Cohu Beneish M-Score Historical Data
The historical data trend for Cohu'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.
Cohu Beneish M-Score Chart
|
Cohu Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.00 |
-2.54 |
-2.12 |
-2.65 |
-2.88 |
|
Cohu Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.65 |
-2.74 |
-2.99 |
-3.01 |
-2.88 |
Competitive Comparison of Cohu's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Cohu'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.
Cohu's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Cohu's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cohu's Beneish M-Score falls into.
Cohu 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 Cohu 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 * 0.9037 | + | 0.528 * 0.9909 | + | 0.404 * 1.212 | + | 0.892 * 0.7829 | + | 0.115 * 0.9373 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2856 | + | 4.679 * -0.056778 | - | 0.327 * 0.637 |
| = | -2.88 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $124.6 Mil.
Revenue was 137.226 + 150.804 + 168.921 + 179.371 = $636.3 Mil.
Gross Profit was 65.41 + 70.895 + 80.345 + 86.218 = $302.9 Mil.
Total Current Assets was $638.8 Mil.
Total Assets was $1,150.4 Mil.
Property, Plant and Equipment(Net PPE) was $85.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $49.7 Mil.
Selling, General, & Admin. Expense(SGA) was $132.2 Mil.
Total Current Liabilities was $103.4 Mil.
Long-Term Debt & Capital Lease Obligation was $47.5 Mil.
Net Income was -2.028 + 3.915 + 10.584 + 15.685 = $28.2 Mil.
Non Operating Income was -3.299 + -1.942 + -1.061 + -1.697 = $-8.0 Mil.
Cash Flow from Operations was 2.701 + 29.139 + 53.145 + 16.485 = $101.5 Mil.
|
Total Receivables was $176.1 Mil.
Revenue was 191.105 + 206.687 + 217.226 + 197.757 = $812.8 Mil.
Gross Profit was 93.151 + 98.066 + 100.953 + 91.156 = $383.3 Mil.
Total Current Assets was $764.9 Mil.
Total Assets was $1,227.4 Mil.
Property, Plant and Equipment(Net PPE) was $87.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $46.0 Mil.
Selling, General, & Admin. Expense(SGA) was $131.4 Mil.
Total Current Liabilities was $160.9 Mil.
Long-Term Debt & Capital Lease Obligation was $91.9 Mil.
|
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) |
| = | (124.624 / 636.322) | / | (176.148 / 812.775) |
| = | 0.195851 | / | 0.216724 |
| | = | 0.9037 |
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) |
| = | (383.326 / 812.775) | / | (302.868 / 636.322) |
| = | 0.471626 | / | 0.475967 |
| | = | 0.9909 |
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 - (638.818 + 85.863) / 1150.352) | / | (1 - (764.851 + 87.815) / 1227.414) |
| = | 0.370035 | / | 0.305315 |
| | = | 1.212 |
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 |
| = | 636.322 | / | 812.775 |
| | = | 0.7829 |
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)) |
| = | (46.016 / (46.016 + 87.815)) | / | (49.744 / (49.744 + 85.863)) |
| = | 0.343837 | / | 0.366825 |
| | = | 0.9373 |
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) |
| = | (132.249 / 636.322) | / | (131.39 / 812.775) |
| = | 0.207833 | / | 0.161656 |
| | = | 1.2856 |
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) |
| = | ((47.478 + 103.421) / 1150.352) | / | ((91.873 + 160.872) / 1227.414) |
| = | 0.131176 | / | 0.205917 |
| | = | 0.637 |
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 |
| = | (28.156 - -7.999 | - | 101.47) | / | 1150.352 |
| | = | -0.056778 |
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.
Cohu has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
COHU has been successfully added to your