Microchip Technology Beneish M-Score Historical Data
The historical data trend for Microchip Technology'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.
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Microchip Technology Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.17 |
-2.75 |
-2.76 |
-2.79 |
-2.65 |
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Microchip Technology 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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-2.68 |
-2.65 |
-2.58 |
-2.32 |
-2.50 |
Competitive Comparison
For the Semiconductors subindustry, Microchip Technology'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.
Microchip Technology Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Microchip Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Microchip Technology's Beneish M-Score falls into.
Microchip Technology 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 Microchip Technology 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 * 1.1215 | + | 0.528 * 1.0006 | + | 0.404 * 0.9611 | + | 0.892 * 1.061 | + | 0.115 * 1.1327 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9359 | + | 4.679 * -0.049334 | - | 0.327 * 0.892 |
| = | -2.50 |
* 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 $1,398 Mil.
Revenue was 1765.7 + 2254.3 + 2288.6 + 2232.7 = $8,541 Mil.
Gross Profit was 1120 + 1527.4 + 1558.4 + 1519.3 = $5,725 Mil.
Total Current Assets was $3,220 Mil.
Total Assets was $16,143 Mil.
Property, Plant and Equipment(Net PPE) was $1,208 Mil.
Depreciation, Depletion and Amortization(DDA) was $905 Mil.
Selling, General, & Admin. Expense(SGA) was $776 Mil.
Total Current Liabilities was $3,293 Mil.
Long-Term Debt & Capital Lease Obligation was $4,033 Mil.
Net Income was 419.2 + 666.6 + 666.4 + 604 = $2,356 Mil.
Non Operating Income was 1 + -8 + -10.8 + -1.8 = $-20 Mil.
Cash Flow from Operations was 853.3 + 616.2 + 993.2 + 709.5 = $3,172 Mil.
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Total Receivables was $1,175 Mil.
Revenue was 2169.2 + 2073.2 + 1963.6 + 1844.2 = $8,050 Mil.
Gross Profit was 1470.8 + 1397.9 + 1309.9 + 1220.4 = $5,399 Mil.
Total Current Assets was $2,834 Mil.
Total Assets was $16,116 Mil.
Property, Plant and Equipment(Net PPE) was $1,114 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,048 Mil.
Selling, General, & Admin. Expense(SGA) was $781 Mil.
Total Current Liabilities was $1,611 Mil.
Long-Term Debt & Capital Lease Obligation was $6,589 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) |
| = | (1398.1 / 8541.3) | / | (1175 / 8050.2) |
| = | 0.163687 | / | 0.145959 |
| | = | 1.1215 |
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) |
| = | (5399 / 8050.2) | / | (5725.1 / 8541.3) |
| = | 0.670667 | / | 0.670284 |
| | = | 1.0006 |
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 - (3219.6 + 1208.3) / 16143) | / | (1 - (2833.7 + 1113.7) / 16116.1) |
| = | 0.725708 | / | 0.755065 |
| | = | 0.9611 |
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 |
| = | 8541.3 | / | 8050.2 |
| | = | 1.061 |
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)) |
| = | (1048.4 / (1048.4 + 1113.7)) | / | (904.5 / (904.5 + 1208.3)) |
| = | 0.484899 | / | 0.428105 |
| | = | 1.1327 |
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) |
| = | (775.9 / 8541.3) | / | (781.4 / 8050.2) |
| = | 0.090841 | / | 0.097066 |
| | = | 0.9359 |
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) |
| = | ((4033.3 + 3293.2) / 16143) | / | ((6588.7 + 1611.1) / 16116.1) |
| = | 0.45385 | / | 0.508796 |
| | = | 0.892 |
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 |
| = | (2356.2 - -19.6 | - | 3172.2) | / | 16143 |
| | = | -0.049334 |
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.
Microchip Technology has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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