Entegris Beneish M-Score Historical Data
The historical data trend for Entegris'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.
Entegris Beneish M-Score Chart
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Entegris Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-2.62 |
-2.10 |
-1.95 |
-2.83 |
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Entegris 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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-2.20 |
-1.75 |
-2.77 |
-2.83 |
-2.77 |
Competitive Comparison of Entegris's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Entegris'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.
Entegris's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Entegris's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Entegris's Beneish M-Score falls into.
Entegris 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 Entegris 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 * 0.895 | + | 0.528 * 0.9734 | + | 0.404 * 1.0399 | + | 0.892 * 0.9135 | + | 0.115 * 0.9533 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7772 | + | 4.679 * -0.044619 | - | 0.327 * 0.874 |
| = | -2.79 |
* 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 €391 Mil.
Revenue was 709.343 + 744.871 + 832.28 + 831.623 = €3,118 Mil.
Gross Profit was 323.674 + 316.072 + 343.948 + 354.585 = €1,338 Mil.
Total Current Assets was €1,449 Mil.
Total Assets was €7,696 Mil.
Property, Plant and Equipment(Net PPE) was €1,434 Mil.
Depreciation, Depletion and Amortization(DDA) was €350 Mil.
Selling, General, & Admin. Expense(SGA) was €429 Mil.
Total Current Liabilities was €432 Mil.
Long-Term Debt & Capital Lease Obligation was €3,906 Mil.
Net Income was 41.645 + 34.825 + 31.12 + 182.427 = €290 Mil.
Non Operating Income was -13.142 + -42.894 + -24.508 + 135.709 = €55 Mil.
Cash Flow from Operations was 135.411 + 138.146 + 187.422 + 117.238 = €578 Mil.
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Total Receivables was €478 Mil.
Revenue was 861.518 + 893.09 + 1003.766 + 655.095 = €3,413 Mil.
Gross Profit was 375.174 + 381.872 + 375.388 + 293.636 = €1,426 Mil.
Total Current Assets was €2,295 Mil.
Total Assets was €9,403 Mil.
Property, Plant and Equipment(Net PPE) was €1,453 Mil.
Depreciation, Depletion and Amortization(DDA) was €334 Mil.
Selling, General, & Admin. Expense(SGA) was €605 Mil.
Total Current Liabilities was €730 Mil.
Long-Term Debt & Capital Lease Obligation was €5,335 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) |
| = | (390.534 / 3118.117) | / | (477.68 / 3413.469) |
| = | 0.125247 | / | 0.13994 |
| | = | 0.895 |
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) |
| = | (1426.07 / 3413.469) | / | (1338.279 / 3118.117) |
| = | 0.417777 | / | 0.429195 |
| | = | 0.9734 |
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 - (1449.411 + 1433.579) / 7695.545) | / | (1 - (2294.882 + 1453.12) / 9402.659) |
| = | 0.625369 | / | 0.601389 |
| | = | 1.0399 |
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 |
| = | 3118.117 | / | 3413.469 |
| | = | 0.9135 |
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)) |
| = | (334.005 / (334.005 + 1453.12)) | / | (349.607 / (349.607 + 1433.579)) |
| = | 0.186895 | / | 0.196058 |
| | = | 0.9533 |
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) |
| = | (429.234 / 3118.117) | / | (604.602 / 3413.469) |
| = | 0.137658 | / | 0.177122 |
| | = | 0.7772 |
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) |
| = | ((3905.958 + 432.383) / 7695.545) | / | ((5335.035 + 730.036) / 9402.659) |
| = | 0.563747 | / | 0.645038 |
| | = | 0.874 |
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 |
| = | (290.017 - 55.165 | - | 578.217) | / | 7695.545 |
| | = | -0.044619 |
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.
Entegris has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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