OCZ Technology Group (FRA:OADA) Beneish M-Score : 0.00 (As of Jun. 12, 2024)

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What is OCZ Technology Group Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for OCZ Technology Group's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of OCZ Technology Group was 0.00. The lowest was 0.00. And the median was 0.00.

OCZ Technology Group Beneish M-Score Historical Data

The historical data trend for OCZ Technology Group'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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OCZ Technology Group Beneish M-Score Chart

OCZ Technology Group Annual Data

Trend

Dec05

Dec06

Feb09

Feb10

Feb11

Feb12

Feb13

Beneish M-Score

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-0.21

1.93

OCZ Technology Group Quarterly Data
	Feb09	Nov09	Feb10	May10	Aug10	Nov10	Feb11	May11	Aug11	Nov11	Feb12	May12	Feb13	May13	Aug13
Beneish M-Score	Get a 7-Day Free Trial										-0.21	-0.55	1.93	1.62	1.34

Competitive Comparison of OCZ Technology Group's Beneish M-Score

For the Computer Hardware subindustry, OCZ Technology Group'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.

OCZ Technology Group's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, OCZ Technology Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where OCZ Technology Group's Beneish M-Score falls into.

OCZ Technology Group 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 OCZ Technology Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.253

0.528 * 3.532

0.404 * 2.4904

0.892 * 0.8031

0.115 * 0.5931

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.8081

4.679 * 0.772857

0.327 * 2.1513

1.65

This Year (Aug13) TTM:

Last Year (Feb12) TTM:

Total Receivables was €6.8 Mil.
Revenue was 25.158 + 42.598 + 52.184 + 59.74 = €179.7 Mil.
Gross Profit was 1.051 + 6.241 + 0.868 + -6.564 = €1.6 Mil.
Total Current Assets was €36.2 Mil.
Total Assets was €45.3 Mil.
Property, Plant and Equipment(Net PPE) was €5.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €5.6 Mil.
Selling, General, & Admin. Expense(SGA) was €36.3 Mil.
Total Current Liabilities was €44.6 Mil.
Long-Term Debt & Capital Lease Obligation was €0.0 Mil.
Net Income was -19.566 + -10.189 + -15.803 + -19.122 = €-64.7 Mil.
Non Operating Income was -2.151 + -0.743 + -0.104 + 5.399 = €2.4 Mil.
Cash Flow from Operations was -5.301 + -11.917 + -41.187 + -43.664 = €-102.1 Mil.

Total Receivables was €33.7 Mil.
Revenue was 41.395 + 76.076 + 54.761 + 51.508 = €223.7 Mil.
Gross Profit was -32.193 + 17.103 + 11.818 + 10.291 = €7.0 Mil.
Total Current Assets was €194.5 Mil.
Total Assets was €205.4 Mil.
Property, Plant and Equipment(Net PPE) was €3.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.7 Mil.
Selling, General, & Admin. Expense(SGA) was €25.0 Mil.
Total Current Liabilities was €94.0 Mil.
Long-Term Debt & Capital Lease Obligation was €0.0 Mil.

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)
	=	(6.838 / 179.68)	/	(33.662 / 223.74)
	=	0.038057	/	0.150451
	=	0.253

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)
	=	(7.019 / 223.74)	/	(1.596 / 179.68)
	=	0.031371	/	0.008882
	=	3.532

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 - (36.197 + 5.186) / 45.271)	/	(1 - (194.529 + 3.773) / 205.385)
	=	0.085883	/	0.034486
	=	2.4904

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
	=	179.68	/	223.74
	=	0.8031

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))
	=	(1.672 / (1.672 + 3.773))	/	(5.567 / (5.567 + 5.186))
	=	0.307071	/	0.517716
	=	0.5931

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)
	=	(36.264 / 179.68)	/	(24.975 / 223.74)
	=	0.201825	/	0.111625
	=	1.8081

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)
	=	((0 + 44.557) / 45.271)	/	((0 + 93.963) / 205.385)
	=	0.984228	/	0.457497
	=	2.1513

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
	=	(-64.68 - 2.401	-	-102.069)	/	45.271
	=	0.772857

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.

OCZ Technology Group has a M-score of 1.65 signals that the company is likely to be a manipulator.

OCZ Technology Group Beneish M-Score Related Terms

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OCZ Technology Group (FRA:OADA) Business Description

Industry

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Address

Website

http://www.ocztechnology.com

OCZ Technology Group, Inc., a Delaware corporation was formed in 2002. The Company is a provider of high performance solid state drives (SSDs) and memory modules for computing devices and systems. It develops flexible and customizable component solutions quickly and efficiently to meet the ever changing market needs and provide superior customer service. Historically, it mainly sold high performance memory modules to individual computing enthusiasts through catalog and online retail channels. However, SSDs have emerged as a strong market alternative to conventional disk drive technology and SSDs are rooted in much of the same basic technological concepts as its legacy memory module business. Today, as part of a diversification strategy which began in fiscal year 2009, its product mix is significantly more weighted toward the sale of SSDs and the SSD product line has become central to its business. As a result, its target customers are increasingly enterprises and original equipment manufacturers (or OEMs). It designs, develops, manufactures and distributes high performance components for computing devices and systems, including SSDs, other flash memory storage, memory modules, thermal management solutions and PSUs. Its ten largest customers are Amazon.com; ASK Corporation; BAS Group; D&H Distribution Company; Maxcom Memory GmbH; Memoryworld GmbH & Co., KG; Micro Center Corporation; Micro Peripherals LTD; NewEgg.com, operated by Magnell Associate Inc.; and SYX Distribution, Inc. The Company's business is subject to regulation by various federal and state governmental agencies.

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