IPG Photonics Beneish M-Score Historical Data
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 Beneish M-Score Chart
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IPG Photonics Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.61 |
-2.79 |
-2.58 |
-2.51 |
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IPG Photonics Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.57 |
-2.50 |
-2.25 |
-2.51 |
Competitive Comparison of IPG Photonics's Beneish M-Score
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.
IPG Photonics's Beneish M-Score Distribution in the Semiconductors Industry
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.
IPG Photonics 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 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 * 1.1509 | + | 0.528 * 0.9234 | + | 0.404 * 1.0484 | + | 0.892 * 0.9006 | + | 0.115 * 1.3023 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1292 | + | 4.679 * -0.029153 | - | 0.327 * 0.797 |
| = | -2.51 |
* 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 $219 Mil.
Revenue was 298.893 + 301.401 + 339.971 + 347.174 = $1,287 Mil.
Gross Profit was 114.167 + 132.902 + 147.691 + 146.938 = $542 Mil.
Total Current Assets was $1,915 Mil.
Total Assets was $2,699 Mil.
Property, Plant and Equipment(Net PPE) was $602 Mil.
Depreciation, Depletion and Amortization(DDA) was $70 Mil.
Selling, General, & Admin. Expense(SGA) was $211 Mil.
Total Current Liabilities was $215 Mil.
Long-Term Debt & Capital Lease Obligation was $14 Mil.
Net Income was 41.428 + 54.994 + 62.321 + 60.135 = $219 Mil.
Non Operating Income was -0.505 + 1.258 + -1.984 + 2.805 = $2 Mil.
Cash Flow from Operations was 106.062 + 85.978 + 66.666 + 37.28 = $296 Mil.
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Total Receivables was $211 Mil.
Revenue was 333.539 + 349.006 + 377.023 + 369.979 = $1,430 Mil.
Gross Profit was 60.824 + 150.424 + 172.344 + 171.821 = $555 Mil.
Total Current Assets was $1,986 Mil.
Total Assets was $2,743 Mil.
Property, Plant and Equipment(Net PPE) was $581 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $208 Mil.
Total Current Liabilities was $275 Mil.
Long-Term Debt & Capital Lease Obligation was $17 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) |
| = | (219.053 / 1287.439) | / | (211.347 / 1429.547) |
| = | 0.170146 | / | 0.147842 |
| | = | 1.1509 |
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) |
| = | (555.413 / 1429.547) | / | (541.698 / 1287.439) |
| = | 0.388524 | / | 0.420756 |
| | = | 0.9234 |
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 - (1914.654 + 602.257) / 2698.898) | / | (1 - (1986.274 + 580.561) / 2743.28) |
| = | 0.06743 | / | 0.064319 |
| | = | 1.0484 |
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 |
| = | 1287.439 | / | 1429.547 |
| | = | 0.9006 |
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)) |
| = | (90.564 / (90.564 + 580.561)) | / | (69.621 / (69.621 + 602.257)) |
| = | 0.134944 | / | 0.103621 |
| | = | 1.3023 |
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) |
| = | (211.428 / 1287.439) | / | (207.896 / 1429.547) |
| = | 0.164224 | / | 0.145428 |
| | = | 1.1292 |
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) |
| = | ((13.664 + 214.861) / 2698.898) | / | ((16.787 + 274.646) / 2743.28) |
| = | 0.084673 | / | 0.106235 |
| | = | 0.797 |
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 |
| = | (218.878 - 1.574 | - | 295.986) | / | 2698.898 |
| | = | -0.029153 |
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 -2.51 suggests that the company is unlikely to be a manipulator.
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