Cirrus Logic Beneish M-Score Historical Data
The historical data trend for Cirrus Logic'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.
Cirrus Logic Beneish M-Score Chart
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Cirrus Logic Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.88 |
-3.04 |
-1.08 |
-2.96 |
-1.65 |
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Cirrus Logic 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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-2.96 |
-2.52 |
-2.40 |
-2.71 |
-1.65 |
Competitive Comparison of Cirrus Logic's Beneish M-Score
For the Semiconductors subindustry, Cirrus Logic'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.
Cirrus Logic's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Cirrus Logic's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cirrus Logic's Beneish M-Score falls into.
Cirrus Logic 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 Cirrus Logic 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 * 1.1454 | + | 0.528 * 0.9848 | + | 0.404 * 1.0008 | + | 0.892 * 0.9427 | + | 0.115 * 5.2442 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9986 | + | 4.679 * 0.047551 | - | 0.327 * 0.8758 |
| = | -1.65 |
* 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 $162 Mil.
Revenue was 371.827 + 618.984 + 481.063 + 317.016 = $1,789 Mil.
Gross Profit was 192.625 + 317.464 + 246.596 + 159.387 = $916 Mil.
Total Current Assets was $1,106 Mil.
Total Assets was $2,232 Mil.
Property, Plant and Equipment(Net PPE) was $308 Mil.
Depreciation, Depletion and Amortization(DDA) was $12 Mil.
Selling, General, & Admin. Expense(SGA) was $144 Mil.
Total Current Liabilities was $186 Mil.
Long-Term Debt & Capital Lease Obligation was $135 Mil.
Net Income was 44.842 + 138.723 + 75.407 + 15.6 = $275 Mil.
Non Operating Income was -0.078 + 0.023 + -2.389 + 0.377 = $-2 Mil.
Cash Flow from Operations was -80.622 + 313.692 + -22.731 + -39.813 = $171 Mil.
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Total Receivables was $150 Mil.
Revenue was 372.822 + 590.582 + 540.574 + 393.639 = $1,898 Mil.
Gross Profit was 186.354 + 296.705 + 271.286 + 202.634 = $957 Mil.
Total Current Assets was $1,018 Mil.
Total Assets was $2,064 Mil.
Property, Plant and Equipment(Net PPE) was $291 Mil.
Depreciation, Depletion and Amortization(DDA) was $71 Mil.
Selling, General, & Admin. Expense(SGA) was $153 Mil.
Total Current Liabilities was $216 Mil.
Long-Term Debt & Capital Lease Obligation was $123 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) |
| = | (162.478 / 1788.89) | / | (150.473 / 1897.617) |
| = | 0.090826 | / | 0.079296 |
| | = | 1.1454 |
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) |
| = | (956.979 / 1897.617) | / | (916.072 / 1788.89) |
| = | 0.504306 | / | 0.51209 |
| | = | 0.9848 |
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 - (1106.192 + 308.463) / 2231.576) | / | (1 - (1017.856 + 291.117) / 2063.966) |
| = | 0.366074 | / | 0.365797 |
| | = | 1.0008 |
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 |
| = | 1788.89 | / | 1897.617 |
| | = | 0.9427 |
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)) |
| = | (71.202 / (71.202 + 291.117)) | / | (12.009 / (12.009 + 308.463)) |
| = | 0.196517 | / | 0.037473 |
| | = | 5.2442 |
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) |
| = | (144.172 / 1788.89) | / | (153.144 / 1897.617) |
| = | 0.080593 | / | 0.080703 |
| | = | 0.9986 |
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) |
| = | ((134.576 + 186.393) / 2231.576) | / | ((122.631 + 216.34) / 2063.966) |
| = | 0.143831 | / | 0.164233 |
| | = | 0.8758 |
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 |
| = | (274.572 - -2.067 | - | 170.526) | / | 2231.576 |
| | = | 0.047551 |
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.
Cirrus Logic has a M-score of -1.65 signals that the company is likely to be a manipulator.
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