VTech Holdings Beneish M-Score Historical Data
The historical data trend for VTech Holdings'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.
VTech Holdings Beneish M-Score Chart
|
VTech Holdings Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.81 |
-2.81 |
-2.49 |
-2.22 |
-3.02 |
|
VTech Holdings Semi-Annual Data
|
|
Mar14 |
Sep14 |
Mar15 |
Sep15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-2.22 |
- |
-3.02 |
- |
Competitive Comparison of VTech Holdings's Beneish M-Score
For the Communication Equipment subindustry, VTech Holdings'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.
VTech Holdings's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, VTech Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VTech Holdings's Beneish M-Score falls into.
VTech Holdings 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 VTech Holdings 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 * 0.7712 | + | 0.528 * 0.9985 | + | 0.404 * 1.0612 | + | 0.892 * 0.9457 | + | 0.115 * 1.0111 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0327 | + | 4.679 * -0.067961 | - | 0.327 * 0.9538 |
| = | -3.02 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $277 Mil.
Revenue was $2,242 Mil.
Gross Profit was $634 Mil.
Total Current Assets was $1,009 Mil.
Total Assets was $1,318 Mil.
Property, Plant and Equipment(Net PPE) was $238 Mil.
Depreciation, Depletion and Amortization(DDA) was $57 Mil.
Selling, General, & Admin. Expense(SGA) was $372 Mil.
Total Current Liabilities was $517 Mil.
Long-Term Debt & Capital Lease Obligation was $163 Mil.
Net Income was $149 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $239 Mil.
|
Total Receivables was $380 Mil.
Revenue was $2,371 Mil.
Gross Profit was $669 Mil.
Total Current Assets was $1,142 Mil.
Total Assets was $1,487 Mil.
Property, Plant and Equipment(Net PPE) was $268 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General, & Admin. Expense(SGA) was $381 Mil.
Total Current Liabilities was $628 Mil.
Long-Term Debt & Capital Lease Obligation was $177 Mil.
|
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) |
| = | (277.2 / 2241.7) | / | (380.1 / 2370.5) |
| = | 0.123656 | / | 0.160346 |
| | = | 0.7712 |
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) |
| = | (669.1 / 2370.5) | / | (633.7 / 2241.7) |
| = | 0.282261 | / | 0.282687 |
| | = | 0.9985 |
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 - (1008.8 + 237.7) / 1318.4) | / | (1 - (1142.2 + 268.1) / 1486.7) |
| = | 0.054536 | / | 0.051389 |
| | = | 1.0612 |
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 |
| = | 2241.7 | / | 2370.5 |
| | = | 0.9457 |
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)) |
| = | (64.6 / (64.6 + 268.1)) | / | (56.5 / (56.5 + 237.7)) |
| = | 0.194169 | / | 0.192046 |
| | = | 1.0111 |
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) |
| = | (371.6 / 2241.7) | / | (380.5 / 2370.5) |
| = | 0.165767 | / | 0.160515 |
| | = | 1.0327 |
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) |
| = | ((163.3 + 517.2) / 1318.4) | / | ((176.5 + 628) / 1486.7) |
| = | 0.516156 | / | 0.541131 |
| | = | 0.9538 |
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 |
| = | (149.2 - 0 | - | 238.8) | / | 1318.4 |
| | = | -0.067961 |
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.
VTech Holdings has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
VTKLF has been successfully added to your