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eMagin Beneish M-Score

: -2.12 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for eMagin's Beneish M-Score or its related term are showing as below:

AMEX:EMAN' s Beneish M-Score Range Over the Past 10 Years
Min: -36.84   Med: -3.02   Max: 35.53
Current: -2.12

-36.84
35.53

During the past 13 years, the highest Beneish M-Score of eMagin was 35.53. The lowest was -36.84. And the median was -3.02.


eMagin Beneish M-Score Historical Data

The historical data trend for eMagin'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.

* Premium members only.

eMagin Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.97 -2.03 -3.36 -2.85 -2.59

eMagin Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.44 -2.59 -2.83 -3.12 -2.12

Competitive Comparison

For the Electronic Components subindustry, eMagin'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.

   

eMagin Beneish M-Score Distribution

For the Hardware industry and Technology sector, eMagin's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where eMagin's Beneish M-Score falls into.



eMagin 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 eMagin 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 * 1.4992+0.528 * 1.7296+0.404 * 0.2133+0.892 * 0.912+0.115 * 2.0781
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.24+4.679 * -0.0261-0.327 * 1.144
=-2.12

* 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 (Sep21) TTM:Last Year (Sep20) TTM:
Accounts Receivable was $4.35 Mil.
Revenue was 5.782 + 6.279 + 6.773 + 7.682 = $26.52 Mil.
Gross Profit was 0.559 + 0.571 + 1.708 + 1.263 = $4.10 Mil.
Total Current Assets was $22.97 Mil.
Total Assets was $52.36 Mil.
Property, Plant and Equipment(Net PPE) was $29.35 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.92 Mil.
Selling, General, & Admin. Expense(SGA) was $7.95 Mil.
Total Current Liabilities was $11.86 Mil.
Long-Term Debt & Capital Lease Obligation was $11.64 Mil.
Net Income was 1.306 + -0.278 + -7.378 + -3.717 = $-10.07 Mil.
Non Operating Income was 4.829 + 2.834 + -5.21 + -1.258 = $1.20 Mil.
Cash Flow from Operations was -4.643 + -0.898 + -1.154 + -3.203 = $-9.90 Mil.
Accounts Receivable was $3.18 Mil.
Revenue was 7.311 + 7.7 + 6.731 + 7.334 = $29.08 Mil.
Gross Profit was 1.692 + 1.976 + 1.434 + 2.676 = $7.78 Mil.
Total Current Assets was $25.22 Mil.
Total Assets was $36.66 Mil.
Property, Plant and Equipment(Net PPE) was $11.31 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.62 Mil.
Selling, General, & Admin. Expense(SGA) was $7.03 Mil.
Total Current Liabilities was $10.72 Mil.
Long-Term Debt & Capital Lease Obligation was $3.67 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(4.345 / 26.516) / (3.178 / 29.076)
=0.16386333 / 0.10929977
=1.4992

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)
=(7.778 / 29.076) / (4.101 / 26.516)
=0.26750585 / 0.15466134
=1.7296

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 - (22.971 + 29.349) / 52.359) / (1 - (25.221 + 11.313) / 36.662)
=0.00074486 / 0.00349135
=0.2133

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
=26.516 / 29.076
=0.912

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))
=(2.615 / (2.615 + 11.313)) / (2.915 / (2.915 + 29.349))
=0.18775129 / 0.09034838
=2.0781

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)
=(7.95 / 26.516) / (7.03 / 29.076)
=0.29981898 / 0.24178016
=1.24

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)
=((11.641 + 11.862) / 52.359) / ((3.669 + 10.716) / 36.662)
=0.44888176 / 0.39236812
=1.144

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
=(-10.067 - 1.195 - -9.898) / 52.359
=-0.0261

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.

eMagin has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.


eMagin Business Description

eMagin logo
Industry
Technology » Hardware NAICS : 334419 SIC : 3679
Traded in Other Exchanges
Address
700 South Drive, Suite 201, Hopewell Junction, NY, USA, 12533
eMagin Corp designs, develop, manufactures, and markets organic light-emitting diode, or OLED miniature displays, OLED-on-silicon microdisplays, virtual imaging products that utilize OLED micro displays, and related products. The company's OLED displays are used in a variety of products, including military aviation helmets, military weapons sights & targeting systems, night vision & thermal imaging devices, training & simulation, visualization for ocular surgery, mobile ultrasound, and augmented reality applications. Its geographical segments are North & South America; Europe, Middle East, & Africa; and the Asia Pacific.
Executives
Cronson Paul C director C/O LARKSPUR CORP 445 PARK AVE NEW YORK NY 10022
Wittels Jill director 3006 NORTHUP WAY #103 BELLEVUE WA 98004
Richstone Ellen B director C/O SONUS NETWORKS, INC. 7 TECHNOLOGY PARK DRIVE WESTFORD MA 01886
Seay Stephen director 10500 N.E. 8TH STREET, SUITE 1400 BELLEVUE WA 98004
Sculley Andrew George Jr officer: President/CEO 260 BRIAR DRIVE MARTINEZ CA 94553
Braddom Eric director C/O EMAGIN CORPORATION 2070 ROUTE 52 BLDG 334 HOPEWELL JUNCTION NY 12533
Koch Mark A officer: CFO C/O DEL GLOBAL TECHNOLOGIES CORP. ONE COMMERCE PARK VALHALLA NY 10595
Awm Investment Company, Inc. 10 percent owner 527 MADISON AVENUE SUITE 2600 NEW YORK NY 10022
Brody Christopher Scott director STILLWATER LLC 655 MADISON AVE NEW YORK NY 10065
Costello Stephen officer: S V P Strategic Partnerships C/O EMAGIN CORPORATION 2070 ROUTE 52 BUILDING 334 HOPEWELL JUNCTION NY 12533
Polgar Leslie G director 3006 NORTHUP WAY SUITE 103 BELLEVUE WA 98004
Saltarelli Joseph other: Sr. VP of Manufacturing C/O EMAGIN CORPORATION 2070 ROUTE 52 BLDG 334 HOPEWELL JUNCTION NY 12533
Lucas Jeffrey P officer: Chief Financial Officer C/O EMAGIN CORP. 2070 ROUTE 52 HOPEWELL JUNCTION NY 12533
Ghosh Amalkumar officer: Sr. VP, R&D 2070 ROUTE 52 HOPEWELL JUNCTION NY 12533
Olivier Prache officer: Sr. VP Product Development 213 MANVILLE ROAD PLEASANTVILLE NY 10570

eMagin Headlines

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