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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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for IPG Photonics's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of IPG Photonics was -1.77. The lowest was -3.03. And the median was -2.49.
The historical data trend for IPG Photonics'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.
IPG Photonics Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.57 | -2.61 | -2.79 | -2.58 | -2.51 |
IPG Photonics 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 | -2.57 | -2.50 | -2.25 | -2.51 | -2.86 |
For the Semiconductor Equipment & Materials subindustry, IPG Photonics'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 Semiconductors industry and Technology sector, IPG Photonics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IPG Photonics'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 IPG Photonics 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 * 0.9177 | + | 0.528 * 0.9134 | + | 0.404 * 1.1667 | + | 0.892 * 0.8475 | + | 0.115 * 1.2041 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.2156 | + | 4.679 * -0.051822 | - | 0.327 * 0.7997 | |||||||
= | -2.86 |
* 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 $184 Mil. Revenue was 252.009 + 298.893 + 301.401 + 339.971 = $1,192 Mil. Gross Profit was 97.536 + 114.167 + 132.902 + 147.691 = $492 Mil. Total Current Assets was $1,830 Mil. Total Assets was $2,598 Mil. Property, Plant and Equipment(Net PPE) was $586 Mil. Depreciation, Depletion and Amortization(DDA) was $68 Mil. Selling, General, & Admin. Expense(SGA) was $214 Mil. Total Current Liabilities was $192 Mil. Long-Term Debt & Capital Lease Obligation was $14 Mil. Net Income was 24.099 + 41.428 + 54.994 + 62.321 = $183 Mil. Non Operating Income was 5.426 + -0.505 + 1.258 + -1.984 = $4 Mil. Cash Flow from Operations was 54.596 + 106.062 + 85.978 + 66.666 = $313 Mil. |
Total Receivables was $237 Mil. Revenue was 347.174 + 333.539 + 349.006 + 377.023 = $1,407 Mil. Gross Profit was 146.938 + 60.824 + 150.424 + 172.344 = $531 Mil. Total Current Assets was $1,916 Mil. Total Assets was $2,671 Mil. Property, Plant and Equipment(Net PPE) was $594 Mil. Depreciation, Depletion and Amortization(DDA) was $85 Mil. Selling, General, & Admin. Expense(SGA) was $208 Mil. Total Current Liabilities was $250 Mil. Long-Term Debt & Capital Lease Obligation was $16 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) |
= | (184.012 / 1192.274) | / | (236.575 / 1406.742) | |
= | 0.154337 | / | 0.168172 | |
= | 0.9177 |
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) | |
= | (530.53 / 1406.742) | / | (492.296 / 1192.274) | |
= | 0.377134 | / | 0.412905 | |
= | 0.9134 |
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 - (1829.619 + 585.751) / 2598.436) | / | (1 - (1915.587 + 594.273) / 2671.156) | |
= | 0.070452 | / | 0.060384 | |
= | 1.1667 |
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 | |
= | 1192.274 | / | 1406.742 | |
= | 0.8475 |
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)) |
= | (85.018 / (85.018 + 594.273)) | / | (67.946 / (67.946 + 585.751)) | |
= | 0.125157 | / | 0.103941 | |
= | 1.2041 |
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) |
= | (214.368 / 1192.274) | / | (208.074 / 1406.742) | |
= | 0.179798 | / | 0.147912 | |
= | 1.2156 |
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) |
= | ((14.324 + 192.127) / 2598.436) | / | ((15.869 + 249.522) / 2671.156) | |
= | 0.079452 | / | 0.099354 | |
= | 0.7997 |
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 | |
= | (182.842 - 4.195 | - | 313.302) | / | 2598.436 | |
= | -0.051822 |
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.
IPG Photonics has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of IPG Photonics's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Eric Meurice | director | % VERIGY LTD, 5301 STEVENS CREEK BLVD, SANTA CLARA CA 95051 |
Valentin Gapontsev Trust I | 10 percent owner | 50 OLD WEBSTER ROAD, OXFORD MA 01540 |
Tang Agnes | director | C/O IPG PHOTONICS CORPORATION, 50 OLD WEBSTER ROAD, OXFORD MA 01540 |
Kolleen T Kennedy | director | VARIAN MEDICAL SYSTEMS INC, 3100 HANSEN WAY MAIL STOP E327, PALO ALTO CA 94304 |
Alexander Ovtchinnikov | officer: Vice President | IPG PHOTONICS CORPORATION, 50 OLD WEBSTER ROAD, OXFORD MA 01540 |
Jeanmarie F. Desmond | director | C/O E.I. DU PONT DE NEMOURS AND COMPANY, 974 CENTRE ROAD, BLDG. 730, WILMINGTON DE 19805 |
Eugene A Shcherbakov | director, officer: Managing Director of IPG Laser | IPG PHOTONICS CORPORATION, 50 OLD WEBSTER ROAD, OXFORD MA 01540 |
Gregory R Beecher | director | C/OTERADYNE INC, 600 RIVERPARK DRIVE, NORTH READING MA 01864 |
Timothy Pv Mammen | officer: Vice President & CFO | IPG PHOTONICS CORPORATION, 50 OLD WEBSTER ROAD, OXFORD MA 01540 |
Ip Fibre Devices Ltd | 10 percent owner | 660 MAIN STREET, STURBRIDGE MA 01566 |
Trevor Ness | officer: VP World-Wide Sales and Mktg. | C/O 50 OLD WEBSTER ROAD, OXFORD MA 01540 |
Igor Samartsev | director, officer: Acting GM of NTO IRE-Polus | IPG PHOTONICS CORPORATION, 50 OLD WEBSTER ROAD, OXFORD MA 01540 |
Angelo P Lopresti | officer: VP, Secretary & Gen Counsel | IPG PHOTONICS CORPORATION, 50 OLD WEBSTER ROAD, OXFORD MA 01540 |
Felix I Stukalin | officer: SVP, North America Operations | |
Natalia Pavlova | director | 3 ORCHARD HILL ROAD, WESTBOROUGH MA 01581 |
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