Silicon2 Co Beneish M-Score Historical Data
The historical data trend for Silicon2 Co'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.
Silicon2 Co Beneish M-Score Chart
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Silicon2 Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.37 |
-0.08 |
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Silicon2 Co Quarterly Data
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.11 |
-0.62 |
-0.76 |
-0.08 |
-0.10 |
Competitive Comparison of Silicon2 Co's Beneish M-Score
For the Household & Personal Products subindustry, Silicon2 Co'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.
Silicon2 Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Silicon2 Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Silicon2 Co's Beneish M-Score falls into.
Silicon2 Co 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 Silicon2 Co 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 * 1.5275 | + | 0.528 * 0.9563 | + | 0.404 * 0.7099 | + | 0.892 * 2.3127 | + | 0.115 * 0.924 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9052 | + | 4.679 * 0.233473 | - | 0.327 * 1.7181 |
| = | -0.10 |
* 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 ₩42,540 Mil.
Revenue was 149927.173 + 105677.3 + 100951.476 + 78220.222 = ₩434,776 Mil.
Gross Profit was 50595.577 + 38236.626 + 32839.397 + 25088.67 = ₩146,760 Mil.
Total Current Assets was ₩229,323 Mil.
Total Assets was ₩311,104 Mil.
Property, Plant and Equipment(Net PPE) was ₩62,065 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,169 Mil.
Selling, General, & Admin. Expense(SGA) was ₩54,021 Mil.
Total Current Liabilities was ₩141,716 Mil.
Long-Term Debt & Capital Lease Obligation was ₩7,761 Mil.
Net Income was 25535.548 + 9981.278 + 13137.611 + 8567.572 = ₩57,222 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -2030.102 + 3998.763 + 562.241 + -17943.116 = ₩-15,412 Mil.
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Total Receivables was ₩12,042 Mil.
Revenue was 58012 + 46605.744 + 46106.187 + 37268.764 = ₩187,993 Mil.
Gross Profit was 18923.802 + 16015.134 + 14107.677 + 11636.459 = ₩60,683 Mil.
Total Current Assets was ₩85,927 Mil.
Total Assets was ₩143,520 Mil.
Property, Plant and Equipment(Net PPE) was ₩44,780 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,765 Mil.
Selling, General, & Admin. Expense(SGA) was ₩25,806 Mil.
Total Current Liabilities was ₩35,150 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,985 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) |
| = | (42539.623 / 434776.171) | / | (12041.966 / 187992.695) |
| = | 0.097843 | / | 0.064055 |
| | = | 1.5275 |
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) |
| = | (60683.072 / 187992.695) | / | (146760.27 / 434776.171) |
| = | 0.322795 | / | 0.337554 |
| | = | 0.9563 |
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 - (229323.309 + 62064.527) / 311103.637) | / | (1 - (85927.206 + 44780.246) / 143520.29) |
| = | 0.063374 | / | 0.089275 |
| | = | 0.7099 |
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 |
| = | 434776.171 | / | 187992.695 |
| | = | 2.3127 |
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)) |
| = | (2765.078 / (2765.078 + 44780.246)) | / | (4168.931 / (4168.931 + 62064.527)) |
| = | 0.058157 | / | 0.062943 |
| | = | 0.924 |
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) |
| = | (54021.314 / 434776.171) | / | (25805.689 / 187992.695) |
| = | 0.124251 | / | 0.13727 |
| | = | 0.9052 |
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) |
| = | ((7760.738 + 141716.187) / 311103.637) | / | ((4985.265 + 35150.329) / 143520.29) |
| = | 0.480473 | / | 0.279651 |
| | = | 1.7181 |
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 |
| = | (57222.009 - 0 | - | -15412.214) | / | 311103.637 |
| | = | 0.233473 |
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.
Silicon2 Co has a M-score of -0.10 signals that the company is likely to be a manipulator.
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