Amphenol Beneish M-Score Historical Data
The historical data trend for Amphenol'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.
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Amphenol Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.53 |
-2.19 |
-2.49 |
-2.63 |
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Amphenol Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.59 |
-2.62 |
-2.63 |
-2.63 |
Competitive Comparison
For the Electronic Components subindustry, Amphenol'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.
Amphenol Beneish M-Score Distribution
For the Hardware industry and Technology sector, Amphenol's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Amphenol's Beneish M-Score falls into.
Amphenol 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 Amphenol 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 * 1.0005 | + | 0.528 * 0.981 | + | 0.404 * 1.0164 | + | 0.892 * 0.9946 | + | 0.115 * 1.0418 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0542 | + | 4.679 * -0.036354 | - | 0.327 * 0.9127 |
| = | -2.63 |
* 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 $2,618 Mil.
Revenue was 3327.5 + 3199.2 + 3053.9 + 2974 = $12,555 Mil.
Gross Profit was 1100.4 + 1048.5 + 991.7 + 943.4 = $4,084 Mil.
Total Current Assets was $6,835 Mil.
Total Assets was $16,526 Mil.
Property, Plant and Equipment(Net PPE) was $1,315 Mil.
Depreciation, Depletion and Amortization(DDA) was $406 Mil.
Selling, General, & Admin. Expense(SGA) was $1,490 Mil.
Total Current Liabilities was $3,153 Mil.
Long-Term Debt & Capital Lease Obligation was $3,984 Mil.
Net Income was 514.4 + 513.9 + 460.5 + 439.2 = $1,928 Mil.
Non Operating Income was -5.8 + 0.2 + 7 + -1.3 = $0 Mil.
Cash Flow from Operations was 841.8 + 618.1 + 536.4 + 532.4 = $2,529 Mil.
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Total Receivables was $2,631 Mil.
Revenue was 3239.2 + 3295.2 + 3136.8 + 2951.9 = $12,623 Mil.
Gross Profit was 1037.5 + 1060 + 1004.2 + 926.6 = $4,028 Mil.
Total Current Assets was $6,479 Mil.
Total Assets was $15,326 Mil.
Property, Plant and Equipment(Net PPE) was $1,204 Mil.
Depreciation, Depletion and Amortization(DDA) was $393 Mil.
Selling, General, & Admin. Expense(SGA) was $1,421 Mil.
Total Current Liabilities was $2,676 Mil.
Long-Term Debt & Capital Lease Obligation was $4,575 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) |
| = | (2618.4 / 12554.6) | / | (2631.3 / 12623.1) |
| = | 0.208561 | / | 0.208451 |
| | = | 1.0005 |
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) |
| = | (4028.3 / 12623.1) | / | (4084 / 12554.6) |
| = | 0.319121 | / | 0.325299 |
| | = | 0.981 |
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 - (6835.3 + 1314.7) / 16526.4) | / | (1 - (6479.1 + 1204.3) / 15326.2) |
| = | 0.50685 | / | 0.498675 |
| | = | 1.0164 |
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 |
| = | 12554.6 | / | 12623.1 |
| | = | 0.9946 |
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)) |
| = | (392.9 / (392.9 + 1204.3)) | / | (406.4 / (406.4 + 1314.7)) |
| = | 0.245993 | / | 0.236128 |
| | = | 1.0418 |
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) |
| = | (1489.9 / 12554.6) | / | (1421 / 12623.1) |
| = | 0.118674 | / | 0.112571 |
| | = | 1.0542 |
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) |
| = | ((3983.5 + 3152.7) / 16526.4) | / | ((4575 + 2676.1) / 15326.2) |
| = | 0.431806 | / | 0.473118 |
| | = | 0.9127 |
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 |
| = | (1928 - 0.1 | - | 2528.7) | / | 16526.4 |
| | = | -0.036354 |
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.
Amphenol has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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