Tower Semiconductor Beneish M-Score Historical Data
The historical data trend for Tower Semiconductor'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.
|
Tower Semiconductor Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-3.02 |
-2.67 |
-3.23 |
-3.15 |
-3.37 |
|
Tower Semiconductor 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.15 |
-3.24 |
-2.99 |
-3.47 |
-3.37 |
Competitive Comparison
For the Semiconductors subindustry, Tower Semiconductor'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.
Tower Semiconductor Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Tower Semiconductor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tower Semiconductor's Beneish M-Score falls into.
Tower Semiconductor 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 Tower Semiconductor 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 * 1.0237 | + | 0.528 * 1.1186 | + | 0.404 * 0.5843 | + | 0.892 * 0.848 | + | 0.115 * 1.2757 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0642 | + | 4.679 * -0.172716 | - | 0.327 * 0.6567 |
| = | -3.37 |
* 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 $154 Mil.
Revenue was 351.711 + 358.167 + 357.191 + 355.611 = $1,423 Mil.
Gross Profit was 84.417 + 86.868 + 86.517 + 95.717 = $354 Mil.
Total Current Assets was $1,709 Mil.
Total Assets was $2,919 Mil.
Property, Plant and Equipment(Net PPE) was $1,156 Mil.
Depreciation, Depletion and Amortization(DDA) was $258 Mil.
Selling, General, & Admin. Expense(SGA) was $72 Mil.
Total Current Liabilities was $277 Mil.
Long-Term Debt & Capital Lease Obligation was $173 Mil.
Net Income was 53.847 + 342.055 + 51.19 + 71.402 = $518 Mil.
Non Operating Income was 0 + 313.501 + 0.851 + 31.655 = $346 Mil.
Cash Flow from Operations was 126.098 + 402.242 + 75.494 + 72.727 = $677 Mil.
|
Total Receivables was $177 Mil.
Revenue was 403.227 + 427.087 + 426.168 + 421.132 = $1,678 Mil.
Gross Profit was 124.726 + 124.511 + 112.44 + 104.631 = $466 Mil.
Total Current Assets was $1,495 Mil.
Total Assets was $2,548 Mil.
Property, Plant and Equipment(Net PPE) was $973 Mil.
Depreciation, Depletion and Amortization(DDA) was $295 Mil.
Selling, General, & Admin. Expense(SGA) was $80 Mil.
Total Current Liabilities was $387 Mil.
Long-Term Debt & Capital Lease Obligation was $210 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) |
| = | (154.067 / 1422.68) | / | (177.471 / 1677.614) |
| = | 0.108294 | / | 0.105788 |
| | = | 1.0237 |
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) |
| = | (466.308 / 1677.614) | / | (353.519 / 1422.68) |
| = | 0.277959 | / | 0.248488 |
| | = | 1.1186 |
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 - (1709.158 + 1155.929) / 2918.517) | / | (1 - (1495.174 + 972.613) / 2547.608) |
| = | 0.018307 | / | 0.031332 |
| | = | 0.5843 |
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 |
| = | 1422.68 | / | 1677.614 |
| | = | 0.848 |
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)) |
| = | (295.113 / (295.113 + 972.613)) | / | (258.021 / (258.021 + 1155.929)) |
| = | 0.232789 | / | 0.182482 |
| | = | 1.2757 |
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) |
| = | (72.454 / 1422.68) | / | (80.282 / 1677.614) |
| = | 0.050928 | / | 0.047855 |
| | = | 1.0642 |
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) |
| = | ((172.611 + 276.838) / 2918.517) | / | ((210.069 + 387.388) / 2547.608) |
| = | 0.153999 | / | 0.234517 |
| | = | 0.6567 |
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 |
| = | (518.494 - 346.007 | - | 676.561) | / | 2918.517 |
| | = | -0.172716 |
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.
Tower Semiconductor has a M-score of -3.37 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TSEM has been successfully added to your