Cognex Beneish M-Score Historical Data
The historical data trend for Cognex'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.
Cognex Beneish M-Score Chart
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Cognex Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-2.48 |
-2.51 |
-2.59 |
-2.58 |
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Cognex Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.66 |
-2.73 |
-2.22 |
-2.58 |
Competitive Comparison of Cognex's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Cognex'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.
Cognex's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Cognex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cognex's Beneish M-Score falls into.
Cognex 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 Cognex 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 * 1.0974 | + | 0.528 * 0.9995 | + | 0.404 * 1.0005 | + | 0.892 * 0.8325 | + | 0.115 * 1.3276 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3053 | + | 4.679 * -0.00611 | - | 0.327 * 0.9786 |
| = | -2.58 |
* 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 $116.6 Mil.
Revenue was 196.67 + 197.241 + 242.512 + 201.124 = $837.5 Mil.
Gross Profit was 135.044 + 142.774 + 179.683 + 143.74 = $601.2 Mil.
Total Current Assets was $679.0 Mil.
Total Assets was $2,017.8 Mil.
Property, Plant and Equipment(Net PPE) was $181.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.9 Mil.
Selling, General, & Admin. Expense(SGA) was $339.1 Mil.
Total Current Liabilities was $151.9 Mil.
Long-Term Debt & Capital Lease Obligation was $69.0 Mil.
Net Income was 11.229 + 18.916 + 57.474 + 25.615 = $113.2 Mil.
Non Operating Income was 4.375 + -0.885 + 5.102 + 4.054 = $12.6 Mil.
Cash Flow from Operations was 14.491 + 41.023 + 29.849 + 27.553 = $112.9 Mil.
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Total Receivables was $127.6 Mil.
Revenue was 239.433 + 209.622 + 274.628 + 282.407 = $1,006.1 Mil.
Gross Profit was 169.564 + 152.239 + 196.485 + 203.617 = $721.9 Mil.
Total Current Assets was $717.7 Mil.
Total Assets was $1,958.1 Mil.
Property, Plant and Equipment(Net PPE) was $117.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.6 Mil.
Selling, General, & Admin. Expense(SGA) was $312.1 Mil.
Total Current Liabilities was $187.7 Mil.
Long-Term Debt & Capital Lease Obligation was $31.3 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) |
| = | (116.566 / 837.547) | / | (127.596 / 1006.09) |
| = | 0.139175 | / | 0.126824 |
| | = | 1.0974 |
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) |
| = | (721.905 / 1006.09) | / | (601.241 / 837.547) |
| = | 0.717535 | / | 0.717859 |
| | = | 0.9995 |
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 - (678.997 + 180.964) / 2017.812) | / | (1 - (717.699 + 117.396) / 1958.14) |
| = | 0.573815 | / | 0.573526 |
| | = | 1.0005 |
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 |
| = | 837.547 | / | 1006.09 |
| | = | 0.8325 |
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)) |
| = | (19.621 / (19.621 + 117.396)) | / | (21.88 / (21.88 + 180.964)) |
| = | 0.143201 | / | 0.107866 |
| | = | 1.3276 |
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) |
| = | (339.139 / 837.547) | / | (312.107 / 1006.09) |
| = | 0.404919 | / | 0.310218 |
| | = | 1.3053 |
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) |
| = | ((68.977 + 151.884) / 2017.812) | / | ((31.298 + 187.708) / 1958.14) |
| = | 0.109456 | / | 0.111844 |
| | = | 0.9786 |
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 |
| = | (113.234 - 12.646 | - | 112.916) | / | 2017.812 |
| | = | -0.00611 |
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.
Cognex has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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