MKS Instruments Beneish M-Score Historical Data
The historical data trend for MKS Instruments'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.
MKS Instruments Beneish M-Score Chart
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MKS Instruments Annual Data
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Dec14 |
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Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.50 |
-2.35 |
-1.96 |
-2.96 |
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MKS Instruments Quarterly Data
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Jun19 |
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Mar24 |
| Beneish M-Score |
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-2.42 |
-2.53 |
-2.90 |
-2.96 |
-2.76 |
Competitive Comparison of MKS Instruments's Beneish M-Score
For the Scientific & Technical Instruments subindustry, MKS Instruments'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.
MKS Instruments's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, MKS Instruments's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MKS Instruments's Beneish M-Score falls into.
MKS Instruments 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 MKS Instruments 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 * 0.9808 | + | 0.528 * 0.9229 | + | 0.404 * 0.8855 | + | 0.892 * 1.0267 | + | 0.115 * 0.8051 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1449 | + | 4.679 * -0.017355 | - | 0.327 * 1.2064 |
| = | -2.76 |
* 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 $576 Mil.
Revenue was 868 + 892 + 932 + 1003 = $3,695 Mil.
Gross Profit was 415 + 411 + 426 + 470 = $1,722 Mil.
Total Current Assets was $2,661 Mil.
Total Assets was $8,931 Mil.
Property, Plant and Equipment(Net PPE) was $993 Mil.
Depreciation, Depletion and Amortization(DDA) was $378 Mil.
Selling, General, & Admin. Expense(SGA) was $670 Mil.
Total Current Liabilities was $721 Mil.
Long-Term Debt & Capital Lease Obligation was $4,902 Mil.
Net Income was 15 + -69 + 39 + -1769 = $-1,784 Mil.
Non Operating Income was -10 + -105 + -9 + -1854 = $-1,978 Mil.
Cash Flow from Operations was 67 + 181 + 160 + -59 = $349 Mil.
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Total Receivables was $572 Mil.
Revenue was 794 + 1086 + 954 + 765 = $3,599 Mil.
Gross Profit was 335 + 485 + 390 + 338 = $1,548 Mil.
Total Current Assets was $2,748 Mil.
Total Assets was $11,366 Mil.
Property, Plant and Equipment(Net PPE) was $1,034 Mil.
Depreciation, Depletion and Amortization(DDA) was $295 Mil.
Selling, General, & Admin. Expense(SGA) was $570 Mil.
Total Current Liabilities was $876 Mil.
Long-Term Debt & Capital Lease Obligation was $5,056 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) |
| = | (576 / 3695) | / | (572 / 3599) |
| = | 0.155886 | / | 0.158933 |
| | = | 0.9808 |
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) |
| = | (1548 / 3599) | / | (1722 / 3695) |
| = | 0.430119 | / | 0.466035 |
| | = | 0.9229 |
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 - (2661 + 993) / 8931) | / | (1 - (2748 + 1034) / 11366) |
| = | 0.590863 | / | 0.667253 |
| | = | 0.8855 |
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 |
| = | 3695 | / | 3599 |
| | = | 1.0267 |
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)) |
| = | (295 / (295 + 1034)) | / | (378 / (378 + 993)) |
| = | 0.221971 | / | 0.275711 |
| | = | 0.8051 |
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) |
| = | (670 / 3695) | / | (570 / 3599) |
| = | 0.181326 | / | 0.158377 |
| | = | 1.1449 |
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) |
| = | ((4902 + 721) / 8931) | / | ((5056 + 876) / 11366) |
| = | 0.629605 | / | 0.521907 |
| | = | 1.2064 |
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 |
| = | (-1784 - -1978 | - | 349) | / | 8931 |
| | = | -0.017355 |
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.
MKS Instruments has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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