InBody Co Beneish M-Score Historical Data
The historical data trend for InBody 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.
InBody Co Beneish M-Score Chart
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InBody 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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-2.94 |
-2.67 |
-1.57 |
-2.36 |
-2.38 |
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InBody Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-2.48 |
-2.81 |
-2.39 |
-2.38 |
Competitive Comparison of InBody Co's Beneish M-Score
For the Medical Devices subindustry, InBody 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.
InBody Co's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, InBody Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where InBody Co's Beneish M-Score falls into.
InBody 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 InBody 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 * 0.9049 | + | 0.528 * 0.9732 | + | 0.404 * 1.3755 | + | 0.892 * 1.0647 | + | 0.115 * 0.9509 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1909 | + | 4.679 * -0.007153 | - | 0.327 * 0.7932 |
| = | -2.38 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₩17,489 Mil.
Revenue was 41911.899 + 44751.98 + 40660.352 + 43026.999 = ₩170,351 Mil.
Gross Profit was 32851.989 + 35479.356 + 31459.947 + 32663.569 = ₩132,455 Mil.
Total Current Assets was ₩148,964 Mil.
Total Assets was ₩274,456 Mil.
Property, Plant and Equipment(Net PPE) was ₩85,909 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,961 Mil.
Selling, General, & Admin. Expense(SGA) was ₩32,646 Mil.
Total Current Liabilities was ₩17,451 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,636 Mil.
Net Income was 7276.461 + 12052.829 + 7045.361 + 10348.172 = ₩36,723 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 11936.046 + 5515.038 + 11073.886 + 10161.154 = ₩38,686 Mil.
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Total Receivables was ₩18,153 Mil.
Revenue was 43083.345 + 38892.428 + 39427.952 + 38600.05 = ₩160,004 Mil.
Gross Profit was 34671.158 + 27967.318 + 29154.391 + 29278.707 = ₩121,072 Mil.
Total Current Assets was ₩135,489 Mil.
Total Assets was ₩242,665 Mil.
Property, Plant and Equipment(Net PPE) was ₩81,731 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,374 Mil.
Selling, General, & Admin. Expense(SGA) was ₩25,747 Mil.
Total Current Liabilities was ₩19,205 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,301 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) |
| = | (17488.633 / 170351.23) | / | (18152.582 / 160003.775) |
| = | 0.102662 | / | 0.113451 |
| | = | 0.9049 |
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) |
| = | (121071.574 / 160003.775) | / | (132454.861 / 170351.23) |
| = | 0.756679 | / | 0.77754 |
| | = | 0.9732 |
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 - (148963.799 + 85908.704) / 274456.138) | / | (1 - (135489.178 + 81730.967) / 242665.327) |
| = | 0.144226 | / | 0.104857 |
| | = | 1.3755 |
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 |
| = | 170351.23 | / | 160003.775 |
| | = | 1.0647 |
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)) |
| = | (5373.983 / (5373.983 + 81730.967)) | / | (5960.591 / (5960.591 + 85908.704)) |
| = | 0.061695 | / | 0.064881 |
| | = | 0.9509 |
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) |
| = | (32645.827 / 170351.23) | / | (25747.229 / 160003.775) |
| = | 0.191638 | / | 0.160916 |
| | = | 1.1909 |
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) |
| = | ((3636.17 + 17451.048) / 274456.138) | / | ((4301.487 + 19204.628) / 242665.327) |
| = | 0.076833 | / | 0.096866 |
| | = | 0.7932 |
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 |
| = | (36722.823 - 0 | - | 38686.124) | / | 274456.138 |
| | = | -0.007153 |
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.
InBody Co has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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