Micron Technology Beneish M-Score Historical Data
The historical data trend for Micron 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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Micron Technology Annual Data
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Trend |
Aug14 |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-3.43 |
-2.57 |
-2.64 |
-3.09 |
-6.91 |
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Micron Technology Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-3.46 |
-1.77 |
-6.91 |
-5.23 |
-47.61 |
Competitive Comparison
For the Semiconductors subindustry, Micron 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.
Micron Technology Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Micron Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Micron Technology's Beneish M-Score falls into.
Micron 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 Micron 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 * 2.3751 | + | 0.528 * -85.3734 | + | 0.404 * 0.8436 | + | 0.892 * 0.794 | + | 0.115 * 0.9503 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2042 | + | 4.679 * -0.097918 | - | 0.327 * 1.1438 |
| = | -47.61 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $4,296 Mil.
Revenue was 5824 + 4726 + 4010 + 3752 = $18,312 Mil.
Gross Profit was 1079 + -35 + -435 + -668 = $-59 Mil.
Total Current Assets was $23,435 Mil.
Total Assets was $65,718 Mil.
Property, Plant and Equipment(Net PPE) was $38,229 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,732 Mil.
Selling, General, & Admin. Expense(SGA) was $981 Mil.
Total Current Liabilities was $6,259 Mil.
Long-Term Debt & Capital Lease Obligation was $13,971 Mil.
Net Income was 793 + -1234 + -1430 + -1896 = $-3,767 Mil.
Non Operating Income was 2 + -27 + -88 + -112 = $-225 Mil.
Cash Flow from Operations was 1219 + 1401 + 249 + 24 = $2,893 Mil.
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Total Receivables was $2,278 Mil.
Revenue was 3693 + 4085 + 6643 + 8642 = $23,063 Mil.
Gross Profit was -1206 + 893 + 2622 + 4035 = $6,344 Mil.
Total Current Assets was $21,898 Mil.
Total Assets was $66,520 Mil.
Property, Plant and Equipment(Net PPE) was $39,758 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,566 Mil.
Selling, General, & Admin. Expense(SGA) was $1,026 Mil.
Total Current Liabilities was $5,255 Mil.
Long-Term Debt & Capital Lease Obligation was $12,647 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) |
| = | (4296 / 18312) | / | (2278 / 23063) |
| = | 0.2346 | / | 0.098773 |
| | = | 2.3751 |
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) |
| = | (6344 / 23063) | / | (-59 / 18312) |
| = | 0.275073 | / | -0.003222 |
| | = | -85.3734 |
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 - (23435 + 38229) / 65718) | / | (1 - (21898 + 39758) / 66520) |
| = | 0.061688 | / | 0.073121 |
| | = | 0.8436 |
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 |
| = | 18312 | / | 23063 |
| | = | 0.794 |
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)) |
| = | (7566 / (7566 + 39758)) | / | (7732 / (7732 + 38229)) |
| = | 0.159877 | / | 0.16823 |
| | = | 0.9503 |
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) |
| = | (981 / 18312) | / | (1026 / 23063) |
| = | 0.053571 | / | 0.044487 |
| | = | 1.2042 |
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) |
| = | ((13971 + 6259) / 65718) | / | ((12647 + 5255) / 66520) |
| = | 0.30783 | / | 0.269122 |
| | = | 1.1438 |
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 |
| = | (-3767 - -225 | - | 2893) | / | 65718 |
| | = | -0.097918 |
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.
Micron Technology has a M-score of -47.61 suggests that the company is unlikely to be a manipulator.
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