Altera Beneish M-Score Historical Data
The historical data trend for Altera'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.
Altera Beneish M-Score Chart
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Altera Annual Data
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Trend |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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-2.07 |
-2.59 |
-0.37 |
-2.00 |
-2.72 |
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Altera Quarterly Data
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Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
| Beneish M-Score |
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-2.54 |
-2.72 |
-2.56 |
-2.54 |
-2.39 |
Competitive Comparison of Altera's Beneish M-Score
For the Semiconductors subindustry, Altera'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.
Altera's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Altera's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Altera's Beneish M-Score falls into.
Altera 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 Altera 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 * 1.1694 | + | 0.528 * 1.0159 | + | 0.404 * 1.359 | + | 0.892 * 1.0722 | + | 0.115 * 0.9979 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0529 | + | 4.679 * -0.033826 | - | 0.327 * 0.9997 |
| = | -2.27 |
* 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 (Sep15) TTM: | Last Year (Sep14) TTM: |
Total Receivables was €396 Mil.
Revenue was 356.014 + 369.018 + 402.388 + 389.177 = €1,517 Mil.
Gross Profit was 236.917 + 256.227 + 258.001 + 252.79 = €1,004 Mil.
Total Current Assets was €2,593 Mil.
Total Assets was €5,244 Mil.
Property, Plant and Equipment(Net PPE) was €186 Mil.
Depreciation, Depletion and Amortization(DDA) was €58 Mil.
Selling, General, & Admin. Expense(SGA) was €264 Mil.
Total Current Liabilities was €604 Mil.
Long-Term Debt & Capital Lease Obligation was €1,331 Mil.
Net Income was 54.813 + 62.672 + 87.643 + 90.127 = €295 Mil.
Non Operating Income was -7.82 + 1.304 + 2.316 + -0.008 = €-4 Mil.
Cash Flow from Operations was 148.813 + 79.495 + 126.249 + 122.281 = €477 Mil.
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Total Receivables was €316 Mil.
Revenue was 387.694 + 361.757 + 333.37 + 331.688 = €1,415 Mil.
Gross Profit was 258.864 + 242.237 + 223.569 + 226.55 = €951 Mil.
Total Current Assets was €2,781 Mil.
Total Assets was €4,486 Mil.
Property, Plant and Equipment(Net PPE) was €153 Mil.
Depreciation, Depletion and Amortization(DDA) was €48 Mil.
Selling, General, & Admin. Expense(SGA) was €234 Mil.
Total Current Liabilities was €497 Mil.
Long-Term Debt & Capital Lease Obligation was €1,158 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) |
| = | (395.699 / 1516.597) | / | (315.605 / 1414.509) |
| = | 0.260912 | / | 0.22312 |
| | = | 1.1694 |
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) |
| = | (951.22 / 1414.509) | / | (1003.935 / 1516.597) |
| = | 0.672474 | / | 0.661966 |
| | = | 1.0159 |
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 - (2592.724 + 186.127) / 5243.7) | / | (1 - (2781.371 + 153.037) / 4486.079) |
| = | 0.470059 | / | 0.345886 |
| | = | 1.359 |
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 |
| = | 1516.597 | / | 1414.509 |
| | = | 1.0722 |
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)) |
| = | (47.909 / (47.909 + 153.037)) | / | (58.428 / (58.428 + 186.127)) |
| = | 0.238417 | / | 0.238916 |
| | = | 0.9979 |
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) |
| = | (264.308 / 1516.597) | / | (234.133 / 1414.509) |
| = | 0.174277 | / | 0.165522 |
| | = | 1.0529 |
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) |
| = | ((1330.913 + 603.748) / 5243.7) | / | ((1158.13 + 497.461) / 4486.079) |
| = | 0.36895 | / | 0.369051 |
| | = | 0.9997 |
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 |
| = | (295.255 - -4.208 | - | 476.838) | / | 5243.7 |
| | = | -0.033826 |
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.
Altera has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
Altera (FRA:ALR) Business Description
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Altera Corp was founded in 1983 and reincorporated in the State of Delaware in 1997. It designs and sells programmable logic devices, HardCopy application-specific integrated circuit devices, power system-on-chip devices, pre-defined design building blocks known as intellectual property cores, and associated development tools. Its PLDs, which consist of field-programmable gate arrays, including those referred to as systems-on-chip FPGAs which incorporate hard embedded processor cores, and complex programmable logic devices. FPGAs and CPLDs are standard semiconductor integrated circuits that are manufactured as standard chips that its customers program to perform desired logic and processing functions within their electronic systems. With its HardCopy devices it offers its customers a migration path from a PLD to a low-cost, high-volume, non-programmable implementation of their designs. Its customers can license IP cores for implementation of standard functions in their PLD designs. Customers develop, compile, and verify their PLD designs, and then program their designs into its PLDs using its proprietary development software, which operates on personal computers and engineering workstations. Its products serve a range of customers within the Telecom and Wireless, Industrial Automation, Military and Automotive, Networking, Computer and Storage and Other vertical markets. Its geographical segments include US, Japan, China, Europe and Other. Its customers design electronic systems that typically use three types of digital integrated circuits: Processors, which include microprocessors, microcontrollers, graphics processors, and digital signal processors, control central computing tasks and signal processing; Memory stores programming instructions and data; and Logic manages the interchange and manipulation of digital signals within a system. It classifies its products into three categories: New, Mainstream, and Mature and Other Products. New Products include the Stratix V, Stratix IV, Arria 10, Arria V, Arria II, Cyclone V, Cyclone IV, MAX 10 FPGAs, MAX V CPLDs, HardCopy IV devices and Enpirion PowerSoCs. Mainstream Products include the Stratix III, Cyclone III, MAX II and HardCopy III devices. Mature and Other Products include the Stratix II, Stratix, Arria GX, Cyclone II, Cyclone, Classic, MAX 3000A, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II, HardCopy, FLEXseries, APEX series, Mercury, Excalibur devices, configuration and other devices, intellectual property cores, and software and other tools. The Company competes with PLD vendors such as Lattice Semiconductor Corporation, Microsemi Corporation, and Xilinx Inc. Other semiconductor companies with whom it may compete includes Analog Devices Inc., Atmel Corporation, Avago Technologies, Broadcom Corporation, Cavium, Inc., Freescale Semiconductor Inc., GlobalFoundries Inc., HiSilicon Technologies Company, Intel Corporation ("Intel"), Linear Technology Corporation
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