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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 -3.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Lumen Technologies's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Lumen Technologies was -2.22. The lowest was -3.21. And the median was -2.92.
The historical data trend for Lumen Technologies'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.
Lumen Technologies Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.99 | -3.00 | -3.01 | -2.88 | -2.93 |
Lumen Technologies 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 | -2.81 | -2.80 | -2.84 | -2.93 | -3.21 |
For the Telecom Services subindustry, Lumen Technologies'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.
For the Telecommunication Services industry and Communication Services sector, Lumen Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lumen Technologies's Beneish M-Score falls into.
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 Lumen Technologies 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 * 1.0923 | + | 0.528 * 1.0576 | + | 0.404 * 0.6155 | + | 0.892 * 0.853 | + | 0.115 * 1.0745 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.3361 | + | 4.679 * -0.090525 | - | 0.327 * 1.2506 | |||||||
= | -3.21 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,351 Mil. Revenue was 3290 + 3517 + 3641 + 3661 = $14,109 Mil. Gross Profit was 1638 + 1780 + 1791 + 1921 = $7,130 Mil. Total Current Assets was $3,935 Mil. Total Assets was $33,173 Mil. Property, Plant and Equipment(Net PPE) was $19,908 Mil. Depreciation, Depletion and Amortization(DDA) was $3,000 Mil. Selling, General, & Admin. Expense(SGA) was $3,458 Mil. Total Current Liabilities was $3,816 Mil. Long-Term Debt & Capital Lease Obligation was $18,591 Mil. Net Income was 57 + -1995 + -78 + -8736 = $-10,752 Mil. Non Operating Income was 307 + -1985 + 4 + -8742 = $-10,416 Mil. Cash Flow from Operations was 1102 + 784 + 881 + -100 = $2,667 Mil. |
Total Receivables was $1,450 Mil. Revenue was 3738 + 3800 + 4390 + 4612 = $16,540 Mil. Gross Profit was 1921 + 1974 + 2391 + 2554 = $8,840 Mil. Total Current Assets was $5,405 Mil. Total Assets was $45,530 Mil. Property, Plant and Equipment(Net PPE) was $19,321 Mil. Depreciation, Depletion and Amortization(DDA) was $3,164 Mil. Selling, General, & Admin. Expense(SGA) was $3,034 Mil. Total Current Liabilities was $4,848 Mil. Long-Term Debt & Capital Lease Obligation was $19,743 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) |
= | (1351 / 14109) | / | (1450 / 16540) | |
= | 0.095754 | / | 0.087666 | |
= | 1.0923 |
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) | |
= | (8840 / 16540) | / | (7130 / 14109) | |
= | 0.534462 | / | 0.505351 | |
= | 1.0576 |
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 - (3935 + 19908) / 33173) | / | (1 - (5405 + 19321) / 45530) | |
= | 0.281253 | / | 0.456929 | |
= | 0.6155 |
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 | |
= | 14109 | / | 16540 | |
= | 0.853 |
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)) |
= | (3164 / (3164 + 19321)) | / | (3000 / (3000 + 19908)) | |
= | 0.140716 | / | 0.130959 | |
= | 1.0745 |
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) |
= | (3458 / 14109) | / | (3034 / 16540) | |
= | 0.245092 | / | 0.183434 | |
= | 1.3361 |
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) |
= | ((18591 + 3816) / 33173) | / | ((19743 + 4848) / 45530) | |
= | 0.675459 | / | 0.540105 | |
= | 1.2506 |
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 | |
= | (-10752 - -10416 | - | 2667) | / | 33173 | |
= | -0.090525 |
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.
Lumen Technologies has a M-score of -3.21 suggests that the company is unlikely to be a manipulator.
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