Revenue was 656.683 + 678.223 + 701.704 + 719.717 = $2,756 Mil.
Gross Profit was 218.13 + 195.837 + 204.122 + 219.596 = $838 Mil.
Total Current Assets was $1,147 Mil.
Total Assets was $6,510 Mil.
Property, Plant and Equipment(Net PPE) was $4,321 Mil.
Depreciation, Depletion and Amortization(DDA) was $502 Mil.
Selling, General, & Admin. Expense(SGA) was $703 Mil.
Total Current Liabilities was $804 Mil.
Long-Term Debt & Capital Lease Obligation was $2,937 Mil.
Net Income was -48.24 + -21.564 + -29.18 + -6.613 = $-106 Mil.
Non Operating Income was 0.087 + 1.011 + 0 + 0 = $1 Mil.
Cash Flow from Operations was 188.495 + 39.637 + 119.263 + 158.579 = $506 Mil.
Total Receivables was $369 Mil.
Revenue was 609.157 + 664.86 + 595.782 + 575.559 = $2,445 Mil.
Gross Profit was 175.317 + 210.884 + 195.669 + 184.27 = $766 Mil.
Total Current Assets was $1,066 Mil.
Total Assets was $5,993 Mil.
Property, Plant and Equipment(Net PPE) was $3,806 Mil.
Depreciation, Depletion and Amortization(DDA) was $449 Mil.
Selling, General, & Admin. Expense(SGA) was $573 Mil.
Total Current Liabilities was $734 Mil.
Long-Term Debt & Capital Lease Obligation was $2,421 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)
=(320.249 / 2756.327) / (369.222 / 2445.358)
=0.11618687 / 0.15098893
=0.7695

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)
=(766.14 / 2445.358) / (837.685 / 2756.327)
=0.31330382 / 0.30391351
=1.0309

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 - (1147.076 + 4320.663) / 6510.28) / (1 - (1066.387 + 3805.532) / 5992.86)
=0.16013766 / 0.18704608
=0.8561

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
=2756.327 / 2445.358
=1.1272

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))
=(449.348 / (449.348 + 3805.532)) / (502.074 / (502.074 + 4320.663))
=0.10560768 / 0.10410561
=1.0144

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)
=(703.171 / 2756.327) / (572.75 / 2445.358)
=0.2551116 / 0.23421928
=1.0892

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)
=((2936.725 + 803.622) / 6510.28) / ((2421.138 + 734.305) / 5992.86)
=0.57452936 / 0.52653374
=1.0912

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
=(-105.597 - 1.098 - 505.974) / 6510.28
=-0.0941

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 -3.10 suggests that the company is unlikely to be a manipulator.


Viasat (NAS:VSAT) Business Description

Viasat logo
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
Krishna Nathan officer: Chief Information Officer 55 WATER STREET, NEW YORK NY 10020
Evan Christopher Dixon officer: Pres. Global Fixed Broadband C/O VIASAT, INC., 6155 EL CAMINO REAL, CARLSBAD CA 92009
James Frederick Bridenstine director C/O VIASAT, INC., 6155 EL CAMINO REAL, CARLSBAD CA 92009
James Michael Dodd officer: President, Global Mobile 6155 EL CAMINO REAL, CARLSBAD CA 92009
Theresa Wise director 400 FAIRVIEW AVENUE NORTH, SUITE 1200, SEATTLE WA 98109
Seth A Klarman 10 percent owner 10 ST JAMES AVENUE, STE 1700, BOSTON MA 02116
Baupost Group Gp, L.l.c. 10 percent owner 10 ST. JAMES AVENUE, SUITE 1700, BOSTON MA 02116
Baupost Group Llc/ma 10 percent owner 10 ST JAMES AVE, SUITE 1700, BOSTON MA 02116
David Louis Ryan officer: President Space Systems 6155 EL CAMINO REAL, CARLSBAD CA 92009
Marc Henry Agnew officer: VP Commercial Networks 6155 EL CAMINO REAL, CARLSBAD CA 92009
Sean Pak director 6155 EL CAMINO REAL, CARLSBAD CA 92009
Varsha Rajendra Rao director 6155 EL CAMINO REAL, CARLSBAD CA 92009
Girish Chandran officer: VP and CTO 6155 EL CAMINO REAL, CARLSBAD CA 92009
Blair Robert James Blair officer: Vice President 6155 EL CAMINO REAL, CARLSBAD CA 92009

Viasat (NAS:VSAT) Headlines

Other Sources

Bear of the Day: Viasat, Inc. (VSAT)

By Yahoo Finance 2023-01-27

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
premium membership