Himax Technologies Beneish M-Score Historical Data
The historical data trend for Himax Technologies'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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Himax Technologies Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.41 |
-1.52 |
-2.53 |
-2.47 |
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Himax Technologies 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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-2.53 |
-2.60 |
-2.45 |
-2.07 |
-2.47 |
Competitive Comparison
For the Semiconductors subindustry, Himax Technologies'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.
Himax Technologies Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Himax Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Himax Technologies's Beneish M-Score falls into.
Himax Technologies 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 Himax Technologies 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 * 1.1494 | + | 0.528 * 1.4548 | + | 0.404 * 1.3559 | + | 0.892 * 0.787 | + | 0.115 * 1.0712 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1513 | + | 4.679 * -0.0613 | - | 0.327 * 1.0479 |
| = | -2.47 |
* 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 $237.4 Mil.
Revenue was 227.678 + 238.515 + 235.031 + 244.204 = $945.4 Mil.
Gross Profit was 69.009 + 74.823 + 51.07 + 68.595 = $263.5 Mil.
Total Current Assets was $1,200.6 Mil.
Total Assets was $1,643.4 Mil.
Property, Plant and Equipment(Net PPE) was $130.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.3 Mil.
Selling, General, & Admin. Expense(SGA) was $48.9 Mil.
Total Current Liabilities was $708.8 Mil.
Long-Term Debt & Capital Lease Obligation was $34.5 Mil.
Net Income was 23.565 + 11.236 + 0.888 + 14.927 = $50.6 Mil.
Non Operating Income was -2.123 + 0.521 + 0.693 + -0.576 = $-1.5 Mil.
Cash Flow from Operations was 68.742 + 16.043 + 1.695 + 66.361 = $152.8 Mil.
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Total Receivables was $262.4 Mil.
Revenue was 262.29 + 213.631 + 312.606 + 412.812 = $1,201.3 Mil.
Gross Profit was 80.051 + 76.803 + 136.361 + 193.891 = $487.1 Mil.
Total Current Assets was $1,336.8 Mil.
Total Assets was $1,701.8 Mil.
Property, Plant and Equipment(Net PPE) was $126.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.3 Mil.
Selling, General, & Admin. Expense(SGA) was $54.0 Mil.
Total Current Liabilities was $694.0 Mil.
Long-Term Debt & Capital Lease Obligation was $40.5 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) |
| = | (237.352 / 945.428) | / | (262.403 / 1201.339) |
| = | 0.251052 | / | 0.218425 |
| | = | 1.1494 |
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) |
| = | (487.106 / 1201.339) | / | (263.497 / 945.428) |
| = | 0.405469 | / | 0.278707 |
| | = | 1.4548 |
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 - (1200.585 + 130.109) / 1643.404) | / | (1 - (1336.808 + 126.138) / 1701.758) |
| = | 0.190282 | / | 0.140333 |
| | = | 1.3559 |
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 |
| = | 945.428 | / | 1201.339 |
| | = | 0.787 |
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)) |
| = | (21.342 / (21.342 + 126.138)) | / | (20.322 / (20.322 + 130.109)) |
| = | 0.144711 | / | 0.135092 |
| | = | 1.0712 |
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) |
| = | (48.893 / 945.428) | / | (53.962 / 1201.339) |
| = | 0.051715 | / | 0.044918 |
| | = | 1.1513 |
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) |
| = | ((34.5 + 708.803) / 1643.404) | / | ((40.5 + 693.995) / 1701.758) |
| = | 0.452295 | / | 0.43161 |
| | = | 1.0479 |
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 |
| = | (50.616 - -1.485 | - | 152.841) | / | 1643.404 |
| | = | -0.0613 |
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.
Himax Technologies has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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