Ranix Beneish M-Score Historical Data
The historical data trend for Ranix'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.
Ranix Beneish M-Score Chart
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Ranix Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-0.89 |
-1.74 |
-2.98 |
-3.76 |
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Ranix 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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-2.36 |
-2.90 |
-3.23 |
-3.76 |
-4.06 |
Competitive Comparison of Ranix's Beneish M-Score
For the Semiconductors subindustry, Ranix'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.
Ranix's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Ranix's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ranix's Beneish M-Score falls into.
Ranix 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 Ranix 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 * 0.61 | + | 0.528 * 1.1458 | + | 0.404 * 0.0834 | + | 0.892 * 0.8176 | + | 0.115 * 1.1815 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.486 | + | 4.679 * -0.153226 | - | 0.327 * 0.9562 |
| = | -4.06 |
* 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 ₩1,380 Mil.
Revenue was 1847.319 + 2193.829 + 2754.74 + 3276.4 = ₩10,072 Mil.
Gross Profit was 1027.435 + 717.397 + 1662.792 + 2069.78 = ₩5,477 Mil.
Total Current Assets was ₩10,248 Mil.
Total Assets was ₩27,600 Mil.
Property, Plant and Equipment(Net PPE) was ₩16,949 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩428 Mil.
Selling, General, & Admin. Expense(SGA) was ₩939 Mil.
Total Current Liabilities was ₩6,233 Mil.
Long-Term Debt & Capital Lease Obligation was ₩11,589 Mil.
Net Income was -1869.56 + -4172.81 + 305.657 + -392.408 = ₩-6,129 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -1131.187 + -508.756 + 58.029 + -318.235 = ₩-1,900 Mil.
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Total Receivables was ₩2,767 Mil.
Revenue was 3318.252 + 3154.801 + 3023.217 + 2822.495 = ₩12,319 Mil.
Gross Profit was 2138.514 + 1918.26 + 1840.256 + 1778.592 = ₩7,676 Mil.
Total Current Assets was ₩17,279 Mil.
Total Assets was ₩41,761 Mil.
Property, Plant and Equipment(Net PPE) was ₩17,190 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩515 Mil.
Selling, General, & Admin. Expense(SGA) was ₩773 Mil.
Total Current Liabilities was ₩28,157 Mil.
Long-Term Debt & Capital Lease Obligation was ₩44 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) |
| = | (1379.957 / 10072.288) | / | (2766.612 / 12318.765) |
| = | 0.137005 | / | 0.224585 |
| | = | 0.61 |
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) |
| = | (7675.622 / 12318.765) | / | (5477.404 / 10072.288) |
| = | 0.623084 | / | 0.543809 |
| | = | 1.1458 |
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 - (10248.21 + 16949.253) / 27599.63) | / | (1 - (17279.086 + 17190.428) / 41761.378) |
| = | 0.014571 | / | 0.174608 |
| | = | 0.0834 |
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 |
| = | 10072.288 | / | 12318.765 |
| | = | 0.8176 |
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)) |
| = | (515.259 / (515.259 + 17190.428)) | / | (428.027 / (428.027 + 16949.253)) |
| = | 0.029101 | / | 0.024631 |
| | = | 1.1815 |
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) |
| = | (939.152 / 10072.288) | / | (772.984 / 12318.765) |
| = | 0.093241 | / | 0.062748 |
| | = | 1.486 |
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) |
| = | ((11588.997 + 6233.034) / 27599.63) | / | ((44.364 + 28156.967) / 41761.378) |
| = | 0.645734 | / | 0.675297 |
| | = | 0.9562 |
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 |
| = | (-6129.121 - 0 | - | -1900.149) | / | 27599.63 |
| | = | -0.153226 |
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.
Ranix has a M-score of -4.06 suggests that the company is unlikely to be a manipulator.
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