Plexus Beneish M-Score Historical Data
The historical data trend for Plexus'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.
Plexus Beneish M-Score Chart
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Plexus Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.11 |
-2.76 |
-2.42 |
-2.05 |
-2.39 |
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Plexus Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.15 |
-2.12 |
-2.39 |
-2.48 |
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Competitive Comparison of Plexus's Beneish M-Score
For the Electronic Components subindustry, Plexus'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.
Plexus's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Plexus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Plexus's Beneish M-Score falls into.
Plexus 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 Plexus 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 * 0.9211 | + | 0.528 * 0.9947 | + | 0.404 * 1.3178 | + | 0.892 * 1.0027 | + | 0.115 * 0.9703 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0053 | + | 4.679 * -0.016466 | - | 0.327 * 0.9319 |
| = | -2.48 |
* 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 $788 Mil.
Revenue was 982.607 + 1023.947 + 1021.61 + 1070.823 = $4,099 Mil.
Gross Profit was 88.14 + 96.716 + 93.646 + 102.993 = $381 Mil.
Total Current Assets was $2,650 Mil.
Total Assets was $3,305 Mil.
Property, Plant and Equipment(Net PPE) was $566 Mil.
Depreciation, Depletion and Amortization(DDA) was $73 Mil.
Selling, General, & Admin. Expense(SGA) was $175 Mil.
Total Current Liabilities was $1,744 Mil.
Long-Term Debt & Capital Lease Obligation was $228 Mil.
Net Income was 29.215 + 40.261 + 15.799 + 40.844 = $126 Mil.
Non Operating Income was -3.502 + 0.347 + -26.288 + -1.612 = $-31 Mil.
Cash Flow from Operations was -3.029 + 89.837 + 18.829 + 105.95 = $212 Mil.
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Total Receivables was $853 Mil.
Revenue was 1093.925 + 1123.848 + 981.341 + 888.723 = $4,088 Mil.
Gross Profit was 101.199 + 107.105 + 93.618 + 76.51 = $378 Mil.
Total Current Assets was $2,814 Mil.
Total Assets was $3,395 Mil.
Property, Plant and Equipment(Net PPE) was $512 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General, & Admin. Expense(SGA) was $173 Mil.
Total Current Liabilities was $1,954 Mil.
Long-Term Debt & Capital Lease Obligation was $219 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) |
| = | (787.847 / 4098.987) | / | (852.978 / 4087.837) |
| = | 0.192205 | / | 0.208662 |
| | = | 0.9211 |
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) |
| = | (378.432 / 4087.837) | / | (381.495 / 4098.987) |
| = | 0.092575 | / | 0.093071 |
| | = | 0.9947 |
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 - (2650.232 + 566.399) / 3304.613) | / | (1 - (2814.301 + 512.394) / 3395.292) |
| = | 0.026624 | / | 0.020204 |
| | = | 1.3178 |
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 |
| = | 4098.987 | / | 4087.837 |
| | = | 1.0027 |
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)) |
| = | (63.49 / (63.49 + 512.394)) | / | (72.609 / (72.609 + 566.399)) |
| = | 0.110248 | / | 0.113628 |
| | = | 0.9703 |
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) |
| = | (174.764 / 4098.987) | / | (173.379 / 4087.837) |
| = | 0.042636 | / | 0.042413 |
| | = | 1.0053 |
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) |
| = | ((228.107 + 1743.562) / 3304.613) | / | ((219.421 + 1954.46) / 3395.292) |
| = | 0.596641 | / | 0.640263 |
| | = | 0.9319 |
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 |
| = | (126.119 - -31.055 | - | 211.587) | / | 3304.613 |
| | = | -0.016466 |
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.
Plexus has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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