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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Trend |
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 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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 * 0.9599 | + | 0.528 * 1.0644 | + | 0.404 * 0.9659 | + | 0.892 * 0.8602 | + | 0.115 * 1.5395 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9356 | + | 4.679 * -0.051696 | - | 0.327 * 1.0212 |
| = | -2.80 |
* 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 HK$26,569 Mil.
Revenue was 120317.779 + 110835.903 + 101429.517 + 91947.521 = HK$424,531 Mil.
Gross Profit was 55035.661 + 47111.913 + 36329.454 + 31457.59 = HK$169,935 Mil.
Total Current Assets was HK$337,922 Mil.
Total Assets was HK$1,496,139 Mil.
Property, Plant and Equipment(Net PPE) was HK$754,794 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$75,180 Mil.
Selling, General, & Admin. Expense(SGA) was HK$44,108 Mil.
Total Current Liabilities was HK$219,088 Mil.
Long-Term Debt & Capital Lease Obligation was HK$366,889 Mil.
Net Income was 20844.356 + 2325.064 + 11600.673 + -21646.715 = HK$13,123 Mil.
Non Operating Income was 9590.434 + -7883.299 + -1754.592 + 824.114 = HK$777 Mil.
Cash Flow from Operations was 36112.515 + 45593.184 + 21995.064 + -14009.93 = HK$89,691 Mil.
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Total Receivables was HK$32,177 Mil.
Revenue was 109322.587 + 120394.097 + 120240.74 + 143571.848 = HK$493,529 Mil.
Gross Profit was 42819.7 + 51295.829 + 43847.335 + 72313.963 = HK$210,277 Mil.
Total Current Assets was HK$392,439 Mil.
Total Assets was HK$1,417,745 Mil.
Property, Plant and Equipment(Net PPE) was HK$629,527 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$102,013 Mil.
Selling, General, & Admin. Expense(SGA) was HK$54,803 Mil.
Total Current Liabilities was HK$250,340 Mil.
Long-Term Debt & Capital Lease Obligation was HK$293,385 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) |
| = | (26568.94 / 424530.72) | / | (32177.058 / 493529.272) |
| = | 0.062584 | / | 0.065198 |
| | = | 0.9599 |
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) |
| = | (210276.827 / 493529.272) | / | (169934.618 / 424530.72) |
| = | 0.426068 | / | 0.400288 |
| | = | 1.0644 |
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 - (337922.236 + 754793.741) / 1496139.006) | / | (1 - (392438.658 + 629527.444) / 1417744.697) |
| = | 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 |
| = | 424530.72 | / | 493529.272 |
| | = | 0.8602 |
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)) |
| = | (102013.412 / (102013.412 + 629527.444)) | / | (75180.298 / (75180.298 + 754793.741)) |
| = | 0.13945 | / | 0.090582 |
| | = | 1.5395 |
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) |
| = | (44108.035 / 424530.72) | / | (54803.372 / 493529.272) |
| = | 0.103898 | / | 0.111044 |
| | = | 0.9356 |
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) |
| = | ((366888.784 + 219088.319) / 1496139.006) | / | ((293385.014 + 250339.537) / 1417744.697) |
| = | 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 |
| = | (13123.378 - 776.657 | - | 89690.833) | / | 1496139.006 |
| | = | -0.051696 |
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 -2.80 suggests that the company is unlikely to be a manipulator.
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