Finisar Beneish M-Score Historical Data
The historical data trend for Finisar'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.
Finisar Beneish M-Score Chart
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Finisar Annual Data
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Trend |
Apr10 |
Apr11 |
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Apr13 |
Apr14 |
Apr15 |
Apr16 |
Apr17 |
Apr18 |
Apr19 |
| Beneish M-Score |
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-2.70 |
-2.81 |
-2.50 |
-2.90 |
-2.72 |
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Finisar Quarterly Data
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Oct14 |
Jan15 |
Apr15 |
Jul15 |
Oct15 |
Jan16 |
Apr16 |
Jul16 |
Oct16 |
Jan17 |
Apr17 |
Jul17 |
Oct17 |
Jan18 |
Apr18 |
Jul18 |
Oct18 |
Jan19 |
Apr19 |
Jul19 |
| Beneish M-Score |
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-2.89 |
-2.90 |
-2.64 |
-2.72 |
-2.65 |
Competitive Comparison of Finisar's Beneish M-Score
For the Communication Equipment subindustry, Finisar'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.
Finisar's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Finisar's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Finisar's Beneish M-Score falls into.
Finisar 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 Finisar 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 * 1.0704 | + | 0.528 * 0.8973 | + | 0.404 * 1.2665 | + | 0.892 * 0.9661 | + | 0.115 * 1.1524 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0072 | + | 4.679 * -0.071511 | - | 0.327 * 0.8112 |
| = | -2.65 |
* 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 (Jul19) TTM: | Last Year (Jul18) TTM: |
Total Receivables was $257 Mil.
Revenue was 285.028 + 310.085 + 327.636 + 325.423 = $1,248 Mil.
Gross Profit was 85.265 + 87.303 + 94.423 + 85.683 = $353 Mil.
Total Current Assets was $1,500 Mil.
Total Assets was $2,395 Mil.
Property, Plant and Equipment(Net PPE) was $633 Mil.
Depreciation, Depletion and Amortization(DDA) was $98 Mil.
Selling, General, & Admin. Expense(SGA) was $104 Mil.
Total Current Liabilities was $219 Mil.
Long-Term Debt & Capital Lease Obligation was $517 Mil.
Net Income was -8.717 + -14.151 + -15.301 + -5.275 = $-43 Mil.
Non Operating Income was -2.132 + -0.255 + -0.038 + 0.784 = $-2 Mil.
Cash Flow from Operations was 17.113 + 40.688 + 33.203 + 38.456 = $129 Mil.
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Total Receivables was $248 Mil.
Revenue was 317.336 + 310.069 + 332.403 + 332.205 = $1,292 Mil.
Gross Profit was 80.684 + 62.594 + 88.068 + 96.205 = $328 Mil.
Total Current Assets was $1,788 Mil.
Total Assets was $2,599 Mil.
Property, Plant and Equipment(Net PPE) was $587 Mil.
Depreciation, Depletion and Amortization(DDA) was $107 Mil.
Selling, General, & Admin. Expense(SGA) was $107 Mil.
Total Current Liabilities was $490 Mil.
Long-Term Debt & Capital Lease Obligation was $494 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) |
| = | (256.605 / 1248.172) | / | (248.138 / 1292.013) |
| = | 0.205585 | / | 0.192055 |
| | = | 1.0704 |
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) |
| = | (327.551 / 1292.013) | / | (352.674 / 1248.172) |
| = | 0.25352 | / | 0.282552 |
| | = | 0.8973 |
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 - (1499.608 + 633.323) / 2394.929) | / | (1 - (1787.716 + 587.203) / 2599.449) |
| = | 0.109397 | / | 0.086376 |
| | = | 1.2665 |
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 |
| = | 1248.172 | / | 1292.013 |
| | = | 0.9661 |
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)) |
| = | (106.842 / (106.842 + 587.203)) | / | (97.643 / (97.643 + 633.323)) |
| = | 0.153941 | / | 0.133581 |
| | = | 1.1524 |
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) |
| = | (104.139 / 1248.172) | / | (107.025 / 1292.013) |
| = | 0.083433 | / | 0.082836 |
| | = | 1.0072 |
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) |
| = | ((516.746 + 219.134) / 2394.929) | / | ((494.316 + 490.319) / 2599.449) |
| = | 0.307266 | / | 0.378786 |
| | = | 0.8112 |
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 |
| = | (-43.444 - -1.641 | - | 129.46) | / | 2394.929 |
| | = | -0.071511 |
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.
Finisar has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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