Sprint Beneish M-Score Historical Data
The historical data trend for Sprint'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.
Sprint Beneish M-Score Chart
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Sprint Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
| Beneish M-Score |
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-3.14 |
-2.75 |
-0.42 |
-2.68 |
-3.02 |
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Sprint Quarterly Data
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Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
| Beneish M-Score |
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-3.16 |
-3.02 |
-3.03 |
-3.00 |
-2.92 |
Competitive Comparison of Sprint's Beneish M-Score
For the Telecom Services subindustry, Sprint'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.
Sprint's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Sprint's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sprint's Beneish M-Score falls into.
Sprint 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 Sprint 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 * 1.1481 | + | 0.528 * 1.0334 | + | 0.404 * 0.9436 | + | 0.892 * 0.9764 | + | 0.115 * 1.1933 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0469 | + | 4.679 * -0.117282 | - | 0.327 * 1.0876 |
| = | -2.93 |
* 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 (Dec19) TTM: | Last Year (Dec18) TTM: |
Total Receivables was $3,873 Mil.
Revenue was 8080 + 7795 + 8142 + 8441 = $32,458 Mil.
Gross Profit was 4515 + 4421 + 4866 + 5049 = $18,851 Mil.
Total Current Assets was $9,455 Mil.
Total Assets was $86,902 Mil.
Property, Plant and Equipment(Net PPE) was $27,540 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,380 Mil.
Selling, General, & Admin. Expense(SGA) was $7,931 Mil.
Total Current Liabilities was $12,471 Mil.
Long-Term Debt & Capital Lease Obligation was $38,930 Mil.
Net Income was -120 + -274 + -111 + -2174 = $-2,679 Mil.
Non Operating Income was -6 + 14 + 28 + -2135 = $-2,099 Mil.
Cash Flow from Operations was 1955 + 2566 + 2244 + 2847 = $9,612 Mil.
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Total Receivables was $3,455 Mil.
Revenue was 8601 + 8433 + 8125 + 8083 = $33,242 Mil.
Gross Profit was 5037 + 5071 + 5054 + 4789 = $19,951 Mil.
Total Current Assets was $12,396 Mil.
Total Assets was $86,404 Mil.
Property, Plant and Equipment(Net PPE) was $21,422 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,320 Mil.
Selling, General, & Admin. Expense(SGA) was $7,759 Mil.
Total Current Liabilities was $10,700 Mil.
Long-Term Debt & Capital Lease Obligation was $36,288 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) |
| = | (3873 / 32458) | / | (3455 / 33242) |
| = | 0.119323 | / | 0.103935 |
| | = | 1.1481 |
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) |
| = | (19951 / 33242) | / | (18851 / 32458) |
| = | 0.600174 | / | 0.580781 |
| | = | 1.0334 |
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 - (9455 + 27540) / 86902) | / | (1 - (12396 + 21422) / 86404) |
| = | 0.574291 | / | 0.608606 |
| | = | 0.9436 |
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 |
| = | 32458 | / | 33242 |
| | = | 0.9764 |
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)) |
| = | (9320 / (9320 + 21422)) | / | (9380 / (9380 + 27540)) |
| = | 0.303168 | / | 0.254063 |
| | = | 1.1933 |
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) |
| = | (7931 / 32458) | / | (7759 / 33242) |
| = | 0.244347 | / | 0.23341 |
| | = | 1.0469 |
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) |
| = | ((38930 + 12471) / 86902) | / | ((36288 + 10700) / 86404) |
| = | 0.591482 | / | 0.543817 |
| | = | 1.0876 |
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 |
| = | (-2679 - -2099 | - | 9612) | / | 86902 |
| | = | -0.117282 |
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.
Sprint has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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