Lang Beneish M-Score Historical Data
The historical data trend for Lang'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.
Lang Beneish M-Score Chart
|
Lang Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.62 |
326.13 |
-1.92 |
-3.16 |
-2.37 |
|
Lang Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.97 |
-3.12 |
-2.56 |
-2.37 |
-2.23 |
Competitive Comparison of Lang's Beneish M-Score
For the Electronic Components subindustry, Lang'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.
Lang's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Lang's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lang's Beneish M-Score falls into.
Lang 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 Lang 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 * 1.0889 | + | 0.528 * 1.1588 | + | 0.404 * 1.0299 | + | 0.892 * 0.9276 | + | 0.115 * 1.0591 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8179 | + | 4.679 * -0.017222 | - | 0.327 * 0.4441 |
| = | -2.23 |
* 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 NT$110 Mil.
Revenue was 717.768 + 684.18 + 665.317 + 696.588 = NT$2,764 Mil.
Gross Profit was 161.528 + 166.064 + 162.687 + 174.715 = NT$665 Mil.
Total Current Assets was NT$822 Mil.
Total Assets was NT$1,964 Mil.
Property, Plant and Equipment(Net PPE) was NT$799 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$98 Mil.
Selling, General, & Admin. Expense(SGA) was NT$498 Mil.
Total Current Liabilities was NT$546 Mil.
Long-Term Debt & Capital Lease Obligation was NT$53 Mil.
Net Income was 12.107 + 31.657 + 13.724 + 8.624 = NT$66 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 57.869 + 5.808 + 19.93 + 16.321 = NT$100 Mil.
|
Total Receivables was NT$109 Mil.
Revenue was 664.454 + 787.342 + 796.35 + 731.443 = NT$2,980 Mil.
Gross Profit was 171.697 + 210.632 + 232.995 + 215.419 = NT$831 Mil.
Total Current Assets was NT$963 Mil.
Total Assets was NT$2,140 Mil.
Property, Plant and Equipment(Net PPE) was NT$815 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$107 Mil.
Selling, General, & Admin. Expense(SGA) was NT$657 Mil.
Total Current Liabilities was NT$819 Mil.
Long-Term Debt & Capital Lease Obligation was NT$651 Mil.
|
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) |
| = | (110.239 / 2763.853) | / | (109.139 / 2979.589) |
| = | 0.039886 | / | 0.036629 |
| | = | 1.0889 |
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) |
| = | (830.743 / 2979.589) | / | (664.994 / 2763.853) |
| = | 0.278811 | / | 0.240604 |
| | = | 1.1588 |
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 - (822.268 + 798.752) / 1963.523) | / | (1 - (962.802 + 814.571) / 2139.776) |
| = | 0.174433 | / | 0.169365 |
| | = | 1.0299 |
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 |
| = | 2763.853 | / | 2979.589 |
| | = | 0.9276 |
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)) |
| = | (106.849 / (106.849 + 814.571)) | / | (98.213 / (98.213 + 798.752)) |
| = | 0.115961 | / | 0.109495 |
| | = | 1.0591 |
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) |
| = | (498.355 / 2763.853) | / | (656.889 / 2979.589) |
| = | 0.180312 | / | 0.220463 |
| | = | 0.8179 |
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) |
| = | ((52.845 + 546.107) / 1963.523) | / | ((650.56 + 819.242) / 2139.776) |
| = | 0.305039 | / | 0.686895 |
| | = | 0.4441 |
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 |
| = | (66.112 - 0 | - | 99.928) | / | 1963.523 |
| | = | -0.017222 |
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.
Lang has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TPE:6165 has been successfully added to your