Integrated Device Technology Beneish M-Score Historical Data
The historical data trend for Integrated Device Technology'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.
Integrated Device Technology Beneish M-Score Chart
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Integrated Device Technology Annual Data
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| Beneish M-Score |
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-2.82 |
-3.03 |
-2.33 |
-2.53 |
-3.30 |
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Integrated Device Technology Quarterly Data
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Mar14 |
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Dec18 |
| Beneish M-Score |
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-2.97 |
-3.30 |
-3.27 |
-3.28 |
-3.18 |
Competitive Comparison of Integrated Device Technology's Beneish M-Score
For the Semiconductors subindustry, Integrated Device Technology'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.
Integrated Device Technology's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Integrated Device Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Integrated Device Technology's Beneish M-Score falls into.
Integrated Device Technology 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 Integrated Device Technology 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 * 0.9339 | + | 0.528 * 0.9607 | + | 0.404 * 0.9142 | + | 0.892 * 1.1704 | + | 0.115 * 0.9192 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9931 | + | 4.679 * -0.141979 | - | 0.327 * 1.1876 |
| = | -3.18 |
* 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 (Dec18) TTM: | Last Year (Dec17) TTM: |
Total Receivables was $119.9 Mil.
Revenue was 240.587 + 235.484 + 228.516 + 224.578 = $929.2 Mil.
Gross Profit was 149.276 + 143.584 + 136.607 + 127.1 = $556.6 Mil.
Total Current Assets was $645.3 Mil.
Total Assets was $1,377.6 Mil.
Property, Plant and Equipment(Net PPE) was $90.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $76.3 Mil.
Selling, General, & Admin. Expense(SGA) was $189.9 Mil.
Total Current Liabilities was $643.6 Mil.
Long-Term Debt & Capital Lease Obligation was $63.2 Mil.
Net Income was 21.606 + 35.5 + 30.72 + 20.711 = $108.5 Mil.
Non Operating Income was -5.314 + 1.267 + -1.505 + 0.922 = $-4.6 Mil.
Cash Flow from Operations was 100.011 + 95.329 + 44.293 + 69.124 = $308.8 Mil.
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Total Receivables was $109.7 Mil.
Revenue was 217.075 + 204.398 + 196.713 + 175.698 = $793.9 Mil.
Gross Profit was 128.385 + 116.762 + 110.038 + 101.672 = $456.9 Mil.
Total Current Assets was $585.0 Mil.
Total Assets was $1,368.8 Mil.
Property, Plant and Equipment(Net PPE) was $86.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $62.6 Mil.
Selling, General, & Admin. Expense(SGA) was $163.3 Mil.
Total Current Liabilities was $104.0 Mil.
Long-Term Debt & Capital Lease Obligation was $487.4 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) |
| = | (119.909 / 929.165) | / | (109.701 / 793.884) |
| = | 0.12905 | / | 0.138183 |
| | = | 0.9339 |
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) |
| = | (456.857 / 793.884) | / | (556.567 / 929.165) |
| = | 0.575471 | / | 0.598997 |
| | = | 0.9607 |
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 - (645.279 + 90.877) / 1377.6) | / | (1 - (585.049 + 86.636) / 1368.837) |
| = | 0.465624 | / | 0.509302 |
| | = | 0.9142 |
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 |
| = | 929.165 | / | 793.884 |
| | = | 1.1704 |
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)) |
| = | (62.629 / (62.629 + 86.636)) | / | (76.319 / (76.319 + 90.877)) |
| = | 0.419583 | / | 0.456464 |
| | = | 0.9192 |
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) |
| = | (189.853 / 929.165) | / | (163.341 / 793.884) |
| = | 0.204326 | / | 0.205749 |
| | = | 0.9931 |
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) |
| = | ((63.214 + 643.625) / 1377.6) | / | ((487.351 + 104.049) / 1368.837) |
| = | 0.513095 | / | 0.432046 |
| | = | 1.1876 |
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 |
| = | (108.537 - -4.63 | - | 308.757) | / | 1377.6 |
| | = | -0.141979 |
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.
Integrated Device Technology has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.
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