ASML Holding NV (ASML Holding NV) Beneish M-Score : -2.04 (As of Apr. 24, 2024)

View and export this data going back to 1995. Start your Free Trial

What is ASML Holding NV Beneish M-Score?

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 -2.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for ASML Holding NV's Beneish M-Score or its related term are showing as below:

ASML' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55 Med: -2.35 Max: -1.73
Current: -2.04

During the past 13 years, the highest Beneish M-Score of ASML Holding NV was -1.73. The lowest was -3.55. And the median was -2.35.

ASML Holding NV Beneish M-Score Historical Data

The historical data trend for ASML Holding NV'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.

* Premium members only.

ASML Holding NV Beneish M-Score Chart

ASML Holding NV Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.45

-2.59

-3.14

-2.48

-2.08

ASML Holding NV Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.86	-2.53	-2.50	-2.08	-2.04

Competitive Comparison of ASML Holding NV's Beneish M-Score

For the Semiconductor Equipment & Materials subindustry, ASML Holding NV'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.

ASML Holding NV's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, ASML Holding NV's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ASML Holding NV's Beneish M-Score falls into.

ASML Holding NV 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 ASML Holding NV for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0351

0.528 * 0.9874

0.404 * 0.9266

0.892 * 1.1077

0.115 * 1.0339

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0539

4.679 * 0.06727

0.327 * 0.864

-2.03

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $6,498 Mil.
Revenue was 5750 + 7892.039 + 7121.665 + 7478.115 = $28,242 Mil.
Gross Profit was 2931.087 + 4053.762 + 3694.344 + 3839.653 = $14,519 Mil.
Total Current Assets was $25,152 Mil.
Total Assets was $42,438 Mil.
Property, Plant and Equipment(Net PPE) was $6,723 Mil.
Depreciation, Depletion and Amortization(DDA) was $849 Mil.
Selling, General, & Admin. Expense(SGA) was $1,219 Mil.
Total Current Liabilities was $16,357 Mil.
Long-Term Debt & Capital Lease Obligation was $5,013 Mil.
Net Income was 1330.217 + 2233.479 + 2020.704 + 2103.684 = $7,688 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -273.804 + 3486.369 + 1203.949 + 416.793 = $4,833 Mil.

Total Receivables was $5,668 Mil.
Revenue was 7222.912 + 6811.653 + 5721.089 + 5740.486 = $25,496 Mil.
Gross Profit was 3654.39 + 3507.309 + 2964.059 + 2816.596 = $12,942 Mil.
Total Current Assets was $22,549 Mil.
Total Assets was $37,631 Mil.
Property, Plant and Equipment(Net PPE) was $4,973 Mil.
Depreciation, Depletion and Amortization(DDA) was $652 Mil.
Selling, General, & Admin. Expense(SGA) was $1,044 Mil.
Total Current Liabilities was $18,146 Mil.
Long-Term Debt & Capital Lease Obligation was $3,786 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)
	=	(6498.478 / 28241.819)	/	(5667.987 / 25496.14)
	=	0.230101	/	0.222308
	=	1.0351

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)
	=	(12942.354 / 25496.14)	/	(14518.846 / 28241.819)
	=	0.50762	/	0.51409
	=	0.9874

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 - (25151.848 + 6722.5) / 42437.609)	/	(1 - (22549.036 + 4973.233) / 37631.263)
	=	0.248913	/	0.268633
	=	0.9266

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
	=	28241.819	/	25496.14
	=	1.1077

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))
	=	(651.943 / (651.943 + 4973.233))	/	(848.704 / (848.704 + 6722.5))
	=	0.115897	/	0.112096
	=	1.0339

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)
	=	(1218.58 / 28241.819)	/	(1043.865 / 25496.14)
	=	0.043148	/	0.040942
	=	1.0539

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)
	=	((5013.043 + 16357.283) / 42437.609)	/	((3785.867 + 18145.717) / 37631.263)
	=	0.50357	/	0.582802
	=	0.864

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
	=	(7688.084 - 0	-	4833.307)	/	42437.609
	=	0.06727

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.

ASML Holding NV has a M-score of -2.03 suggests that the company is unlikely to be a manipulator.

ASML Holding NV Beneish M-Score Related Terms

Thank you for viewing the detailed overview of ASML Holding NV's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

ASML Holding NV (ASML Holding NV) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » ASML Holding NV (NAS:ASML) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

ASMLF:USA ASML01:Thailand ASML:Poland ASML:Netherlands ASML1:Mexico ASML:Mexico ASML:Italy 0M42:UK ASMLa:UK 0QB8:UK ASME:Germany ASME:Germany ASMF:Germany ASME:Germany ASMF:Germany ASME:Germany ASML34:Brazil ASMN:Austria ASML:Austria

Address

De Run 6501, Veldhoven, NB, NLD, 5504 DR

Website

https://www.asml.com

ASML is the leader in photolithography systems used in the manufacturing of semiconductors. Photolithography is the process in which a light source is used to expose circuit patterns from a photo mask onto a semiconductor wafer. The latest technological advances in this segment allow chipmakers to continually increase the number of transistors on the same area of silicon, with lithography historically representing a high portion of the cost of making cutting-edge chips. ASML outsources the manufacturing of most of its parts, acting like an assembler. ASML's main clients are TSMC, Samsung, and Intel.