Mellanox Technologies Beneish M-Score Historical Data
The historical data trend for Mellanox Technologies'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.
Mellanox Technologies Beneish M-Score Chart
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Mellanox Technologies Annual Data
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| Beneish M-Score |
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-2.46 |
-2.48 |
-2.85 |
-2.72 |
-2.72 |
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Mellanox Technologies Quarterly Data
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| Beneish M-Score |
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-2.76 |
-2.67 |
-2.75 |
-2.72 |
-2.36 |
Competitive Comparison of Mellanox Technologies's Beneish M-Score
For the Semiconductors subindustry, Mellanox Technologies'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.
Mellanox Technologies's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Mellanox Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mellanox Technologies's Beneish M-Score falls into.
Mellanox Technologies 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 Mellanox Technologies 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 * 1.2325 | + | 0.528 * 0.979 | + | 0.404 * 0.833 | + | 0.892 * 1.2722 | + | 0.115 * 0.835 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8699 | + | 4.679 * -0.064293 | - | 0.327 * 0.8662 |
| = | -2.36 |
* 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 (Mar20) TTM: | Last Year (Mar19) TTM: |
Total Receivables was $269 Mil.
Revenue was 428.746 + 379.784 + 335.251 + 310.324 = $1,454 Mil.
Gross Profit was 286.196 + 251.496 + 217.534 + 200.29 = $956 Mil.
Total Current Assets was $1,366 Mil.
Total Assets was $2,301 Mil.
Property, Plant and Equipment(Net PPE) was $127 Mil.
Depreciation, Depletion and Amortization(DDA) was $98 Mil.
Selling, General, & Admin. Expense(SGA) was $244 Mil.
Total Current Liabilities was $344 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 105.888 + 73.867 + 44.179 + 38.429 = $262 Mil.
Non Operating Income was 0 + -1.003 + -2.502 + -1.722 = $-5 Mil.
Cash Flow from Operations was 79.191 + 147.767 + 130.019 + 58.572 = $416 Mil.
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Total Receivables was $172 Mil.
Revenue was 305.217 + 290.07 + 279.211 + 268.462 = $1,143 Mil.
Gross Profit was 197.131 + 189.725 + 183.649 + 164.794 = $735 Mil.
Total Current Assets was $843 Mil.
Total Assets was $1,758 Mil.
Property, Plant and Equipment(Net PPE) was $173 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General, & Admin. Expense(SGA) was $221 Mil.
Total Current Liabilities was $250 Mil.
Long-Term Debt & Capital Lease Obligation was $54 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) |
| = | (269.251 / 1454.105) | / | (171.718 / 1142.96) |
| = | 0.185166 | / | 0.15024 |
| | = | 1.2325 |
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) |
| = | (735.299 / 1142.96) | / | (955.516 / 1454.105) |
| = | 0.643329 | / | 0.657116 |
| | = | 0.979 |
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 - (1366.04 + 126.864) / 2301.325) | / | (1 - (843.257 + 173.242) / 1757.773) |
| = | 0.351285 | / | 0.421712 |
| | = | 0.833 |
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 |
| = | 1454.105 | / | 1142.96 |
| | = | 1.2722 |
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)) |
| = | (99.11 / (99.11 + 173.242)) | / | (98.008 / (98.008 + 126.864)) |
| = | 0.363904 | / | 0.435839 |
| | = | 0.835 |
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) |
| = | (244.337 / 1454.105) | / | (220.781 / 1142.96) |
| = | 0.168033 | / | 0.193166 |
| | = | 0.8699 |
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) |
| = | ((0 + 344.144) / 2301.325) | / | ((53.66 + 249.82) / 1757.773) |
| = | 0.149542 | / | 0.17265 |
| | = | 0.8662 |
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 |
| = | (262.363 - -5.227 | - | 415.549) | / | 2301.325 |
| | = | -0.064293 |
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.
Mellanox Technologies has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
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