Iridium Communications Beneish M-Score Historical Data
The historical data trend for Iridium 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.
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Iridium 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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-3.08 |
-2.95 |
-2.92 |
-2.17 |
-2.96 |
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Iridium Communications Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.17 |
-2.50 |
-2.80 |
-2.92 |
-2.96 |
Competitive Comparison
For the Telecom Services subindustry, Iridium 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.
Iridium Communications Beneish M-Score Distribution
For the Telecommunication Services industry and Communication Services sector, Iridium Communications's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Iridium Communications's Beneish M-Score falls into.
Iridium 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 Iridium 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 * 1.0165 | + | 0.528 * 1.008 | + | 0.404 * 1.0085 | + | 0.892 * 1.0967 | + | 0.115 * 0.8718 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.061 | + | 4.679 * -0.114025 | - | 0.327 * 1.1007 |
| = | -2.96 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $91.7 Mil.
Revenue was 194.74 + 197.602 + 193.108 + 205.273 = $790.7 Mil.
Gross Profit was 139.126 + 143.385 + 141.563 + 141.529 = $565.6 Mil.
Total Current Assets was $271.1 Mil.
Total Assets was $2,661.8 Mil.
Property, Plant and Equipment(Net PPE) was $2,195.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $320.0 Mil.
Selling, General, & Admin. Expense(SGA) was $143.7 Mil.
Total Current Liabilities was $131.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,467.5 Mil.
Net Income was 38.023 + -1.642 + -30.741 + 9.775 = $15.4 Mil.
Non Operating Income was 3.031 + 0.343 + 0.419 + 0.219 = $4.0 Mil.
Cash Flow from Operations was 87.807 + 71.116 + 87.048 + 68.942 = $314.9 Mil.
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Total Receivables was $82.3 Mil.
Revenue was 193.836 + 184.06 + 174.919 + 168.219 = $721.0 Mil.
Gross Profit was 136.865 + 131.276 + 128.128 + 123.616 = $519.9 Mil.
Total Current Assets was $306.2 Mil.
Total Assets was $2,954.0 Mil.
Property, Plant and Equipment(Net PPE) was $2,433.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $303.5 Mil.
Selling, General, & Admin. Expense(SGA) was $123.5 Mil.
Total Current Liabilities was $141.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,470.7 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) |
| = | (91.715 / 790.723) | / | (82.273 / 721.034) |
| = | 0.115989 | / | 0.114104 |
| | = | 1.0165 |
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) |
| = | (519.885 / 721.034) | / | (565.603 / 790.723) |
| = | 0.721027 | / | 0.715299 |
| | = | 1.008 |
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 - (271.084 + 2195.758) / 2661.775) | / | (1 - (306.204 + 2433.305) / 2954.011) |
| = | 0.073234 | / | 0.072614 |
| | = | 1.0085 |
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 |
| = | 790.723 | / | 721.034 |
| | = | 1.0967 |
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)) |
| = | (303.484 / (303.484 + 2433.305)) | / | (320 / (320 + 2195.758)) |
| = | 0.110891 | / | 0.127198 |
| | = | 0.8718 |
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) |
| = | (143.706 / 790.723) | / | (123.504 / 721.034) |
| = | 0.18174 | / | 0.171287 |
| | = | 1.061 |
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) |
| = | ((1467.49 + 131.554) / 2661.775) | / | ((1470.685 + 141.577) / 2954.011) |
| = | 0.600743 | / | 0.545787 |
| | = | 1.1007 |
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 |
| = | (15.415 - 4.012 | - | 314.913) | / | 2661.775 |
| | = | -0.114025 |
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.
Iridium Communications has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.
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