Photronics Beneish M-Score Historical Data
The historical data trend for Photronics'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.
Photronics Beneish M-Score Chart
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Photronics Annual Data
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Trend |
Oct14 |
Oct15 |
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Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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-1.97 |
-2.94 |
-2.79 |
-3.32 |
-3.00 |
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Photronics Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
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Jan21 |
Apr21 |
Jul21 |
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Jan23 |
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Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.86 |
-3.02 |
-2.99 |
-3.00 |
-3.05 |
Competitive Comparison of Photronics's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Photronics'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.
Photronics's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Photronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Photronics's Beneish M-Score falls into.
Photronics 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 Photronics 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 * 0.8696 | + | 0.528 * 0.9705 | + | 0.404 * 0.9884 | + | 0.892 * 1.0609 | + | 0.115 * 0.9968 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0279 | + | 4.679 * -0.119297 | - | 0.327 * 0.7553 |
| = | -3.05 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $203.6 Mil.
Revenue was 216.334 + 227.473 + 224.206 + 229.306 = $897.3 Mil.
Gross Profit was 79.255 + 84.882 + 86.801 + 88.402 = $339.3 Mil.
Total Current Assets was $807.7 Mil.
Total Assets was $1,582.8 Mil.
Property, Plant and Equipment(Net PPE) was $742.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $82.4 Mil.
Selling, General, & Admin. Expense(SGA) was $71.0 Mil.
Total Current Liabilities was $185.3 Mil.
Long-Term Debt & Capital Lease Obligation was $2.7 Mil.
Net Income was 26.18 + 44.611 + 26.959 + 39.929 = $137.7 Mil.
Non Operating Income was -8.908 + 13.235 + -4.543 + 10.718 = $10.5 Mil.
Cash Flow from Operations was 41.508 + 106.62 + 85.879 + 81.997 = $316.0 Mil.
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Total Receivables was $220.7 Mil.
Revenue was 211.09 + 210.266 + 219.948 + 204.509 = $845.8 Mil.
Gross Profit was 76.077 + 80.268 + 83.863 + 70.22 = $310.4 Mil.
Total Current Assets was $700.8 Mil.
Total Assets was $1,441.7 Mil.
Property, Plant and Equipment(Net PPE) was $710.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $78.6 Mil.
Selling, General, & Admin. Expense(SGA) was $65.1 Mil.
Total Current Liabilities was $199.3 Mil.
Long-Term Debt & Capital Lease Obligation was $27.3 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) |
| = | (203.607 / 897.319) | / | (220.692 / 845.813) |
| = | 0.226906 | / | 0.260923 |
| | = | 0.8696 |
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) |
| = | (310.428 / 845.813) | / | (339.34 / 897.319) |
| = | 0.367017 | / | 0.378171 |
| | = | 0.9705 |
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 - (807.677 + 742.671) / 1582.836) | / | (1 - (700.816 + 710.927) / 1441.68) |
| = | 0.020525 | / | 0.020765 |
| | = | 0.9884 |
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 |
| = | 897.319 | / | 845.813 |
| | = | 1.0609 |
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)) |
| = | (78.625 / (78.625 + 710.927)) | / | (82.432 / (82.432 + 742.671)) |
| = | 0.099582 | / | 0.099905 |
| | = | 0.9968 |
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) |
| = | (70.961 / 897.319) | / | (65.074 / 845.813) |
| = | 0.079081 | / | 0.076937 |
| | = | 1.0279 |
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) |
| = | ((2.655 + 185.289) / 1582.836) | / | ((27.323 + 199.331) / 1441.68) |
| = | 0.118739 | / | 0.157215 |
| | = | 0.7553 |
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 |
| = | (137.679 - 10.502 | - | 316.004) | / | 1582.836 |
| | = | -0.119297 |
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.
Photronics has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
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