ASM International NV (CHIX:ASMA) Beneish M-Score : -2.35 (As of Mar. 03, 2025)

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What is ASM International 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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHIX:ASMa' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -2.31 Max: -1.74
Current: -2.35

During the past 13 years, the highest Beneish M-Score of ASM International NV was -1.74. The lowest was -2.81. And the median was -2.31.

ASM International NV Beneish M-Score Historical Data

The historical data trend for ASM International 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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ASM International NV Beneish M-Score Chart

ASM International NV Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.14

-1.88

-2.44

-2.56

-2.35

ASM International 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															-2.56	-2.48	-2.45	-2.49	-2.35

Competitive Comparison of ASM International NV's Beneish M-Score

For the Semiconductor Equipment & Materials subindustry, ASM International 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.

ASM International NV's Beneish M-Score Distribution in the Semiconductors Industry

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

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

ASM International 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 ASM International 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 * 1.3901

0.528 * 0.9557

0.404 * 0.9041

0.892 * 1.1133

0.115 * 1.1192

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9222

4.679 * -0.041054

0.327 * 1.316

-2.35

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was €847 Mil.
Revenue was 809.01 + 778.591 + 706.114 + 639.01 = €2,933 Mil.
Gross Profit was 407.157 + 384.422 + 351.977 + 337.819 = €1,481 Mil.
Total Current Assets was €2,415 Mil.
Total Assets was €5,162 Mil.
Property, Plant and Equipment(Net PPE) was €629 Mil.
Depreciation, Depletion and Amortization(DDA) was €196 Mil.
Selling, General, & Admin. Expense(SGA) was €317 Mil.
Total Current Liabilities was €1,200 Mil.
Long-Term Debt & Capital Lease Obligation was €24 Mil.
Net Income was 225.763 + 127.884 + 159.021 + 173.066 = €686 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 265.022 + 295.248 + 194.997 + 142.384 = €898 Mil.

Total Receivables was €547 Mil.
Revenue was 632.895 + 622.265 + 669.144 + 710.028 = €2,634 Mil.
Gross Profit was 298.692 + 299.389 + 323.055 + 350.56 = €1,272 Mil.
Total Current Assets was €1,809 Mil.
Total Assets was €4,227 Mil.
Property, Plant and Equipment(Net PPE) was €500 Mil.
Depreciation, Depletion and Amortization(DDA) was €181 Mil.
Selling, General, & Admin. Expense(SGA) was €309 Mil.
Total Current Liabilities was €739 Mil.
Long-Term Debt & Capital Lease Obligation was €23 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)
	=	(846.703 / 2932.725)	/	(547.119 / 2634.332)
	=	0.288709	/	0.207688
	=	1.3901

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)
	=	(1271.696 / 2634.332)	/	(1481.375 / 2932.725)
	=	0.482739	/	0.505119
	=	0.9557

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 - (2415.324 + 628.965) / 5161.92)	/	(1 - (1808.875 + 499.941) / 4226.727)
	=	0.410241	/	0.453758
	=	0.9041

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
	=	2932.725	/	2634.332
	=	1.1133

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))
	=	(180.897 / (180.897 + 499.941))	/	(195.799 / (195.799 + 628.965))
	=	0.265698	/	0.2374
	=	1.1192

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)
	=	(316.81 / 2932.725)	/	(308.6 / 2634.332)
	=	0.108026	/	0.117145
	=	0.9222

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)
	=	((23.588 + 1200.233) / 5161.92)	/	((22.684 + 738.781) / 4226.727)
	=	0.237086	/	0.180155
	=	1.316

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
	=	(685.734 - 0	-	897.651)	/	5161.92
	=	-0.041054

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.

ASM International NV has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.

ASM International NV Beneish M-Score Related Terms

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ASM International NV Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

ASMXF:USA ASMIY:USA ASM:Netherlands ASM1:Mexico 0NX3:UK AVS:Germany ASMI:Austria

Address

Versterkerstraat 8, Almere, FL, NLD, 1322 AP

Website

https://www.asm.com

ASM International is a Dutch company that provides deposition equipment for the fabrication of integrated circuits. It is the leader in atomic layer deposition, or ALD, a precise deposition technique that is required in the most advanced semiconductors. ASM's main clients are foundries TSMC, Samsung, and Intel. Foundries and wafer fab equipment providers like ASM work closely, which gives the firm insight into the customer's innovation and product road maps. Once a machine is established in a fab, it can generate service revenue for decades.

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