Applied Materials Beneish M-Score Historical Data
The historical data trend for Applied Materials'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.
Applied Materials Beneish M-Score Chart
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Applied Materials Annual Data
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Oct20 |
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Oct23 |
| Beneish M-Score |
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-2.34 |
-2.39 |
-1.77 |
-2.12 |
-2.91 |
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Applied Materials Quarterly Data
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Apr19 |
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Jan24 |
| Beneish M-Score |
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-2.03 |
-2.49 |
-2.74 |
-2.91 |
-2.84 |
Competitive Comparison of Applied Materials's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Applied Materials'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.
Applied Materials's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Applied Materials's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Applied Materials's Beneish M-Score falls into.
Applied Materials 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 Applied Materials 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 * 0.8495 | + | 0.528 * 0.9874 | + | 0.404 * 0.9726 | + | 0.892 * 1.0088 | + | 0.115 * 1.0432 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1213 | + | 4.679 * -0.050634 | - | 0.327 * 0.866 |
| = | -2.84 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $5,011 Mil.
Revenue was 6707 + 6723 + 6425 + 6630 = $26,485 Mil.
Gross Profit was 3204 + 3169 + 2976 + 3094 = $12,443 Mil.
Total Current Assets was $19,182 Mil.
Total Assets was $31,540 Mil.
Property, Plant and Equipment(Net PPE) was $3,289 Mil.
Depreciation, Depletion and Amortization(DDA) was $486 Mil.
Selling, General, & Admin. Expense(SGA) was $1,707 Mil.
Total Current Liabilities was $7,076 Mil.
Long-Term Debt & Capital Lease Obligation was $5,702 Mil.
Net Income was 2019 + 2004 + 1560 + 1575 = $7,158 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 2325 + 1555 + 2583 + 2292 = $8,755 Mil.
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Total Receivables was $5,847 Mil.
Revenue was 6739 + 6749 + 6520 + 6245 = $26,253 Mil.
Gross Profit was 3145 + 3101 + 3006 + 2927 = $12,179 Mil.
Total Current Assets was $16,715 Mil.
Total Assets was $27,959 Mil.
Property, Plant and Equipment(Net PPE) was $2,978 Mil.
Depreciation, Depletion and Amortization(DDA) was $462 Mil.
Selling, General, & Admin. Expense(SGA) was $1,509 Mil.
Total Current Liabilities was $7,250 Mil.
Long-Term Debt & Capital Lease Obligation was $5,830 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) |
| = | (5011 / 26485) | / | (5847 / 26253) |
| = | 0.189201 | / | 0.222717 |
| | = | 0.8495 |
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) |
| = | (12179 / 26253) | / | (12443 / 26485) |
| = | 0.463909 | / | 0.469813 |
| | = | 0.9874 |
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 - (19182 + 3289) / 31540) | / | (1 - (16715 + 2978) / 27959) |
| = | 0.28754 | / | 0.295647 |
| | = | 0.9726 |
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 |
| = | 26485 | / | 26253 |
| | = | 1.0088 |
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)) |
| = | (462 / (462 + 2978)) | / | (486 / (486 + 3289)) |
| = | 0.134302 | / | 0.128742 |
| | = | 1.0432 |
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) |
| = | (1707 / 26485) | / | (1509 / 26253) |
| = | 0.064452 | / | 0.057479 |
| | = | 1.1213 |
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) |
| = | ((5702 + 7076) / 31540) | / | ((5830 + 7250) / 27959) |
| = | 0.405136 | / | 0.467828 |
| | = | 0.866 |
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 |
| = | (7158 - 0 | - | 8755) | / | 31540 |
| | = | -0.050634 |
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.
Applied Materials has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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