Crown Castle Beneish M-Score Historical Data
The historical data trend for Crown Castle'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.
Crown Castle Beneish M-Score Chart
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Crown Castle Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.55 |
-3.01 |
-2.30 |
-2.53 |
-2.84 |
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Crown Castle Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.34 |
-2.53 |
-2.53 |
-2.84 |
-2.95 |
Competitive Comparison of Crown Castle's Beneish M-Score
For the REIT - Specialty subindustry, Crown Castle'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.
Crown Castle's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Crown Castle's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Crown Castle's Beneish M-Score falls into.
Crown Castle 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 Crown Castle 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 * 0.7534 | + | 0.528 * 0.9793 | + | 0.404 * 1.0106 | + | 0.892 * 0.9251 | + | 0.115 * 0.9716 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0018 | + | 4.679 * -0.040842 | - | 0.327 * 1.0348 |
| = | -2.99 |
* 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 R$2,505 Mil.
Revenue was 8171.852 + 8202.265 + 8232.813 + 9061.858 = R$33,669 Mil.
Gross Profit was 5861.225 + 5982.656 + 5832.605 + 6528.227 = R$24,205 Mil.
Total Current Assets was R$4,865 Mil.
Total Assets was R$190,383 Mil.
Property, Plant and Equipment(Net PPE) was R$107,897 Mil.
Depreciation, Depletion and Amortization(DDA) was R$8,665 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,672 Mil.
Total Current Liabilities was R$11,633 Mil.
Long-Term Debt & Capital Lease Obligation was R$139,220 Mil.
Net Income was 1548.718 + 1778.627 + 1308.756 + 2208.434 = R$6,845 Mil.
Non Operating Income was -74.697 + -88.196 + -395.096 + -121.343 = R$-679 Mil.
Cash Flow from Operations was 2982.9 + 4253.026 + 2632.327 + 5431.29 = R$15,300 Mil.
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Total Receivables was R$3,594 Mil.
Revenue was 9234.848 + 9252.886 + 9155.326 + 8752.712 = R$36,396 Mil.
Gross Profit was 6531.584 + 6525.278 + 6407.679 + 6158.194 = R$25,623 Mil.
Total Current Assets was R$6,901 Mil.
Total Assets was R$203,417 Mil.
Property, Plant and Equipment(Net PPE) was R$114,454 Mil.
Depreciation, Depletion and Amortization(DDA) was R$8,911 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,962 Mil.
Total Current Liabilities was R$13,204 Mil.
Long-Term Debt & Capital Lease Obligation was R$142,554 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) |
| = | (2504.839 / 33668.788) | / | (3593.934 / 36395.772) |
| = | 0.074396 | / | 0.098746 |
| | = | 0.7534 |
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) |
| = | (25622.735 / 36395.772) | / | (24204.713 / 33668.788) |
| = | 0.704003 | / | 0.718907 |
| | = | 0.9793 |
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 - (4865.265 + 107897.327) / 190382.734) | / | (1 - (6901.395 + 114453.776) / 203416.664) |
| = | 0.407706 | / | 0.403416 |
| | = | 1.0106 |
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 |
| = | 33668.788 | / | 36395.772 |
| | = | 0.9251 |
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)) |
| = | (8910.546 / (8910.546 + 114453.776)) | / | (8665.13 / (8665.13 + 107897.327)) |
| = | 0.07223 | / | 0.074339 |
| | = | 0.9716 |
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) |
| = | (3671.955 / 33668.788) | / | (3962.41 / 36395.772) |
| = | 0.109061 | / | 0.10887 |
| | = | 1.0018 |
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) |
| = | ((139220.269 + 11632.813) / 190382.734) | / | ((142554.173 + 13203.801) / 203416.664) |
| = | 0.792367 | / | 0.765709 |
| | = | 1.0348 |
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 |
| = | (6844.535 - -679.332 | - | 15299.543) | / | 190382.734 |
| | = | -0.040842 |
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.
Crown Castle has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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