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.
AT&T Beneish M-Score Chart
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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 |
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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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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.01 |
-2.87 |
-2.84 |
-2.73 |
-2.78 |
Competitive Comparison of AT&T's Beneish M-Score
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's Beneish M-Score Distribution in the Telecommunication Services Industry
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 * 1.0093 | + | 0.528 * 0.9867 | + | 0.404 * 1.0031 | + | 0.892 * 1.0026 | + | 0.115 * 0.935 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9837 | + | 4.679 * -0.065283 | - | 0.327 * 0.9711 |
| = | -2.78 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $9,068 Mil.
Revenue was 30213 + 29797 + 30028 + 32022 = $122,060 Mil.
Gross Profit was 18583 + 18355 + 18074 + 18111 = $73,123 Mil.
Total Current Assets was $29,799 Mil.
Total Assets was $393,719 Mil.
Property, Plant and Equipment(Net PPE) was $148,743 Mil.
Depreciation, Depletion and Amortization(DDA) was $19,972 Mil.
Selling, General, & Admin. Expense(SGA) was $28,507 Mil.
Total Current Liabilities was $40,658 Mil.
Long-Term Debt & Capital Lease Obligation was $143,706 Mil.
Net Income was -174 + 3597 + 3445 + 2188 = $9,056 Mil.
Non Operating Income was -3433 + 550 + 587 + -1198 = $-3,494 Mil.
Cash Flow from Operations was 10235 + 9093 + 7547 + 11378 = $38,253 Mil.
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Total Receivables was $8,962 Mil.
Revenue was 30350 + 29917 + 30139 + 31343 = $121,749 Mil.
Gross Profit was 18296 + 18090 + 17808 + 17772 = $71,966 Mil.
Total Current Assets was $35,620 Mil.
Total Assets was $406,698 Mil.
Property, Plant and Equipment(Net PPE) was $149,497 Mil.
Depreciation, Depletion and Amortization(DDA) was $18,606 Mil.
Selling, General, & Admin. Expense(SGA) was $28,905 Mil.
Total Current Liabilities was $51,684 Mil.
Long-Term Debt & Capital Lease Obligation was $144,431 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) |
| = | (9068 / 122060) | / | (8962 / 121749) |
| = | 0.074291 | / | 0.07361 |
| | = | 1.0093 |
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) |
| = | (71966 / 121749) | / | (73123 / 122060) |
| = | 0.591101 | / | 0.599074 |
| | = | 0.9867 |
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 - (29799 + 148743) / 393719) | / | (1 - (35620 + 149497) / 406698) |
| = | 0.546524 | / | 0.544829 |
| | = | 1.0031 |
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 |
| = | 122060 | / | 121749 |
| | = | 1.0026 |
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)) |
| = | (18606 / (18606 + 149497)) | / | (19972 / (19972 + 148743)) |
| = | 0.110682 | / | 0.118377 |
| | = | 0.935 |
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) |
| = | (28507 / 122060) | / | (28905 / 121749) |
| = | 0.233549 | / | 0.237415 |
| | = | 0.9837 |
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) |
| = | ((143706 + 40658) / 393719) | / | ((144431 + 51684) / 406698) |
| = | 0.468263 | / | 0.482213 |
| | = | 0.9711 |
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 |
| = | (9056 - -3494 | - | 38253) | / | 393719 |
| | = | -0.065283 |
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 -2.78 suggests that the company is unlikely to be a manipulator.
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