Thinkware Systems Beneish M-Score Historical Data
The historical data trend for Thinkware Systems'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.
Thinkware Systems Beneish M-Score Chart
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Thinkware Systems Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.27 |
-2.51 |
-1.76 |
-1.84 |
-2.73 |
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Thinkware Systems Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.84 |
-2.20 |
-3.00 |
-3.20 |
-2.73 |
Competitive Comparison of Thinkware Systems's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Thinkware Systems'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.
Thinkware Systems's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Thinkware Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thinkware Systems's Beneish M-Score falls into.
Thinkware Systems 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 Thinkware Systems 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 * 1.1912 | + | 0.528 * 0.7695 | + | 0.404 * 0.9917 | + | 0.892 * 1.2492 | + | 0.115 * 1.1506 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1095 | + | 4.679 * -0.107203 | - | 0.327 * 1.073 |
| = | -2.73 |
* 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 ₩63,751 Mil.
Revenue was 129773.96 + 106078.845 + 110460.71 + 74305.473 = ₩420,619 Mil.
Gross Profit was 39167.745 + 34455.382 + 34612.812 + 18653.054 = ₩126,889 Mil.
Total Current Assets was ₩275,677 Mil.
Total Assets was ₩396,336 Mil.
Property, Plant and Equipment(Net PPE) was ₩75,487 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩8,436 Mil.
Selling, General, & Admin. Expense(SGA) was ₩48,215 Mil.
Total Current Liabilities was ₩176,907 Mil.
Long-Term Debt & Capital Lease Obligation was ₩9,550 Mil.
Net Income was 335.078 + 6074.608 + 8049.653 + 1132.134 = ₩15,591 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 13628.018 + 20726.068 + 16280.806 + 7444.906 = ₩58,080 Mil.
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Total Receivables was ₩42,842 Mil.
Revenue was 89285.807 + 89710.96 + 89847.568 + 67864.745 = ₩336,709 Mil.
Gross Profit was 18893.038 + 22329.906 + 19448.175 + 17494.632 = ₩78,166 Mil.
Total Current Assets was ₩231,723 Mil.
Total Assets was ₩348,001 Mil.
Property, Plant and Equipment(Net PPE) was ₩76,283 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩9,977 Mil.
Selling, General, & Admin. Expense(SGA) was ₩34,787 Mil.
Total Current Liabilities was ₩133,484 Mil.
Long-Term Debt & Capital Lease Obligation was ₩19,095 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) |
| = | (63750.525 / 420618.988) | / | (42841.551 / 336709.08) |
| = | 0.151564 | / | 0.127236 |
| | = | 1.1912 |
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) |
| = | (78165.751 / 336709.08) | / | (126888.993 / 420618.988) |
| = | 0.232146 | / | 0.301672 |
| | = | 0.7695 |
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 - (275677.085 + 75487.132) / 396336.071) | / | (1 - (231723.489 + 76283.126) / 348000.784) |
| = | 0.113974 | / | 0.114926 |
| | = | 0.9917 |
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 |
| = | 420618.988 | / | 336709.08 |
| | = | 1.2492 |
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)) |
| = | (9976.87 / (9976.87 + 76283.126)) | / | (8436.43 / (8436.43 + 75487.132)) |
| = | 0.11566 | / | 0.100525 |
| | = | 1.1506 |
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) |
| = | (48214.61 / 420618.988) | / | (34787.282 / 336709.08) |
| = | 0.114628 | / | 0.103316 |
| | = | 1.1095 |
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) |
| = | ((9549.541 + 176907.077) / 396336.071) | / | ((19094.674 + 133483.651) / 348000.784) |
| = | 0.470451 | / | 0.438442 |
| | = | 1.073 |
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 |
| = | (15591.473 - 0 | - | 58079.798) | / | 396336.071 |
| | = | -0.107203 |
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.
Thinkware Systems has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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