Viasat Beneish M-Score Historical Data
The historical data trend for Viasat'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.
Viasat Beneish M-Score Chart
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Viasat Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.98 |
-3.40 |
-2.60 |
-1.84 |
-1.58 |
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Viasat Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-1.41 |
0.11 |
-0.41 |
-1.58 |
-2.75 |
Competitive Comparison of Viasat's Beneish M-Score
For the Communication Equipment subindustry, Viasat'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.
Viasat's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Viasat's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Viasat's Beneish M-Score falls into.
Viasat 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 Viasat 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 * 0.8292 | + | 0.528 * 0.8577 | + | 0.404 * 1.1086 | + | 0.892 * 1.6771 | + | 0.115 * 0.3808 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4974 | + | 4.679 * -0.109426 | - | 0.327 * 1.0476 |
| = | -2.75 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $877 Mil.
Revenue was 1126.46 + 1150.013 + 1128.539 + 1225.415 = $4,630 Mil.
Gross Profit was 415.635 + 326.394 + 361.263 + 459.125 = $1,562 Mil.
Total Current Assets was $3,327 Mil.
Total Assets was $16,088 Mil.
Property, Plant and Equipment(Net PPE) was $7,912 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,314 Mil.
Selling, General, & Admin. Expense(SGA) was $1,925 Mil.
Total Current Liabilities was $1,080 Mil.
Long-Term Debt & Capital Lease Obligation was $7,498 Mil.
Net Income was -32.912 + -100.263 + -124.399 + -767.238 = $-1,025 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 151.096 + 231.986 + 133.568 + 218.976 = $736 Mil.
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Total Receivables was $631 Mil.
Revenue was 779.791 + 666.099 + 651.444 + 663.559 = $2,761 Mil.
Gross Profit was 234.88 + 174.047 + 168.411 + 221.671 = $799 Mil.
Total Current Assets was $3,426 Mil.
Total Assets was $17,898 Mil.
Property, Plant and Equipment(Net PPE) was $9,606 Mil.
Depreciation, Depletion and Amortization(DDA) was $551 Mil.
Selling, General, & Admin. Expense(SGA) was $767 Mil.
Total Current Liabilities was $1,471 Mil.
Long-Term Debt & Capital Lease Obligation was $7,638 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) |
| = | (876.889 / 4630.427) | / | (630.53 / 2760.893) |
| = | 0.189375 | / | 0.228379 |
| | = | 0.8292 |
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) |
| = | (799.009 / 2760.893) | / | (1562.417 / 4630.427) |
| = | 0.289402 | / | 0.337424 |
| | = | 0.8577 |
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 - (3327.101 + 7911.978) / 16087.869) | / | (1 - (3426.469 + 9605.545) / 17897.606) |
| = | 0.301394 | / | 0.271857 |
| | = | 1.1086 |
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 |
| = | 4630.427 | / | 2760.893 |
| | = | 1.6771 |
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)) |
| = | (550.869 / (550.869 + 9605.545)) | / | (1314.149 / (1314.149 + 7911.978)) |
| = | 0.054239 | / | 0.142438 |
| | = | 0.3808 |
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) |
| = | (1925.191 / 4630.427) | / | (766.582 / 2760.893) |
| = | 0.41577 | / | 0.277657 |
| | = | 1.4974 |
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) |
| = | ((7498.19 + 1079.748) / 16087.869) | / | ((7638.182 + 1471.46) / 17897.606) |
| = | 0.533193 | / | 0.508987 |
| | = | 1.0476 |
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 |
| = | (-1024.812 - 0 | - | 735.626) | / | 16087.869 |
| | = | -0.109426 |
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.
Viasat has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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