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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Identiv's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Identiv was -1.24. The lowest was -3.73. And the median was -2.48.
The historical data trend for Identiv'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.
Identiv Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.39 | -2.57 | -2.32 | -1.99 | -2.96 |
Identiv Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.99 | -2.06 | -2.23 | -2.30 | -2.96 |
For the Computer Hardware subindustry, Identiv'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.
For the Hardware industry and Technology sector, Identiv's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Identiv's Beneish M-Score falls into.
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 Identiv 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 * 0.8586 | + | 0.528 * 1.0009 | + | 0.404 * 0.8873 | + | 0.892 * 1.0307 | + | 0.115 * 1.0744 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0872 | + | 4.679 * -0.055494 | - | 0.327 * 1.2075 | |||||||
= | -2.96 |
* 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 $22.0 Mil. Revenue was 28.985 + 31.846 + 29.555 + 25.997 = $116.4 Mil. Gross Profit was 10.164 + 11.941 + 10.848 + 9.211 = $42.2 Mil. Total Current Assets was $79.5 Mil. Total Assets was $109.7 Mil. Property, Plant and Equipment(Net PPE) was $14.5 Mil. Depreciation, Depletion and Amortization(DDA) was $2.7 Mil. Selling, General, & Admin. Expense(SGA) was $34.9 Mil. Total Current Liabilities was $30.8 Mil. Long-Term Debt & Capital Lease Obligation was $3.7 Mil. Net Income was -1.604 + -0.022 + -1.144 + -2.719 = $-5.5 Mil. Non Operating Income was -0.129 + -0.236 + -0.09 + -0.102 = $-0.6 Mil. Cash Flow from Operations was 4.771 + -0.322 + 1.406 + -4.698 = $1.2 Mil. |
Total Receivables was $24.8 Mil. Revenue was 29.001 + 30.996 + 27.857 + 25.061 = $112.9 Mil. Gross Profit was 10.58 + 11.188 + 10.21 + 8.966 = $40.9 Mil. Total Current Assets was $75.1 Mil. Total Assets was $102.8 Mil. Property, Plant and Equipment(Net PPE) was $11.1 Mil. Depreciation, Depletion and Amortization(DDA) was $2.3 Mil. Selling, General, & Admin. Expense(SGA) was $31.2 Mil. Total Current Liabilities was $23.4 Mil. Long-Term Debt & Capital Lease Obligation was $3.4 Mil. |
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) |
= | (21.969 / 116.383) | / | (24.826 / 112.915) | |
= | 0.188765 | / | 0.219864 | |
= | 0.8586 |
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) | |
= | (40.944 / 112.915) | / | (42.164 / 116.383) | |
= | 0.362609 | / | 0.362287 | |
= | 1.0009 |
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 - (79.486 + 14.534) / 109.723) | / | (1 - (75.098 + 11.092) / 102.765) | |
= | 0.143115 | / | 0.16129 | |
= | 0.8873 |
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 | |
= | 116.383 | / | 112.915 | |
= | 1.0307 |
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)) |
= | (2.272 / (2.272 + 11.092)) | / | (2.732 / (2.732 + 14.534)) | |
= | 0.170009 | / | 0.15823 | |
= | 1.0744 |
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) |
= | (34.915 / 116.383) | / | (31.159 / 112.915) | |
= | 0.300001 | / | 0.275951 | |
= | 1.0872 |
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) |
= | ((3.716 + 30.782) / 109.723) | / | ((3.366 + 23.393) / 102.765) | |
= | 0.31441 | / | 0.26039 | |
= | 1.2075 |
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 | |
= | (-5.489 - -0.557 | - | 1.157) | / | 109.723 | |
= | -0.055494 |
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.
Identiv has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Identiv's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Steven Humphreys | director, officer: CEO | 6623 DUMBARTON CIRCLE, FREMONT CA 94555 |
Richard Kuntz | director | MEDTRONIC, INC., 710 MEDTRONIC PWKY MS LC 310, MINNEAPOLIS MN 55432 |
Laura Angelini | director | C/O IDENTIV, INC.,, 2201 WALNUT AVE., SUITE 100, FREMONT CA 94538 |
Bleichroeder Lp | 10 percent owner | 1345 AVENUE OF THE AMERICAS, 47TH FLOOR, NEW YORK NY 10105 |
Justin Scarpulla | officer: Chief Financial Officer | 2051 PALOMAR AIRPORT ROAD, SUITE 100, CARLSBAD CA 92011 |
Gary Kremen | director | 1900-B CARNEGIE AVENUE, SANTA ANA CA 92705 |
James E Ousley | director | BELL MICRO, 1941 RINGWOOD AVE., SAN JOSE CA 95131 |
Edward Kirnbauer | officer: See Remarks | |
Nina B. Shapiro | director | 2201 WALNUT AVENUE, SUITE 100, FREMONT CA 94538 |
Robin R. Braun | director | C/O IDENTIV, INC.,, FREMONT CA 94538 |
First Eagle Investment Management, Llc | 10 percent owner | 1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105 |
Arnhold & S. Bleichroeder Holdings, Inc. | 10 percent owner | 1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105 |
21 April Fund, Ltd. | 10 percent owner | Citco Fund Services (Cayman Islands) Ltd, Regatta Office Park West Bay Road, GRAND CAYMAN E9 KY1-1205 |
Sandra Wallach | officer: CFO | C/O IDENTIV,INC.,2201 WALNUT AVENUE,, SUITE 310, FREMONT CA 94538 |
Steven T Finney | officer: Interim CFO | 2201 WALNUT AVENUE, SUITE 310, FREMONT CA 94538 |
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