SMART Global Holdings Beneish M-Score Historical Data
The historical data trend for SMART Global Holdings'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.
SMART Global Holdings Beneish M-Score Chart
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SMART Global Holdings Annual Data
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Aug15 |
Aug16 |
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Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-2.98 |
-3.12 |
-2.53 |
-2.42 |
-3.42 |
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SMART Global Holdings Quarterly Data
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Feb19 |
May19 |
Aug19 |
Nov19 |
Feb20 |
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Nov20 |
Feb21 |
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Feb23 |
May23 |
Aug23 |
Nov23 |
| Beneish M-Score |
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-2.29 |
-2.67 |
-2.68 |
-3.42 |
-3.96 |
Competitive Comparison of SMART Global Holdings's Beneish M-Score
For the Semiconductors subindustry, SMART Global Holdings'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.
SMART Global Holdings's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, SMART Global Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SMART Global Holdings's Beneish M-Score falls into.
SMART Global Holdings 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 SMART Global Holdings 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 * 0.5871 | + | 0.528 * 0.9519 | + | 0.404 * 1.1827 | + | 0.892 * 0.9486 | + | 0.115 * 0.5584 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1832 | + | 4.679 * -0.224406 | - | 0.327 * 0.9185 |
| = | -3.96 |
* 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 (Nov23) TTM: | Last Year (Nov22) TTM: |
Total Receivables was $171 Mil.
Revenue was 274.247 + 163.268 + 383.33 + 429.174 = $1,250 Mil.
Gross Profit was 82.85 + 87.737 + 98.643 + 110.381 = $380 Mil.
Total Current Assets was $987 Mil.
Total Assets was $1,631 Mil.
Property, Plant and Equipment(Net PPE) was $177 Mil.
Depreciation, Depletion and Amortization(DDA) was $72 Mil.
Selling, General, & Admin. Expense(SGA) was $247 Mil.
Total Current Liabilities was $369 Mil.
Long-Term Debt & Capital Lease Obligation was $813 Mil.
Net Income was -19.921 + -140.844 + -24.455 + -27.219 = $-212 Mil.
Non Operating Income was 0.576 + -4.288 + -15.314 + -37.287 = $-56 Mil.
Cash Flow from Operations was 31.478 + 36.799 + 41.038 + 100.535 = $210 Mil.
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Total Receivables was $306 Mil.
Revenue was 391.797 + 14.221 + 462.54 + 449.171 = $1,318 Mil.
Gross Profit was 112.098 + 41.668 + 114.463 + 112.713 = $381 Mil.
Total Current Assets was $1,122 Mil.
Total Assets was $1,808 Mil.
Property, Plant and Equipment(Net PPE) was $248 Mil.
Depreciation, Depletion and Amortization(DDA) was $48 Mil.
Selling, General, & Admin. Expense(SGA) was $220 Mil.
Total Current Liabilities was $552 Mil.
Long-Term Debt & Capital Lease Obligation was $874 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) |
| = | (170.59 / 1250.019) | / | (306.323 / 1317.729) |
| = | 0.13647 | / | 0.232463 |
| | = | 0.5871 |
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) |
| = | (380.942 / 1317.729) | / | (379.611 / 1250.019) |
| = | 0.28909 | / | 0.303684 |
| | = | 0.9519 |
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 - (986.848 + 176.965) / 1630.865) | / | (1 - (1121.911 + 248.051) / 1807.66) |
| = | 0.286383 | / | 0.242135 |
| | = | 1.1827 |
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 |
| = | 1250.019 | / | 1317.729 |
| | = | 0.9486 |
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)) |
| = | (47.901 / (47.901 + 248.051)) | / | (72.237 / (72.237 + 176.965)) |
| = | 0.161854 | / | 0.289873 |
| | = | 0.5584 |
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) |
| = | (246.917 / 1250.019) | / | (219.997 / 1317.729) |
| = | 0.197531 | / | 0.166952 |
| | = | 1.1832 |
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) |
| = | ((812.706 + 368.804) / 1630.865) | / | ((873.935 + 551.807) / 1807.66) |
| = | 0.724468 | / | 0.788722 |
| | = | 0.9185 |
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 |
| = | (-212.439 - -56.313 | - | 209.85) | / | 1630.865 |
| | = | -0.224406 |
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.
SMART Global Holdings has a M-score of -3.96 suggests that the company is unlikely to be a manipulator.
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