Semitronix Beneish M-Score Historical Data
The historical data trend for Semitronix'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.
Semitronix Beneish M-Score Chart
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Semitronix Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.91 |
-1.44 |
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Semitronix Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.11 |
-1.47 |
-1.28 |
-1.44 |
2.88 |
Competitive Comparison of Semitronix's Beneish M-Score
For the Semiconductors subindustry, Semitronix'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.
Semitronix's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Semitronix's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Semitronix's Beneish M-Score falls into.
Semitronix 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 Semitronix 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 * 3.4766 | + | 0.528 * 1.153 | + | 0.404 * 6.2267 | + | 0.892 * 1.3736 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0055 | + | 4.679 * 0.10194 | - | 0.327 * 0.7596 |
| = | 2.88 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥283.1 Mil.
Revenue was 43.905 + 221.579 + 128.662 + 105.494 = ¥499.6 Mil.
Gross Profit was 30.137 + 133.102 + 75.526 + 59.993 = ¥298.8 Mil.
Total Current Assets was ¥3,046.6 Mil.
Total Assets was ¥3,463.3 Mil.
Property, Plant and Equipment(Net PPE) was ¥258.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥60.1 Mil.
Total Current Liabilities was ¥157.3 Mil.
Long-Term Debt & Capital Lease Obligation was ¥58.4 Mil.
Net Income was -22.899 + 77.767 + 28.194 + 18.811 = ¥101.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was -84.127 + 11.408 + -36.005 + -142.452 = ¥-251.2 Mil.
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Total Receivables was ¥59.3 Mil.
Revenue was 21.882 + 179.216 + 98.676 + 63.982 = ¥363.8 Mil.
Gross Profit was 19.385 + 125.223 + 64.741 + 41.443 = ¥250.8 Mil.
Total Current Assets was ¥3,244.8 Mil.
Total Assets was ¥3,482.7 Mil.
Property, Plant and Equipment(Net PPE) was ¥212.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥43.5 Mil.
Total Current Liabilities was ¥220.0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥65.5 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) |
| = | (283.145 / 499.64) | / | (59.294 / 363.756) |
| = | 0.566698 | / | 0.163005 |
| | = | 3.4766 |
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) |
| = | (250.792 / 363.756) | / | (298.758 / 499.64) |
| = | 0.689451 | / | 0.597947 |
| | = | 1.153 |
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 - (3046.615 + 258.413) / 3463.314) | / | (1 - (3244.788 + 212.337) / 3482.689) |
| = | 0.045704 | / | 0.00734 |
| | = | 6.2267 |
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 |
| = | 499.64 | / | 363.756 |
| | = | 1.3736 |
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)) |
| = | (0 / (0 + 212.337)) | / | (0 / (0 + 258.413)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (60.12 / 499.64) | / | (43.53 / 363.756) |
| = | 0.120327 | / | 0.119668 |
| | = | 1.0055 |
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) |
| = | ((58.395 + 157.281) / 3463.314) | / | ((65.509 + 220.01) / 3482.689) |
| = | 0.062274 | / | 0.081982 |
| | = | 0.7596 |
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 |
| = | (101.873 - 0 | - | -251.176) | / | 3463.314 |
| | = | 0.10194 |
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.
Semitronix has a M-score of 2.88 signals that the company is likely to be a manipulator.
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