Intel Beneish M-Score Historical Data
The historical data trend for Intel'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.
Intel Beneish M-Score Chart
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Intel Annual Data
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Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-3.12 |
-2.42 |
-3.30 |
-2.80 |
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Intel Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.30 |
-3.06 |
-3.16 |
-3.42 |
-2.80 |
Competitive Comparison of Intel's Beneish M-Score
For the Semiconductors subindustry, Intel'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.
Intel's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Intel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Intel's Beneish M-Score falls into.
Intel 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 Intel 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 * 0.923 | + | 0.528 * 1.0239 | + | 0.404 * 0.9659 | + | 0.892 * 1.9204 | + | 0.115 * 1.5438 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9152 | + | 4.679 * -0.046394 | - | 0.327 * 1.0212 |
| = | -1.88 |
* 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 ARS1,228,122 Mil.
Revenue was 5561566.005 + 4954592.236 + 3107759.975 + 2314298.304 = ARS15,938,217 Mil.
Gross Profit was 2543967.002 + 2105999.158 + 1113119.991 + 791780.418 = ARS6,554,867 Mil.
Total Current Assets was ARS15,620,109 Mil.
Total Assets was ARS69,157,492 Mil.
Property, Plant and Equipment(Net PPE) was ARS34,889,567 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS2,777,164 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,639,838 Mil.
Total Current Liabilities was ARS10,127,133 Mil.
Long-Term Debt & Capital Lease Obligation was ARS16,959,058 Mil.
Net Income was 963509.001 + 103935.153 + 355439.997 + -544842.913 = ARS878,041 Mil.
Non Operating Income was 443308 + -352399.66 + -53760 + 20742.75 = ARS57,891 Mil.
Cash Flow from Operations was 1669264.002 + 2038108.856 + 673919.995 + -352626.758 = ARS4,028,666 Mil.
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Total Receivables was ARS692,897 Mil.
Revenue was 2354141.235 + 2131215.068 + 1843575.955 + 1970599.32 = ARS8,299,532 Mil.
Gross Profit was 922074.974 + 908038.237 + 672283.719 + 992547.273 = ARS3,494,944 Mil.
Total Current Assets was ARS8,450,733 Mil.
Total Assets was ARS30,529,567 Mil.
Property, Plant and Equipment(Net PPE) was ARS13,556,179 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS1,741,211 Mil.
Selling, General, & Admin. Expense(SGA) was ARS933,050 Mil.
Total Current Liabilities was ARS5,390,786 Mil.
Long-Term Debt & Capital Lease Obligation was ARS6,317,722 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) |
| = | (1228122.001 / 15938216.52) | / | (692897.431 / 8299531.578) |
| = | 0.077055 | / | 0.083486 |
| | = | 0.923 |
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) |
| = | (3494944.203 / 8299531.578) | / | (6554866.569 / 15938216.52) |
| = | 0.421101 | / | 0.411267 |
| | = | 1.0239 |
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 - (15620109.014 + 34889567.031) / 69157492.062) | / | (1 - (8450733.316 + 13556178.625) / 30529567.105) |
| = | 0.269643 | / | 0.279161 |
| | = | 0.9659 |
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 |
| = | 15938216.52 | / | 8299531.578 |
| | = | 1.9204 |
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)) |
| = | (1741211.412 / (1741211.412 + 13556178.625)) | / | (2777163.982 / (2777163.982 + 34889567.031)) |
| = | 0.113824 | / | 0.07373 |
| | = | 1.5438 |
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) |
| = | (1639837.667 / 15938216.52) | / | (933049.531 / 8299531.578) |
| = | 0.102887 | / | 0.112422 |
| | = | 0.9152 |
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) |
| = | ((16959058.015 + 10127133.009) / 69157492.062) | / | ((6317722.425 + 5390785.601) / 30529567.105) |
| = | 0.39166 | / | 0.383514 |
| | = | 1.0212 |
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 |
| = | (878041.238 - 57891.09 | - | 4028666.095) | / | 69157492.062 |
| | = | -0.046394 |
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.
Intel has a M-score of -1.88 suggests that the company is unlikely to be a manipulator.
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