Novomics Co Beneish M-Score Historical Data
The historical data trend for Novomics 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.
Novomics Co Beneish M-Score Chart
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Novomics Co Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
3.07 |
-2.89 |
-10.38 |
-3.11 |
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Novomics Co Semi-Annual Data
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
- |
3.07 |
-2.89 |
-10.38 |
-3.11 |
Competitive Comparison of Novomics Co's Beneish M-Score
For the Biotechnology subindustry, Novomics 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.
Novomics Co's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Novomics Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Novomics Co's Beneish M-Score falls into.
Novomics 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 Novomics 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 * 1.1772 | + | 0.528 * 1.5167 | + | 0.404 * 1.005 | + | 0.892 * 0.9227 | + | 0.115 * 0.7776 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7118 | + | 4.679 * -0.20919 | - | 0.327 * 1.1488 |
| = | -3.11 |
* 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 ₩68.6 Mil.
Revenue was ₩190.1 Mil.
Gross Profit was ₩42.8 Mil.
Total Current Assets was ₩2,183.4 Mil.
Total Assets was ₩4,542.7 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,142.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩729.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₩891.6 Mil.
Total Current Liabilities was ₩11,052.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₩110.8 Mil.
Net Income was ₩-4,425.8 Mil.
Gross Profit was ₩0.0 Mil.
Cash Flow from Operations was ₩-3,475.6 Mil.
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Total Receivables was ₩63.2 Mil.
Revenue was ₩206.0 Mil.
Gross Profit was ₩70.3 Mil.
Total Current Assets was ₩1,978.4 Mil.
Total Assets was ₩4,899.1 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,614.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩701.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,357.6 Mil.
Total Current Liabilities was ₩10,088.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₩390.8 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) |
| = | (68.639 / 190.103) | / | (63.195 / 206.034) |
| = | 0.361062 | / | 0.306721 |
| | = | 1.1772 |
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) |
| = | (70.324 / 206.034) | / | (42.781 / 190.103) |
| = | 0.341322 | / | 0.225041 |
| | = | 1.5167 |
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 - (2183.357 + 1142.124) / 4542.712) | / | (1 - (1978.408 + 1614.423) / 4899.07) |
| = | 0.267952 | / | 0.26663 |
| | = | 1.005 |
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 |
| = | 190.103 | / | 206.034 |
| | = | 0.9227 |
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)) |
| = | (701.745 / (701.745 + 1614.423)) | / | (729.138 / (729.138 + 1142.124)) |
| = | 0.302977 | / | 0.38965 |
| | = | 0.7776 |
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) |
| = | (891.621 / 190.103) | / | (1357.554 / 206.034) |
| = | 4.6902 | / | 6.58898 |
| | = | 0.7118 |
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) |
| = | ((110.79 + 11052.316) / 4542.712) | / | ((390.829 + 10088.396) / 4899.07) |
| = | 2.457366 | / | 2.139023 |
| | = | 1.1488 |
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 |
| = | (-4425.846 - 0 | - | -3475.555) | / | 4542.712 |
| | = | -0.20919 |
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.
Novomics Co has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.
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