Rainbow Robotics Beneish M-Score Historical Data
The historical data trend for Rainbow Robotics'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.
Rainbow Robotics Beneish M-Score Chart
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Rainbow Robotics Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-0.26 |
-0.28 |
-2.30 |
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Rainbow Robotics Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-0.28 |
-0.32 |
-2.12 |
-1.88 |
-2.30 |
Competitive Comparison of Rainbow Robotics's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Rainbow Robotics'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.
Rainbow Robotics's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Rainbow Robotics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rainbow Robotics's Beneish M-Score falls into.
Rainbow Robotics 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 Rainbow Robotics 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 * 0.9777 | + | 0.528 * 1.0964 | + | 0.404 * 0.2708 | + | 0.892 * 1.1207 | + | 0.115 * 1.3923 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0097 | + | 4.679 * -0.003213 | - | 0.327 * 0.0585 |
| = | -2.30 |
* 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 ₩6,090 Mil.
Revenue was 4733.412 + 3616.641 + 3849.928 + 3058.153 = ₩15,258 Mil.
Gross Profit was 1688.964 + 1907.061 + 1744.314 + 1934.648 = ₩7,275 Mil.
Total Current Assets was ₩121,223 Mil.
Total Assets was ₩132,611 Mil.
Property, Plant and Equipment(Net PPE) was ₩6,801 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩804 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,101 Mil.
Total Current Liabilities was ₩1,035 Mil.
Long-Term Debt & Capital Lease Obligation was ₩9 Mil.
Net Income was -19365.88 + 13005.632 + -5575.773 + 11041.455 = ₩-895 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -428.017 + 1252.063 + -313.255 + -979.241 = ₩-468 Mil.
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Total Receivables was ₩5,558 Mil.
Revenue was 3184.038 + 3445.587 + 3310.417 + 3675.37 = ₩13,615 Mil.
Gross Profit was 1596.341 + 1729.207 + 1767.639 + 2024.183 = ₩7,117 Mil.
Total Current Assets was ₩62,092 Mil.
Total Assets was ₩76,159 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,337 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩748 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,624 Mil.
Total Current Liabilities was ₩3,185 Mil.
Long-Term Debt & Capital Lease Obligation was ₩7,071 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) |
| = | (6090.205 / 15258.134) | / | (5558.425 / 13615.412) |
| = | 0.399145 | / | 0.408245 |
| | = | 0.9777 |
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) |
| = | (7117.37 / 13615.412) | / | (7274.987 / 15258.134) |
| = | 0.522744 | / | 0.476794 |
| | = | 1.0964 |
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 - (121223.138 + 6800.532) / 132611.487) | / | (1 - (62092.47 + 4337.197) / 76159.467) |
| = | 0.034596 | / | 0.127756 |
| | = | 0.2708 |
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 |
| = | 15258.134 | / | 13615.412 |
| | = | 1.1207 |
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)) |
| = | (748.336 / (748.336 + 4337.197)) | / | (803.695 / (803.695 + 6800.532)) |
| = | 0.14715 | / | 0.105691 |
| | = | 1.3923 |
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) |
| = | (4101.068 / 15258.134) | / | (3624.31 / 13615.412) |
| = | 0.268779 | / | 0.266192 |
| | = | 1.0097 |
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) |
| = | ((9.117 + 1035.403) / 132611.487) | / | ((7070.501 + 3185.026) / 76159.467) |
| = | 0.007877 | / | 0.134659 |
| | = | 0.0585 |
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 |
| = | (-894.566 - 0 | - | -468.45) | / | 132611.487 |
| | = | -0.003213 |
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.
Rainbow Robotics has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
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