Ribbon Communications Beneish M-Score Historical Data
The historical data trend for Ribbon Communications'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.
Ribbon Communications Beneish M-Score Chart
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Ribbon Communications Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.80 |
-2.49 |
-2.35 |
-2.54 |
-2.68 |
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Ribbon Communications Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.31 |
-2.62 |
-2.61 |
-2.68 |
-2.84 |
Competitive Comparison of Ribbon Communications's Beneish M-Score
For the Telecom Services subindustry, Ribbon Communications'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.
Ribbon Communications's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Ribbon Communications's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ribbon Communications's Beneish M-Score falls into.
Ribbon Communications 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 Ribbon Communications 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 * 0.8459 | + | 0.528 * 0.9508 | + | 0.404 * 1.0333 | + | 0.892 * 0.9845 | + | 0.115 * 0.9846 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9906 | + | 4.679 * -0.042739 | - | 0.327 * 0.977 |
| = | -2.84 |
* 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 $212.5 Mil.
Revenue was 179.664 + 226.401 + 203.161 + 210.618 = $819.8 Mil.
Gross Profit was 91.955 + 121.708 + 103.503 + 101.47 = $418.6 Mil.
Total Current Assets was $369.1 Mil.
Total Assets was $1,078.5 Mil.
Property, Plant and Equipment(Net PPE) was $77.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $69.5 Mil.
Selling, General, & Admin. Expense(SGA) was $192.9 Mil.
Total Current Liabilities was $504.3 Mil.
Long-Term Debt & Capital Lease Obligation was $36.8 Mil.
Net Income was -30.361 + 7.079 + -13.501 + -21.479 = $-58.3 Mil.
Non Operating Income was -10.578 + -7.011 + -6.142 + -7.493 = $-31.2 Mil.
Cash Flow from Operations was 13.1 + 20.139 + -11.626 + -2.559 = $19.1 Mil.
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Total Receivables was $255.1 Mil.
Revenue was 186.159 + 233.639 + 207.127 + 205.796 = $832.7 Mil.
Gross Profit was 81.402 + 114.013 + 104.318 + 104.55 = $404.3 Mil.
Total Current Assets was $429.6 Mil.
Total Assets was $1,191.7 Mil.
Property, Plant and Equipment(Net PPE) was $86.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $75.2 Mil.
Selling, General, & Admin. Expense(SGA) was $197.8 Mil.
Total Current Liabilities was $342.8 Mil.
Long-Term Debt & Capital Lease Obligation was $269.1 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) |
| = | (212.498 / 819.844) | / | (255.146 / 832.721) |
| = | 0.259193 | / | 0.3064 |
| | = | 0.8459 |
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) |
| = | (404.283 / 832.721) | / | (418.636 / 819.844) |
| = | 0.485496 | / | 0.510629 |
| | = | 0.9508 |
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 - (369.13 + 77.868) / 1078.46) | / | (1 - (429.636 + 86.79) / 1191.66) |
| = | 0.585522 | / | 0.566633 |
| | = | 1.0333 |
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 |
| = | 819.844 | / | 832.721 |
| | = | 0.9845 |
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)) |
| = | (75.219 / (75.219 + 86.79)) | / | (69.484 / (69.484 + 77.868)) |
| = | 0.464289 | / | 0.471551 |
| | = | 0.9846 |
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) |
| = | (192.885 / 819.844) | / | (197.782 / 832.721) |
| = | 0.23527 | / | 0.237513 |
| | = | 0.9906 |
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) |
| = | ((36.768 + 504.315) / 1078.46) | / | ((269.131 + 342.8) / 1191.66) |
| = | 0.501718 | / | 0.513511 |
| | = | 0.977 |
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 |
| = | (-58.262 - -31.224 | - | 19.054) | / | 1078.46 |
| | = | -0.042739 |
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.
Ribbon Communications has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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