Coherent Beneish M-Score Historical Data
The historical data trend for Coherent'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.
Coherent Beneish M-Score Chart
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Coherent Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.37 |
-1.82 |
-2.56 |
-2.67 |
-1.86 |
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Coherent Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.77 |
-1.86 |
-2.86 |
-2.77 |
-2.64 |
Competitive Comparison of Coherent's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Coherent'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.
Coherent's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Coherent's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Coherent's Beneish M-Score falls into.
Coherent 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 Coherent 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 * 1.0796 | + | 0.528 * 1.1119 | + | 0.404 * 1.0074 | + | 0.892 * 0.9497 | + | 0.115 * 0.8931 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0363 | + | 4.679 * -0.051634 | - | 0.327 * 0.9595 |
| = | -2.64 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $975 Mil.
Revenue was 1208.809 + 1131.434 + 1053.083 + 1205.051 = $4,598 Mil.
Gross Profit was 366.487 + 350.641 + 306.895 + 343.365 = $1,367 Mil.
Total Current Assets was $3,550 Mil.
Total Assets was $14,520 Mil.
Property, Plant and Equipment(Net PPE) was $1,851 Mil.
Depreciation, Depletion and Amortization(DDA) was $620 Mil.
Selling, General, & Admin. Expense(SGA) was $882 Mil.
Total Current Liabilities was $1,311 Mil.
Long-Term Debt & Capital Lease Obligation was $4,221 Mil.
Net Income was -13.187 + -26.991 + -67.534 + -178.234 = $-286 Mil.
Non Operating Income was 7.067 + 6.956 + 3.251 + -118.414 = $-101 Mil.
Cash Flow from Operations was 117.433 + 67.168 + 198.803 + 181.532 = $565 Mil.
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Total Receivables was $951 Mil.
Revenue was 1240.194 + 1370.285 + 1344.57 + 886.962 = $4,842 Mil.
Gross Profit was 420.156 + 411.188 + 443.574 + 326.032 = $1,601 Mil.
Total Current Assets was $3,407 Mil.
Total Assets was $14,118 Mil.
Property, Plant and Equipment(Net PPE) was $1,911 Mil.
Depreciation, Depletion and Amortization(DDA) was $551 Mil.
Selling, General, & Admin. Expense(SGA) was $896 Mil.
Total Current Liabilities was $1,107 Mil.
Long-Term Debt & Capital Lease Obligation was $4,498 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) |
| = | (974.615 / 4598.377) | / | (950.606 / 4842.011) |
| = | 0.211948 | / | 0.196325 |
| | = | 1.0796 |
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) |
| = | (1600.95 / 4842.011) | / | (1367.388 / 4598.377) |
| = | 0.330637 | / | 0.297363 |
| | = | 1.1119 |
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 - (3550.234 + 1851.383) / 14520.412) | / | (1 - (3406.644 + 1910.561) / 14117.632) |
| = | 0.627998 | / | 0.623364 |
| | = | 1.0074 |
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 |
| = | 4598.377 | / | 4842.011 |
| | = | 0.9497 |
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)) |
| = | (551.381 / (551.381 + 1910.561)) | / | (619.664 / (619.664 + 1851.383)) |
| = | 0.223962 | / | 0.25077 |
| | = | 0.8931 |
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) |
| = | (882.175 / 4598.377) | / | (896.413 / 4842.011) |
| = | 0.191845 | / | 0.185132 |
| | = | 1.0363 |
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) |
| = | ((4220.961 + 1310.628) / 14520.412) | / | ((4497.933 + 1107.456) / 14117.632) |
| = | 0.380953 | / | 0.397049 |
| | = | 0.9595 |
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 |
| = | (-285.946 - -101.14 | - | 564.936) | / | 14520.412 |
| | = | -0.051634 |
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.
Coherent has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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