Advantest Beneish M-Score Historical Data
The historical data trend for Advantest'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.
Advantest Beneish M-Score Chart
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Advantest Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.75 |
-2.65 |
-2.20 |
-2.12 |
-1.79 |
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Advantest Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.77 |
-1.79 |
-2.36 |
-2.10 |
-1.99 |
Competitive Comparison of Advantest's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Advantest'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.
Advantest's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Advantest's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Advantest's Beneish M-Score falls into.
Advantest 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 Advantest 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 * 1.1049 | + | 0.528 * 1.1307 | + | 0.404 * 0.9216 | + | 0.892 * 0.9405 | + | 0.115 * 0.9745 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1669 | + | 4.679 * 0.089425 | - | 0.327 * 0.9413 |
| = | -1.99 |
* 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 円85,039 Mil.
Revenue was 133233 + 116260 + 101251 + 147392 = 円498,136 Mil.
Gross Profit was 67387 + 58058 + 50951 + 78698 = 円255,094 Mil.
Total Current Assets was 円397,324 Mil.
Total Assets was 円635,025 Mil.
Property, Plant and Equipment(Net PPE) was 円90,450 Mil.
Depreciation, Depletion and Amortization(DDA) was 円25,266 Mil.
Selling, General, & Admin. Expense(SGA) was 円158,267 Mil.
Total Current Liabilities was 円178,420 Mil.
Long-Term Debt & Capital Lease Obligation was 円31,125 Mil.
Net Income was 21205 + 16736 + 9202 + 30594 = 円77,737 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was -2889 + 4044 + -3947 + 23742 = 円20,950 Mil.
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Total Receivables was 円81,832 Mil.
Revenue was 137993 + 138863 + 135943 + 116834 = 円529,633 Mil.
Gross Profit was 81603 + 79841 + 78919 + 66303 = 円306,666 Mil.
Total Current Assets was 円341,800 Mil.
Total Assets was 円552,379 Mil.
Property, Plant and Equipment(Net PPE) was 円71,592 Mil.
Depreciation, Depletion and Amortization(DDA) was 円19,351 Mil.
Selling, General, & Admin. Expense(SGA) was 円144,211 Mil.
Total Current Liabilities was 円171,565 Mil.
Long-Term Debt & Capital Lease Obligation was 円22,079 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) |
| = | (85039 / 498136) | / | (81832 / 529633) |
| = | 0.170714 | / | 0.154507 |
| | = | 1.1049 |
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) |
| = | (306666 / 529633) | / | (255094 / 498136) |
| = | 0.579016 | / | 0.512097 |
| | = | 1.1307 |
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 - (397324 + 90450) / 635025) | / | (1 - (341800 + 71592) / 552379) |
| = | 0.231882 | / | 0.251615 |
| | = | 0.9216 |
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 |
| = | 498136 | / | 529633 |
| | = | 0.9405 |
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)) |
| = | (19351 / (19351 + 71592)) | / | (25266 / (25266 + 90450)) |
| = | 0.212782 | / | 0.218345 |
| | = | 0.9745 |
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) |
| = | (158267 / 498136) | / | (144211 / 529633) |
| = | 0.317718 | / | 0.272285 |
| | = | 1.1669 |
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) |
| = | ((31125 + 178420) / 635025) | / | ((22079 + 171565) / 552379) |
| = | 0.329979 | / | 0.350564 |
| | = | 0.9413 |
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 |
| = | (77737 - 0 | - | 20950) | / | 635025 |
| | = | 0.089425 |
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.
Advantest has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.
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