FineTek Co Beneish M-Score Historical Data
The historical data trend for FineTek Co'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.
FineTek Co Beneish M-Score Chart
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FineTek Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.69 |
-2.75 |
-2.11 |
-2.38 |
-2.26 |
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FineTek Co 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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-2.41 |
-2.49 |
-2.69 |
-2.26 |
-2.44 |
Competitive Comparison of FineTek Co's Beneish M-Score
For the Scientific & Technical Instruments subindustry, FineTek Co'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.
FineTek Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, FineTek Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FineTek Co's Beneish M-Score falls into.
FineTek Co 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 FineTek Co 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 * 0.9952 | + | 0.528 * 0.9636 | + | 0.404 * 1.2417 | + | 0.892 * 0.9098 | + | 0.115 * 0.9354 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0295 | + | 4.679 * 0.001748 | - | 0.327 * 0.8299 |
| = | -2.44 |
* 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$238 Mil.
Revenue was 306.679 + 345.414 + 353.491 + 334.188 = NT$1,340 Mil.
Gross Profit was 164.548 + 175.531 + 201.163 + 185.401 = NT$727 Mil.
Total Current Assets was NT$1,333 Mil.
Total Assets was NT$2,290 Mil.
Property, Plant and Equipment(Net PPE) was NT$759 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$50 Mil.
Selling, General, & Admin. Expense(SGA) was NT$336 Mil.
Total Current Liabilities was NT$220 Mil.
Long-Term Debt & Capital Lease Obligation was NT$162 Mil.
Net Income was 64.471 + 59.871 + 87.045 + 68.024 = NT$279 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 64.081 + 81.684 + 70.891 + 58.752 = NT$275 Mil.
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Total Receivables was NT$263 Mil.
Revenue was 334.308 + 348.203 + 452.583 + 337.571 = NT$1,473 Mil.
Gross Profit was 161.272 + 186.957 + 220.718 + 200.666 = NT$770 Mil.
Total Current Assets was NT$1,363 Mil.
Total Assets was NT$2,275 Mil.
Property, Plant and Equipment(Net PPE) was NT$753 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$47 Mil.
Selling, General, & Admin. Expense(SGA) was NT$359 Mil.
Total Current Liabilities was NT$281 Mil.
Long-Term Debt & Capital Lease Obligation was NT$176 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) |
| = | (237.772 / 1339.772) | / | (262.61 / 1472.665) |
| = | 0.177472 | / | 0.178323 |
| | = | 0.9952 |
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) |
| = | (769.613 / 1472.665) | / | (726.643 / 1339.772) |
| = | 0.522599 | / | 0.542363 |
| | = | 0.9636 |
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 - (1332.757 + 759.169) / 2290.449) | / | (1 - (1363.007 + 753.034) / 2274.835) |
| = | 0.086674 | / | 0.069805 |
| | = | 1.2417 |
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 |
| = | 1339.772 | / | 1472.665 |
| | = | 0.9098 |
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)) |
| = | (46.553 / (46.553 + 753.034)) | / | (50.391 / (50.391 + 759.169)) |
| = | 0.058221 | / | 0.062245 |
| | = | 0.9354 |
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) |
| = | (336.493 / 1339.772) | / | (359.28 / 1472.665) |
| = | 0.251157 | / | 0.243966 |
| | = | 1.0295 |
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) |
| = | ((162.175 + 219.532) / 2290.449) | / | ((176.053 + 280.743) / 2274.835) |
| = | 0.166652 | / | 0.200804 |
| | = | 0.8299 |
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 |
| = | (279.411 - 0 | - | 275.408) | / | 2290.449 |
| | = | 0.001748 |
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.
FineTek Co has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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