Electronics for Imaging Beneish M-Score Historical Data
The historical data trend for Electronics for Imaging'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.
Electronics for Imaging Beneish M-Score Chart
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Electronics for Imaging Annual Data
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Dec09 |
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Dec18 |
| Beneish M-Score |
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-2.85 |
-2.23 |
-2.58 |
-2.57 |
-2.79 |
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Electronics for Imaging Quarterly Data
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Mar19 |
| Beneish M-Score |
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-2.54 |
-2.62 |
-2.67 |
-2.79 |
-2.78 |
Competitive Comparison of Electronics for Imaging's Beneish M-Score
For the Computer Hardware subindustry, Electronics for Imaging'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.
Electronics for Imaging's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Electronics for Imaging's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Electronics for Imaging's Beneish M-Score falls into.
Electronics for Imaging 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 Electronics for Imaging 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 * 0.9417 | + | 0.528 * 1.0204 | + | 0.404 * 0.9512 | + | 0.892 * 0.9945 | + | 0.115 * 0.9047 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9911 | + | 4.679 * -0.041325 | - | 0.327 * 1.159 |
| = | -2.80 |
* 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 (Mar19) TTM: | Last Year (Mar18) TTM: |
Total Receivables was $244.9 Mil.
Revenue was 223.715 + 256.949 + 257.134 + 261.072 = $998.9 Mil.
Gross Profit was 109.819 + 125.359 + 125.519 + 128.588 = $489.3 Mil.
Total Current Assets was $827.9 Mil.
Total Assets was $1,525.3 Mil.
Property, Plant and Equipment(Net PPE) was $80.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $65.7 Mil.
Selling, General, & Admin. Expense(SGA) was $264.8 Mil.
Total Current Liabilities was $638.4 Mil.
Long-Term Debt & Capital Lease Obligation was $120.0 Mil.
Net Income was -18.663 + -3.064 + 1.92 + 3.768 = $-16.0 Mil.
Non Operating Income was -2.416 + -3.104 + -2.799 + -3.024 = $-11.3 Mil.
Cash Flow from Operations was -18.876 + 33.35 + 12.924 + 30.938 = $58.3 Mil.
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Total Receivables was $261.5 Mil.
Revenue was 239.866 + 269.163 + 248.359 + 247.047 = $1,004.4 Mil.
Gross Profit was 119.107 + 128.217 + 127.457 + 127.252 = $502.0 Mil.
Total Current Assets was $743.0 Mil.
Total Assets was $1,464.9 Mil.
Property, Plant and Equipment(Net PPE) was $99.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $67.8 Mil.
Selling, General, & Admin. Expense(SGA) was $268.7 Mil.
Total Current Liabilities was $291.8 Mil.
Long-Term Debt & Capital Lease Obligation was $336.6 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) |
| = | (244.852 / 998.87) | / | (261.468 / 1004.435) |
| = | 0.245129 | / | 0.260314 |
| | = | 0.9417 |
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) |
| = | (502.033 / 1004.435) | / | (489.285 / 998.87) |
| = | 0.499816 | / | 0.489839 |
| | = | 1.0204 |
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 - (827.872 + 80.749) / 1525.274) | / | (1 - (742.959 + 99.333) / 1464.89) |
| = | 0.40429 | / | 0.425013 |
| | = | 0.9512 |
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 |
| = | 998.87 | / | 1004.435 |
| | = | 0.9945 |
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)) |
| = | (67.824 / (67.824 + 99.333)) | / | (65.668 / (65.668 + 80.749)) |
| = | 0.40575 | / | 0.4485 |
| | = | 0.9047 |
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) |
| = | (264.826 / 998.87) | / | (268.687 / 1004.435) |
| = | 0.265126 | / | 0.267501 |
| | = | 0.9911 |
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) |
| = | ((120.035 + 638.385) / 1525.274) | / | ((336.621 + 291.838) / 1464.89) |
| = | 0.497235 | / | 0.429014 |
| | = | 1.159 |
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 |
| = | (-16.039 - -11.343 | - | 58.336) | / | 1525.274 |
| | = | -0.041325 |
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.
Electronics for Imaging has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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