AT&T Beneish M-Score Historical Data
The historical data trend for AT&T'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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AT&T Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -2.89
[6] => -2.85
[7] => -3.26
[8] => -2.70
[9] => -2.87
)
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|
|
|
|
|
-2.89 |
-2.85 |
-3.26 |
-2.70 |
-2.87 |
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AT&T 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.70 |
-3.20 |
-2.99 |
-3.01 |
-2.87 |
Competitive Comparison
For the Telecom Services subindustry, AT&T'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.
AT&T Beneish M-Score Distribution
For the Telecommunication Services industry and Communication Services sector, AT&T's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AT&T's Beneish M-Score falls into.
AT&T 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 AT&T 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 * 0.885 | + | 0.528 * 0.9801 | + | 0.404 * 0.9929 | + | 0.892 * 1.014 | + | 0.115 * 0.9649 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9833 | + | 4.679 * -0.063411 | - | 0.327 * 0.957 |
| = | -2.87 |
* 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 $10,289 Mil.
Revenue was 32022 + 30350 + 29917 + 30139 = $122,428 Mil.
Gross Profit was 18111 + 18296 + 18090 + 17808 = $72,305 Mil.
Total Current Assets was $36,458 Mil.
Total Assets was $407,060 Mil.
Property, Plant and Equipment(Net PPE) was $149,394 Mil.
Depreciation, Depletion and Amortization(DDA) was $18,777 Mil.
Selling, General, & Admin. Expense(SGA) was $28,874 Mil.
Total Current Liabilities was $51,127 Mil.
Long-Term Debt & Capital Lease Obligation was $145,422 Mil.
Net Income was 2188 + 3495 + 4489 + 4228 = $14,400 Mil.
Non Operating Income was -1198 + 256 + 1367 + 1473 = $1,898 Mil.
Cash Flow from Operations was 11378 + 10336 + 9922 + 6678 = $38,314 Mil.
|
Total Receivables was $11,466 Mil.
Revenue was 31343 + 30043 + 29643 + 29712 = $120,741 Mil.
Gross Profit was 17772 + 17842 + 17302 + 16977 = $69,893 Mil.
Total Current Assets was $33,108 Mil.
Total Assets was $402,853 Mil.
Property, Plant and Equipment(Net PPE) was $149,259 Mil.
Depreciation, Depletion and Amortization(DDA) was $18,021 Mil.
Selling, General, & Admin. Expense(SGA) was $28,961 Mil.
Total Current Liabilities was $56,173 Mil.
Long-Term Debt & Capital Lease Obligation was $147,082 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) |
| = | (10289 / 122428) | / | (11466 / 120741) |
| = | 0.084041 | / | 0.094964 |
| | = | 0.885 |
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) |
| = | (69893 / 120741) | / | (72305 / 122428) |
| = | 0.578867 | / | 0.590592 |
| | = | 0.9801 |
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 - (36458 + 149394) / 407060) | / | (1 - (33108 + 149259) / 402853) |
| = | 0.543428 | / | 0.547311 |
| | = | 0.9929 |
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 |
| = | 122428 | / | 120741 |
| | = | 1.014 |
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)) |
| = | (18021 / (18021 + 149259)) | / | (18777 / (18777 + 149394)) |
| = | 0.10773 | / | 0.111654 |
| | = | 0.9649 |
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) |
| = | (28874 / 122428) | / | (28961 / 120741) |
| = | 0.235845 | / | 0.239861 |
| | = | 0.9833 |
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) |
| = | ((145422 + 51127) / 407060) | / | ((147082 + 56173) / 402853) |
| = | 0.48285 | / | 0.504539 |
| | = | 0.957 |
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 |
| = | (14400 - 1898 | - | 38314) | / | 407060 |
| | = | -0.063411 |
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.
AT&T has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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