Broadcom Beneish M-Score Historical Data
The historical data trend for Broadcom'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.
Broadcom Beneish M-Score Chart
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Broadcom Annual Data
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Trend |
Oct14 |
Oct15 |
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Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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-3.17 |
-3.37 |
-2.98 |
-2.49 |
-2.69 |
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Broadcom Quarterly Data
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Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
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Jan22 |
Apr22 |
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Jan23 |
Apr23 |
Jul23 |
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Jan24 |
Apr24 |
Jul24 |
| Beneish M-Score |
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-2.70 |
-2.69 |
-2.21 |
-2.07 |
-2.01 |
Competitive Comparison of Broadcom's Beneish M-Score
For the Semiconductors subindustry, Broadcom'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.
Broadcom's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Broadcom's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Broadcom's Beneish M-Score falls into.
Broadcom 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 Broadcom 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 * 1.617 | + | 0.528 * 1.0686 | + | 0.404 * 1.2134 | + | 0.892 * 1.3204 | + | 0.115 * 0.8581 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.142 | + | 4.679 * -0.076289 | - | 0.327 * 0.8046 |
| = | -2.01 |
* 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 (Jul24) TTM: | Last Year (Jul23) TTM: |
Total Receivables was $6,222 Mil.
Revenue was 13072 + 12487 + 11961 + 9295 = $46,815 Mil.
Gross Profit was 8356 + 7776 + 7375 + 6407 = $29,914 Mil.
Total Current Assets was $19,947 Mil.
Total Assets was $167,966 Mil.
Property, Plant and Equipment(Net PPE) was $2,602 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,331 Mil.
Selling, General, & Admin. Expense(SGA) was $4,367 Mil.
Total Current Liabilities was $19,221 Mil.
Long-Term Debt & Capital Lease Obligation was $66,798 Mil.
Net Income was -1875 + 2121 + 1325 + 3524 = $5,095 Mil.
Non Operating Income was -221 + -205 + -435 + -416 = $-1,277 Mil.
Cash Flow from Operations was 4963 + 4580 + 4815 + 4828 = $19,186 Mil.
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Total Receivables was $2,914 Mil.
Revenue was 8876 + 8733 + 8915 + 8930 = $35,454 Mil.
Gross Profit was 6164 + 6115 + 6004 + 5926 = $24,209 Mil.
Total Current Assets was $18,333 Mil.
Total Assets was $71,595 Mil.
Property, Plant and Equipment(Net PPE) was $2,180 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,119 Mil.
Selling, General, & Admin. Expense(SGA) was $1,544 Mil.
Total Current Liabilities was $7,345 Mil.
Long-Term Debt & Capital Lease Obligation was $38,222 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) |
| = | (6222 / 46815) | / | (2914 / 35454) |
| = | 0.132906 | / | 0.082191 |
| | = | 1.617 |
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) |
| = | (24209 / 35454) | / | (29914 / 46815) |
| = | 0.682828 | / | 0.638983 |
| | = | 1.0686 |
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 - (19947 + 2602) / 167966) | / | (1 - (18333 + 2180) / 71595) |
| = | 0.865753 | / | 0.713486 |
| | = | 1.2134 |
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 |
| = | 46815 | / | 35454 |
| | = | 1.3204 |
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)) |
| = | (4119 / (4119 + 2180)) | / | (8331 / (8331 + 2602)) |
| = | 0.653913 | / | 0.762005 |
| | = | 0.8581 |
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) |
| = | (4367 / 46815) | / | (1544 / 35454) |
| = | 0.093282 | / | 0.043549 |
| | = | 2.142 |
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) |
| = | ((66798 + 19221) / 167966) | / | ((38222 + 7345) / 71595) |
| = | 0.512122 | / | 0.636455 |
| | = | 0.8046 |
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 |
| = | (5095 - -1277 | - | 19186) | / | 167966 |
| | = | -0.076289 |
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.
Broadcom has a M-score of -2.01 suggests that the company is unlikely to be a manipulator.
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