Zilltek Technology Beneish M-Score Historical Data
The historical data trend for Zilltek Technology'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.
Zilltek Technology Beneish M-Score Chart
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Zilltek Technology Annual Data
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Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.28 |
-2.08 |
4.29 |
-2.09 |
-1.57 |
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Zilltek Technology Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.23 |
-1.70 |
-1.64 |
-1.57 |
-1.65 |
Competitive Comparison of Zilltek Technology's Beneish M-Score
For the Semiconductors subindustry, Zilltek Technology'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.
Zilltek Technology's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Zilltek Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zilltek Technology's Beneish M-Score falls into.
Zilltek Technology 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 Zilltek Technology 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 * 1.2721 | + | 0.528 * 1.0458 | + | 0.404 * 1.6428 | + | 0.892 * 1.0923 | + | 0.115 * 0.8796 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.885 | + | 4.679 * 0.024886 | - | 0.327 * 0.7151 |
| = | -1.65 |
* 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$840 Mil.
Revenue was 498.716 + 533.055 + 511.786 + 443.441 = NT$1,987 Mil.
Gross Profit was 197.454 + 227.717 + 198.014 + 172.88 = NT$796 Mil.
Total Current Assets was NT$4,198 Mil.
Total Assets was NT$5,777 Mil.
Property, Plant and Equipment(Net PPE) was NT$64 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$37 Mil.
Selling, General, & Admin. Expense(SGA) was NT$240 Mil.
Total Current Liabilities was NT$577 Mil.
Long-Term Debt & Capital Lease Obligation was NT$14 Mil.
Net Income was 153.315 + 60.962 + 159.206 + 98.613 = NT$472 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 96.676 + 224.814 + 45.083 + -38.255 = NT$328 Mil.
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Total Receivables was NT$604 Mil.
Revenue was 351.312 + 339.537 + 463.509 + 664.686 = NT$1,819 Mil.
Gross Profit was 138.889 + 134.888 + 186.539 + 301.853 = NT$762 Mil.
Total Current Assets was NT$4,322 Mil.
Total Assets was NT$5,218 Mil.
Property, Plant and Equipment(Net PPE) was NT$63 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$30 Mil.
Selling, General, & Admin. Expense(SGA) was NT$249 Mil.
Total Current Liabilities was NT$731 Mil.
Long-Term Debt & Capital Lease Obligation was NT$15 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) |
| = | (839.804 / 1986.998) | / | (604.356 / 1819.044) |
| = | 0.42265 | / | 0.332238 |
| | = | 1.2721 |
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) |
| = | (762.169 / 1819.044) | / | (796.065 / 1986.998) |
| = | 0.418994 | / | 0.400637 |
| | = | 1.0458 |
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 - (4198.046 + 64.029) / 5777.496) | / | (1 - (4321.601 + 63.467) / 5218.211) |
| = | 0.262297 | / | 0.159661 |
| | = | 1.6428 |
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 |
| = | 1986.998 | / | 1819.044 |
| | = | 1.0923 |
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)) |
| = | (29.929 / (29.929 + 63.467)) | / | (36.696 / (36.696 + 64.029)) |
| = | 0.320453 | / | 0.364319 |
| | = | 0.8796 |
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) |
| = | (240.399 / 1986.998) | / | (248.689 / 1819.044) |
| = | 0.120986 | / | 0.136714 |
| | = | 0.885 |
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) |
| = | ((13.699 + 576.636) / 5777.496) | / | ((15.012 + 730.608) / 5218.211) |
| = | 0.102178 | / | 0.142888 |
| | = | 0.7151 |
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 |
| = | (472.096 - 0 | - | 328.318) | / | 5777.496 |
| | = | 0.024886 |
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.
Zilltek Technology has a M-score of -1.65 signals that the company is likely to be a manipulator.
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