Cavium Beneish M-Score Historical Data
The historical data trend for Cavium'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.
Cavium Beneish M-Score Chart
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Cavium Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-3.04 |
-3.00 |
-2.92 |
-2.41 |
-2.45 |
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Cavium Quarterly Data
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Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
| Beneish M-Score |
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-2.62 |
-2.13 |
-3.03 |
-2.45 |
-2.91 |
Competitive Comparison of Cavium's Beneish M-Score
For the Semiconductors subindustry, Cavium'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.
Cavium's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Cavium's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cavium's Beneish M-Score falls into.
Cavium 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 Cavium 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 * 1.1117 | + | 0.528 * 0.7941 | + | 0.404 * 0.8574 | + | 0.892 * 1.3477 | + | 0.115 * 0.9273 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7462 | + | 4.679 * -0.153416 | - | 0.327 * 0.9669 |
| = | -2.91 |
* 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 (Mar18) TTM: | Last Year (Mar17) TTM: |
Total Receivables was $204.5 Mil.
Revenue was 230.761 + 260.361 + 251.987 + 242.093 = $985.2 Mil.
Gross Profit was 117.681 + 140.44 + 137.532 + 129.489 = $525.1 Mil.
Total Current Assets was $517.4 Mil.
Total Assets was $1,589.1 Mil.
Property, Plant and Equipment(Net PPE) was $193.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $206.5 Mil.
Selling, General, & Admin. Expense(SGA) was $181.6 Mil.
Total Current Liabilities was $176.2 Mil.
Long-Term Debt & Capital Lease Obligation was $601.6 Mil.
Net Income was -41.987 + -1.05 + -6.214 + -11.072 = $-60.3 Mil.
Non Operating Income was -0.066 + 0.075 + 0.277 + 0.001 = $0.3 Mil.
Cash Flow from Operations was 62.397 + 21.853 + 66.334 + 32.592 = $183.2 Mil.
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Total Receivables was $136.5 Mil.
Revenue was 229.577 + 226.151 + 168.123 + 107.158 = $731.0 Mil.
Gross Profit was 92.123 + 98.225 + 47.414 + 71.659 = $309.4 Mil.
Total Current Assets was $391.8 Mil.
Total Assets was $1,531.2 Mil.
Property, Plant and Equipment(Net PPE) was $152.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $140.1 Mil.
Selling, General, & Admin. Expense(SGA) was $180.5 Mil.
Total Current Liabilities was $156.3 Mil.
Long-Term Debt & Capital Lease Obligation was $618.8 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) |
| = | (204.524 / 985.202) | / | (136.51 / 731.009) |
| = | 0.207596 | / | 0.186742 |
| | = | 1.1117 |
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) |
| = | (309.421 / 731.009) | / | (525.142 / 985.202) |
| = | 0.423279 | / | 0.53303 |
| | = | 0.7941 |
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 - (517.417 + 193.742) / 1589.05) | / | (1 - (391.847 + 152.69) / 1531.167) |
| = | 0.552463 | / | 0.644365 |
| | = | 0.8574 |
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 |
| = | 985.202 | / | 731.009 |
| | = | 1.3477 |
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)) |
| = | (140.089 / (140.089 + 152.69)) | / | (206.536 / (206.536 + 193.742)) |
| = | 0.47848 | / | 0.515981 |
| | = | 0.9273 |
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) |
| = | (181.559 / 985.202) | / | (180.523 / 731.009) |
| = | 0.184286 | / | 0.24695 |
| | = | 0.7462 |
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) |
| = | ((601.637 + 176.212) / 1589.05) | / | ((618.809 + 156.34) / 1531.167) |
| = | 0.489506 | / | 0.506247 |
| | = | 0.9669 |
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 |
| = | (-60.323 - 0.287 | - | 183.176) | / | 1589.05 |
| | = | -0.153416 |
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.
Cavium has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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