ASMLF (ASML Holding NV) Beneish M-Score : -3.07 (As of Mar. 24, 2025)

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What is ASML Holding NV Beneish M-Score?

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 -3.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASMLF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.5 Max: -1.76
Current: -3.07

During the past 13 years, the highest Beneish M-Score of ASML Holding NV was -1.76. The lowest was -3.14. And the median was -2.50.

ASML Holding NV Beneish M-Score Historical Data

The historical data trend for ASML Holding NV'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.

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ASML Holding NV Beneish M-Score Chart

ASML Holding NV Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.59

-3.14

-2.48

-2.08

-3.07

ASML Holding NV Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.08	-2.04	-2.25	-2.22	-3.07

Competitive Comparison of ASML Holding NV's Beneish M-Score

For the Semiconductor Equipment & Materials subindustry, ASML Holding NV'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.

ASML Holding NV's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, ASML Holding NV's Beneish M-Score distribution charts can be found below:

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

ASML Holding NV 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 ASML Holding NV for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7027

0.528 * 1.0005

0.404 * 0.8943

0.892 * 1.025

0.115 * 0.9676

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0228

4.679 * -0.071057

0.327 * 0.9334

-3.09

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was $5,700 Mil.
Revenue was 9699.267 + 8287.791 + 6719.914 + 5750 = $30,457 Mil.
Gross Profit was 5015.497 + 4210.211 + 3457.696 + 2931.087 = $15,614 Mil.
Total Current Assets was $32,186 Mil.
Total Assets was $50,879 Mil.
Property, Plant and Equipment(Net PPE) was $7,575 Mil.
Depreciation, Depletion and Amortization(DDA) was $992 Mil.
Selling, General, & Admin. Expense(SGA) was $1,258 Mil.
Total Current Liabilities was $20,996 Mil.
Long-Term Debt & Capital Lease Obligation was $3,851 Mil.
Net Income was 2820.314 + 2304.661 + 1698.493 + 1330.217 = $8,154 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 9994.555 + 1054.273 + 993.972 + -273.804 = $11,769 Mil.

Total Receivables was $7,914 Mil.
Revenue was 7892.039 + 7121.665 + 7478.115 + 7222.912 = $29,715 Mil.
Gross Profit was 4053.762 + 3694.344 + 3839.653 + 3654.39 = $15,242 Mil.
Total Current Assets was $26,602 Mil.
Total Assets was $43,574 Mil.
Property, Plant and Equipment(Net PPE) was $6,325 Mil.
Depreciation, Depletion and Amortization(DDA) was $798 Mil.
Selling, General, & Admin. Expense(SGA) was $1,200 Mil.
Total Current Liabilities was $17,748 Mil.
Long-Term Debt & Capital Lease Obligation was $5,051 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)
	=	(5699.895 / 30456.972)	/	(7913.631 / 29714.731)
	=	0.187146	/	0.26632
	=	0.7027

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)
	=	(15242.149 / 29714.731)	/	(15614.491 / 30456.972)
	=	0.512949	/	0.512674
	=	1.0005

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 - (32185.759 + 7574.869) / 50879.162)	/	(1 - (26601.854 + 6324.755) / 43574.155)
	=	0.218528	/	0.244355
	=	0.8943

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
	=	30456.972	/	29714.731
	=	1.025

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))
	=	(797.995 / (797.995 + 6324.755))	/	(991.884 / (991.884 + 7574.869))
	=	0.112035	/	0.115783
	=	0.9676

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)
	=	(1258.272 / 30456.972)	/	(1200.209 / 29714.731)
	=	0.041313	/	0.040391
	=	1.0228

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)
	=	((3850.576 + 20996.23) / 50879.162)	/	((5050.709 + 17747.764) / 43574.155)
	=	0.488349	/	0.523211
	=	0.9334

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
	=	(8153.685 - 0	-	11768.996)	/	50879.162
	=	-0.071057

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.

ASML Holding NV has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.

ASML Holding NV Beneish M-Score Related Terms

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ASML Holding NV Business Description

Industry

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Address

De Run 6501, Veldhoven, NB, NLD, 5504 DR

Website

https://www.asml.com

ASML is the leader in photolithography systems used in manufacturing semiconductors. Photolithography is the process in which a light source is used to expose circuit patterns from a photo mask onto a semiconductor wafer. The latest technological advances in this segment allow chipmakers to continually increase the number of transistors on the same area of silicon, with lithography historically representing a high portion of the cost of making cutting-edge chips. ASML outsources the manufacturing of most of its parts, acting like an assembler. ASML's main clients are TSMC, Samsung, and Intel.