TTM Technologies Beneish M-Score Historical Data
The historical data trend for TTM Technologies'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.
TTM Technologies Beneish M-Score Chart
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TTM Technologies Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-2.60 |
-2.56 |
-2.67 |
-2.92 |
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TTM Technologies 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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-2.91 |
-3.01 |
-3.05 |
-2.92 |
-2.79 |
Competitive Comparison of TTM Technologies's Beneish M-Score
For the Electronic Components subindustry, TTM Technologies'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.
TTM Technologies's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, TTM Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TTM Technologies's Beneish M-Score falls into.
TTM Technologies 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 TTM Technologies 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 * 0.9991 | + | 0.528 * 0.9662 | + | 0.404 * 0.886 | + | 0.892 * 0.9186 | + | 0.115 * 1.2707 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0678 | + | 4.679 * -0.03735 | - | 0.327 * 1.0533 |
| = | -2.79 |
* 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 $688 Mil.
Revenue was 570.113 + 569.039 + 572.582 + 546.509 = $2,258 Mil.
Gross Profit was 103.719 + 115.368 + 113.27 + 98.507 = $431 Mil.
Total Current Assets was $1,406 Mil.
Total Assets was $3,299 Mil.
Property, Plant and Equipment(Net PPE) was $910 Mil.
Depreciation, Depletion and Amortization(DDA) was $146 Mil.
Selling, General, & Admin. Expense(SGA) was $234 Mil.
Total Current Liabilities was $671 Mil.
Long-Term Debt & Capital Lease Obligation was $1,004 Mil.
Net Income was 10.466 + 17.338 + -37.066 + 6.824 = $-2 Mil.
Non Operating Income was 5.388 + -8.612 + -45.147 + -6.958 = $-55 Mil.
Cash Flow from Operations was 43.895 + 47.47 + 58.852 + 25.884 = $176 Mil.
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Total Receivables was $750 Mil.
Revenue was 544.437 + 617.156 + 671.08 + 625.55 = $2,458 Mil.
Gross Profit was 86.123 + 121.402 + 128.567 + 117.073 = $453 Mil.
Total Current Assets was $1,378 Mil.
Total Assets was $3,176 Mil.
Property, Plant and Equipment(Net PPE) was $730 Mil.
Depreciation, Depletion and Amortization(DDA) was $156 Mil.
Selling, General, & Admin. Expense(SGA) was $239 Mil.
Total Current Liabilities was $628 Mil.
Long-Term Debt & Capital Lease Obligation was $903 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) |
| = | (688.051 / 2258.243) | / | (749.692 / 2458.223) |
| = | 0.304684 | / | 0.304973 |
| | = | 0.9991 |
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) |
| = | (453.165 / 2458.223) | / | (430.864 / 2258.243) |
| = | 0.184347 | / | 0.190796 |
| | = | 0.9662 |
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 - (1406.114 + 909.681) / 3298.81) | / | (1 - (1378.103 + 729.769) / 3176.035) |
| = | 0.297991 | / | 0.33632 |
| | = | 0.886 |
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 |
| = | 2258.243 | / | 2458.223 |
| | = | 0.9186 |
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)) |
| = | (155.774 / (155.774 + 729.769)) | / | (146.167 / (146.167 + 909.681)) |
| = | 0.175908 | / | 0.138436 |
| | = | 1.2707 |
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) |
| = | (234.142 / 2258.243) | / | (238.695 / 2458.223) |
| = | 0.103683 | / | 0.097101 |
| | = | 1.0678 |
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) |
| = | ((1003.975 + 671.207) / 3298.81) | / | ((903.477 + 627.751) / 3176.035) |
| = | 0.507814 | / | 0.482119 |
| | = | 1.0533 |
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 |
| = | (-2.438 - -55.329 | - | 176.101) | / | 3298.81 |
| | = | -0.03735 |
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.
TTM Technologies has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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