Sports Gear Co Beneish M-Score Historical Data
The historical data trend for Sports Gear 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.
Sports Gear Co Beneish M-Score Chart
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Sports Gear Co Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-3.20 |
-1.80 |
-2.62 |
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Sports Gear Co Quarterly Data
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Dec17 |
Dec18 |
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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-2.69 |
-2.99 |
-3.09 |
-2.62 |
-2.08 |
Competitive Comparison of Sports Gear Co's Beneish M-Score
For the Leisure subindustry, Sports Gear 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.
Sports Gear Co's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Sports Gear Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sports Gear Co's Beneish M-Score falls into.
Sports Gear 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 Sports Gear 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 * 1.465 | + | 0.528 * 1.178 | + | 0.404 * 1.6458 | + | 0.892 * 0.8196 | + | 0.115 * 1.1471 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1389 | + | 4.679 * -0.032998 | - | 0.327 * 1.1921 |
| = | -2.08 |
* 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$2,877 Mil.
Revenue was 4011.926 + 4027.253 + 2951.06 + 3863.042 = NT$14,853 Mil.
Gross Profit was 808.701 + 756.493 + 485.074 + 656.123 = NT$2,706 Mil.
Total Current Assets was NT$13,989 Mil.
Total Assets was NT$21,012 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,477 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$717 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,531 Mil.
Total Current Liabilities was NT$5,042 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,641 Mil.
Net Income was 339.567 + 167.345 + 81.977 + 250.027 = NT$839 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -171.262 + 200.601 + -150.97 + 1653.894 = NT$1,532 Mil.
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Total Receivables was NT$2,396 Mil.
Revenue was 3366.334 + 4777.48 + 5219.036 + 4759.363 = NT$18,122 Mil.
Gross Profit was 469.038 + 1121.182 + 1282.244 + 1017.408 = NT$3,890 Mil.
Total Current Assets was NT$13,120 Mil.
Total Assets was NT$19,327 Mil.
Property, Plant and Equipment(Net PPE) was NT$5,901 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$762 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,641 Mil.
Total Current Liabilities was NT$3,751 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,405 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) |
| = | (2877.257 / 14853.281) | / | (2396.191 / 18122.213) |
| = | 0.193712 | / | 0.132224 |
| | = | 1.465 |
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) |
| = | (3889.872 / 18122.213) | / | (2706.391 / 14853.281) |
| = | 0.214647 | / | 0.182208 |
| | = | 1.178 |
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 - (13988.638 + 6476.842) / 21011.984) | / | (1 - (13119.788 + 5901.389) / 19326.588) |
| = | 0.026009 | / | 0.015803 |
| | = | 1.6458 |
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 |
| = | 14853.281 | / | 18122.213 |
| | = | 0.8196 |
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)) |
| = | (761.591 / (761.591 + 5901.389)) | / | (716.832 / (716.832 + 6476.842)) |
| = | 0.114302 | / | 0.099648 |
| | = | 1.1471 |
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) |
| = | (1531.366 / 14853.281) | / | (1640.523 / 18122.213) |
| = | 0.1031 | / | 0.090526 |
| | = | 1.1389 |
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) |
| = | ((1640.788 + 5041.735) / 21011.984) | / | ((1405.292 + 3750.868) / 19326.588) |
| = | 0.318034 | / | 0.266791 |
| | = | 1.1921 |
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 |
| = | (838.916 - 0 | - | 1532.263) | / | 21011.984 |
| | = | -0.032998 |
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.
Sports Gear Co has a M-score of -2.08 suggests that the company is unlikely to be a manipulator.
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