Avalon Technologies Beneish M-Score Historical Data
The historical data trend for Avalon Technologies'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.
Avalon Technologies Beneish M-Score Chart
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Avalon Technologies Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-2.16 |
-2.11 |
-1.97 |
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Avalon Technologies Quarterly Data
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Mar20 |
Mar21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.97 |
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Competitive Comparison of Avalon Technologies's Beneish M-Score
For the Electronic Components subindustry, Avalon Technologies'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.
Avalon Technologies's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Avalon Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Avalon Technologies's Beneish M-Score falls into.
Avalon Technologies 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 Avalon Technologies 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 * 0.9791 | + | 0.528 * 1.0146 | + | 0.404 * 2.1511 | + | 0.892 * 0.9178 | + | 0.115 * 0.9987 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2072 | + | 4.679 * 0.011492 | - | 0.327 * 0.6702 |
| = | -1.97 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹1,882 Mil.
Revenue was ₹8,651 Mil.
Gross Profit was ₹3,128 Mil.
Total Current Assets was ₹7,088 Mil.
Total Assets was ₹9,308 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,689 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹229 Mil.
Selling, General, & Admin. Expense(SGA) was ₹250 Mil.
Total Current Liabilities was ₹2,804 Mil.
Long-Term Debt & Capital Lease Obligation was ₹349 Mil.
Net Income was ₹280 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹173 Mil.
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Total Receivables was ₹2,095 Mil.
Revenue was ₹9,427 Mil.
Gross Profit was ₹3,458 Mil.
Total Current Assets was ₹10,120 Mil.
Total Assets was ₹11,887 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,452 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹197 Mil.
Selling, General, & Admin. Expense(SGA) was ₹226 Mil.
Total Current Liabilities was ₹5,443 Mil.
Long-Term Debt & Capital Lease Obligation was ₹565 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) |
| = | (1882.33 / 8651.4) | / | (2094.75 / 9426.52) |
| = | 0.217575 | / | 0.222219 |
| | = | 0.9791 |
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) |
| = | (3458.1 / 9426.52) | / | (3128.08 / 8651.4) |
| = | 0.366848 | / | 0.361569 |
| | = | 1.0146 |
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 - (7087.85 + 1689.14) / 9307.62) | / | (1 - (10120.33 + 1452.07) / 11887.45) |
| = | 0.05701 | / | 0.026503 |
| | = | 2.1511 |
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 |
| = | 8651.4 | / | 9426.52 |
| | = | 0.9178 |
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)) |
| = | (196.55 / (196.55 + 1452.07)) | / | (228.98 / (228.98 + 1689.14)) |
| = | 0.119221 | / | 0.119377 |
| | = | 0.9987 |
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) |
| = | (250.4 / 8651.4) | / | (226 / 9426.52) |
| = | 0.028943 | / | 0.023975 |
| | = | 1.2072 |
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) |
| = | ((349.2 + 2803.88) / 9307.62) | / | ((565.3 + 5443.24) / 11887.45) |
| = | 0.338763 | / | 0.505452 |
| | = | 0.6702 |
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 |
| = | (279.85 - 0 | - | 172.89) | / | 9307.62 |
| | = | 0.011492 |
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.
Avalon Technologies has a M-score of -1.97 suggests that the company is unlikely to be a manipulator.
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