Marvell Technology Beneish M-Score Historical Data
The historical data trend for Marvell 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.
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Marvell Technology Annual Data
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Jan15 |
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Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.40 |
-2.79 |
-2.13 |
-2.62 |
-2.90 |
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Marvell Technology Quarterly Data
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Apr19 |
Jul19 |
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Jan24 |
| Beneish M-Score |
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-2.62 |
-2.85 |
-2.72 |
-2.81 |
-2.90 |
Competitive Comparison
For the Semiconductors subindustry, Marvell 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.
Marvell Technology Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Marvell Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Marvell Technology's Beneish M-Score falls into.
Marvell 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 Marvell 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 * 1.0111 | + | 0.528 * 1.2119 | + | 0.404 * 0.9893 | + | 0.892 * 0.9304 | + | 0.115 * 1.0767 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.044 | + | 4.679 * -0.102914 | - | 0.327 * 0.9912 |
| = | -2.90 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $1,122 Mil.
Revenue was 1426.5 + 1418.6 + 1340.9 + 1321.7 = $5,508 Mil.
Gross Profit was 664.1 + 551.2 + 521.1 + 557.2 = $2,294 Mil.
Total Current Assets was $3,063 Mil.
Total Assets was $21,229 Mil.
Property, Plant and Equipment(Net PPE) was $960 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,398 Mil.
Selling, General, & Admin. Expense(SGA) was $834 Mil.
Total Current Liabilities was $1,814 Mil.
Long-Term Debt & Capital Lease Obligation was $4,255 Mil.
Net Income was -392.7 + -164.3 + -207.5 + -168.9 = $-933 Mil.
Non Operating Income was -30.2 + 6.3 + -35.7 + -59.6 = $-119 Mil.
Cash Flow from Operations was 546.6 + 503 + 112.5 + 208.4 = $1,371 Mil.
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Total Receivables was $1,192 Mil.
Revenue was 1418.5 + 1537.3 + 1516.9 + 1446.9 = $5,920 Mil.
Gross Profit was 673.3 + 777.3 + 786 + 750.9 = $2,988 Mil.
Total Current Assets was $3,281 Mil.
Total Assets was $22,522 Mil.
Property, Plant and Equipment(Net PPE) was $789 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,392 Mil.
Selling, General, & Admin. Expense(SGA) was $859 Mil.
Total Current Liabilities was $2,387 Mil.
Long-Term Debt & Capital Lease Obligation was $4,109 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) |
| = | (1121.6 / 5507.7) | / | (1192.2 / 5919.6) |
| = | 0.203642 | / | 0.201399 |
| | = | 1.0111 |
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) |
| = | (2987.5 / 5919.6) | / | (2293.6 / 5507.7) |
| = | 0.504679 | / | 0.416435 |
| | = | 1.2119 |
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 - (3062.7 + 959.6) / 21228.5) | / | (1 - (3281.1 + 788.7) / 22522.1) |
| = | 0.810524 | / | 0.819297 |
| | = | 0.9893 |
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 |
| = | 5507.7 | / | 5919.6 |
| | = | 0.9304 |
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)) |
| = | (1392.3 / (1392.3 + 788.7)) | / | (1397.7 / (1397.7 + 959.6)) |
| = | 0.638377 | / | 0.592924 |
| | = | 1.0767 |
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) |
| = | (834 / 5507.7) | / | (858.6 / 5919.6) |
| = | 0.151424 | / | 0.145044 |
| | = | 1.044 |
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) |
| = | ((4254.6 + 1814.2) / 21228.5) | / | ((4109.3 + 2386.7) / 22522.1) |
| = | 0.28588 | / | 0.288428 |
| | = | 0.9912 |
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 |
| = | (-933.4 - -119.2 | - | 1370.5) | / | 21228.5 |
| | = | -0.102914 |
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.
Marvell Technology has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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