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.
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Viasat Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.80 |
-2.98 |
-3.40 |
-2.60 |
-1.84 |
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Viasat Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.93 |
-1.84 |
-1.41 |
0.11 |
-0.41 |
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 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.
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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.
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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) |
| = | (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.
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