OmniVision Technologies Beneish M-Score Historical Data
The historical data trend for OmniVision 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.
OmniVision Technologies Beneish M-Score Chart
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OmniVision Technologies Annual Data
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| Beneish M-Score |
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-1.76 |
-2.56 |
-1.25 |
-3.04 |
-2.65 |
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OmniVision Technologies Quarterly Data
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Oct15 |
| Beneish M-Score |
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-3.24 |
-2.68 |
-2.65 |
-2.77 |
-2.72 |
Competitive Comparison of OmniVision Technologies's Beneish M-Score
For the Semiconductors subindustry, OmniVision 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.
OmniVision Technologies's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, OmniVision Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where OmniVision Technologies's Beneish M-Score falls into.
OmniVision 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 OmniVision 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 * 1.1016 | + | 0.528 * 0.9419 | + | 0.404 * 0.9738 | + | 0.892 * 0.8434 | + | 0.115 * 0.9851 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3383 | + | 4.679 * -0.034419 | - | 0.327 * 0.8056 |
| = | -2.72 |
* 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 (Oct15) TTM: | Last Year (Oct14) TTM: |
Total Receivables was $161 Mil.
Revenue was 343.136 + 329.891 + 285.853 + 292.341 = $1,251 Mil.
Gross Profit was 75.06 + 74.537 + 63.95 + 64.582 = $278 Mil.
Total Current Assets was $1,117 Mil.
Total Assets was $1,499 Mil.
Property, Plant and Equipment(Net PPE) was $142 Mil.
Depreciation, Depletion and Amortization(DDA) was $34 Mil.
Selling, General, & Admin. Expense(SGA) was $86 Mil.
Total Current Liabilities was $211 Mil.
Long-Term Debt & Capital Lease Obligation was $22 Mil.
Net Income was 13.946 + 18.242 + 5.996 + 14.023 = $52 Mil.
Non Operating Income was 1.32 + 1.482 + 2.458 + 1.603 = $7 Mil.
Cash Flow from Operations was 23.161 + 72.235 + 13.232 + -11.699 = $97 Mil.
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Total Receivables was $173 Mil.
Revenue was 394.045 + 406.536 + 330.969 + 352.023 = $1,484 Mil.
Gross Profit was 86.497 + 88.42 + 66.563 + 69.132 = $311 Mil.
Total Current Assets was $1,055 Mil.
Total Assets was $1,442 Mil.
Property, Plant and Equipment(Net PPE) was $149 Mil.
Depreciation, Depletion and Amortization(DDA) was $35 Mil.
Selling, General, & Admin. Expense(SGA) was $76 Mil.
Total Current Liabilities was $247 Mil.
Long-Term Debt & Capital Lease Obligation was $32 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) |
| = | (160.503 / 1251.221) | / | (172.748 / 1483.573) |
| = | 0.128277 | / | 0.116441 |
| | = | 1.1016 |
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) |
| = | (310.612 / 1483.573) | / | (278.129 / 1251.221) |
| = | 0.209368 | / | 0.222286 |
| | = | 0.9419 |
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 - (1116.593 + 142.014) / 1498.743) | / | (1 - (1055.275 + 149.482) / 1442.034) |
| = | 0.160225 | / | 0.164543 |
| | = | 0.9738 |
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 |
| = | 1251.221 | / | 1483.573 |
| | = | 0.8434 |
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)) |
| = | (34.841 / (34.841 + 149.482)) | / | (33.72 / (33.72 + 142.014)) |
| = | 0.189021 | / | 0.191881 |
| | = | 0.9851 |
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) |
| = | (85.863 / 1251.221) | / | (76.075 / 1483.573) |
| = | 0.068623 | / | 0.051278 |
| | = | 1.3383 |
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) |
| = | ((22.268 + 211.198) / 1498.743) | / | ((31.771 + 247.074) / 1442.034) |
| = | 0.155775 | / | 0.193369 |
| | = | 0.8056 |
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 |
| = | (52.207 - 6.863 | - | 96.929) | / | 1498.743 |
| | = | -0.034419 |
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.
OmniVision Technologies has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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