Kemet Beneish M-Score Historical Data
The historical data trend for Kemet'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.
Kemet Beneish M-Score Chart
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Kemet Annual Data
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Trend |
Mar11 |
Mar12 |
Mar13 |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
| Beneish M-Score |
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-2.99 |
-2.56 |
-1.95 |
-2.03 |
-2.92 |
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Kemet Quarterly Data
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Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
| Beneish M-Score |
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-2.03 |
-2.20 |
-2.26 |
-2.39 |
-2.92 |
Competitive Comparison of Kemet's Beneish M-Score
For the Electronic Components subindustry, Kemet'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.
Kemet's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Kemet's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kemet's Beneish M-Score falls into.
Kemet 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 Kemet 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 * 1.0307 | + | 0.528 * 0.9941 | + | 0.404 * 1.0153 | + | 0.892 * 0.9116 | + | 0.115 * 0.9411 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3696 | + | 4.679 * -0.068328 | - | 0.327 * 0.9962 |
| = | -2.92 |
* 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 (Mar20) TTM: | Last Year (Mar19) TTM: |
Total Receivables was $145 Mil.
Revenue was 293.174 + 294.741 + 327.397 + 345.242 = $1,261 Mil.
Gross Profit was 92.009 + 93.181 + 113.67 + 121.628 = $420 Mil.
Total Current Assets was $646 Mil.
Total Assets was $1,393 Mil.
Property, Plant and Equipment(Net PPE) was $553 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General, & Admin. Expense(SGA) was $261 Mil.
Total Current Liabilities was $303 Mil.
Long-Term Debt & Capital Lease Obligation was $260 Mil.
Net Income was -0.301 + 16.602 + -15.26 + 40.34 = $41 Mil.
Non Operating Income was -13.812 + -4.969 + -1.064 + -2.442 = $-22 Mil.
Cash Flow from Operations was 68.121 + 39.065 + 17.957 + 33.713 = $159 Mil.
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Total Receivables was $154 Mil.
Revenue was 355.794 + 350.175 + 349.233 + 327.616 = $1,383 Mil.
Gross Profit was 126.406 + 123.75 + 113.565 + 94.821 = $459 Mil.
Total Current Assets was $642 Mil.
Total Assets was $1,318 Mil.
Property, Plant and Equipment(Net PPE) was $495 Mil.
Depreciation, Depletion and Amortization(DDA) was $53 Mil.
Selling, General, & Admin. Expense(SGA) was $209 Mil.
Total Current Liabilities was $278 Mil.
Long-Term Debt & Capital Lease Obligation was $256 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) |
| = | (144.743 / 1260.554) | / | (154.059 / 1382.818) |
| = | 0.114825 | / | 0.111409 |
| | = | 1.0307 |
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) |
| = | (458.542 / 1382.818) | / | (420.488 / 1260.554) |
| = | 0.3316 | / | 0.333574 |
| | = | 0.9941 |
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 - (646.495 + 552.636) / 1393.097) | / | (1 - (642.053 + 495.28) / 1318.095) |
| = | 0.139234 | / | 0.137139 |
| | = | 1.0153 |
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 |
| = | 1260.554 | / | 1382.818 |
| | = | 0.9116 |
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)) |
| = | (52.628 / (52.628 + 495.28)) | / | (62.819 / (62.819 + 552.636)) |
| = | 0.096053 | / | 0.102069 |
| | = | 0.9411 |
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) |
| = | (261.41 / 1260.554) | / | (209.381 / 1382.818) |
| = | 0.207377 | / | 0.151416 |
| | = | 1.3696 |
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) |
| = | ((259.781 + 302.712) / 1393.097) | / | ((255.757 + 278.473) / 1318.095) |
| = | 0.403772 | / | 0.405305 |
| | = | 0.9962 |
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 |
| = | (41.381 - -22.287 | - | 158.856) | / | 1393.097 |
| | = | -0.068328 |
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.
Kemet has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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