Ardentec Beneish M-Score Historical Data
The historical data trend for Ardentec'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.
Ardentec Beneish M-Score Chart
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Ardentec Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.08 |
-2.99 |
-2.94 |
-2.83 |
-2.84 |
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Ardentec 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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-2.99 |
-2.97 |
-3.06 |
-2.84 |
-2.85 |
Competitive Comparison of Ardentec's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Ardentec'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.
Ardentec's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Ardentec's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ardentec's Beneish M-Score falls into.
Ardentec 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 Ardentec 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 * 1.0737 | + | 0.528 * 1.2182 | + | 0.404 * 1.0005 | + | 0.892 * 0.9481 | + | 0.115 * 0.9325 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9155 | + | 4.679 * -0.111035 | - | 0.327 * 0.9737 |
| = | -2.85 |
* 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 NT$3,451 Mil.
Revenue was 3267.566 + 3542.909 + 3760.57 + 3403.425 = NT$13,974 Mil.
Gross Profit was 949.956 + 1181.095 + 1402.863 + 1116.815 = NT$4,651 Mil.
Total Current Assets was NT$8,690 Mil.
Total Assets was NT$33,003 Mil.
Property, Plant and Equipment(Net PPE) was NT$22,872 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$4,113 Mil.
Selling, General, & Admin. Expense(SGA) was NT$917 Mil.
Total Current Liabilities was NT$4,914 Mil.
Long-Term Debt & Capital Lease Obligation was NT$9,405 Mil.
Net Income was 546.962 + 599.839 + 851.47 + 676.599 = NT$2,675 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 2199.277 + 1804.654 + 1920.04 + 415.398 = NT$6,339 Mil.
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Total Receivables was NT$3,390 Mil.
Revenue was 3345.331 + 3830.398 + 3975.251 + 3588.34 = NT$14,739 Mil.
Gross Profit was 1172.76 + 1588.796 + 1748.052 + 1465.973 = NT$5,976 Mil.
Total Current Assets was NT$8,334 Mil.
Total Assets was NT$31,700 Mil.
Property, Plant and Equipment(Net PPE) was NT$21,983 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$3,642 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,057 Mil.
Total Current Liabilities was NT$5,213 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8,912 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) |
| = | (3451.325 / 13974.47) | / | (3390.236 / 14739.32) |
| = | 0.246974 | / | 0.230013 |
| | = | 1.0737 |
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) |
| = | (5975.581 / 14739.32) | / | (4650.729 / 13974.47) |
| = | 0.405418 | / | 0.332802 |
| | = | 1.2182 |
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 - (8690.449 + 22872.342) / 33003.018) | / | (1 - (8333.72 + 21983.259) / 31699.601) |
| = | 0.043639 | / | 0.043616 |
| | = | 1.0005 |
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 |
| = | 13974.47 | / | 14739.32 |
| | = | 0.9481 |
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)) |
| = | (3641.831 / (3641.831 + 21983.259)) | / | (4112.929 / (4112.929 + 22872.342)) |
| = | 0.14212 | / | 0.152414 |
| | = | 0.9325 |
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) |
| = | (917.132 / 13974.47) | / | (1056.596 / 14739.32) |
| = | 0.065629 | / | 0.071686 |
| | = | 0.9155 |
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) |
| = | ((9405.134 + 4914.302) / 33003.018) | / | ((8912.207 + 5212.904) / 31699.601) |
| = | 0.433883 | / | 0.445593 |
| | = | 0.9737 |
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 |
| = | (2674.87 - 0 | - | 6339.369) | / | 33003.018 |
| | = | -0.111035 |
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.
Ardentec has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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