FormFactor Beneish M-Score Historical Data
The historical data trend for FormFactor'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.
FormFactor Beneish M-Score Chart
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FormFactor Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.98 |
-2.84 |
-2.64 |
-3.03 |
-2.51 |
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FormFactor Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.89 |
-2.51 |
-2.91 |
-2.63 |
-2.43 |
Competitive Comparison of FormFactor's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, FormFactor'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.
FormFactor's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, FormFactor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FormFactor's Beneish M-Score falls into.
FormFactor 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 FormFactor 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 * 1.1696 | + | 0.528 * 0.8763 | + | 0.404 * 0.9466 | + | 0.892 * 1.1231 | + | 0.115 * 0.9887 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.876 | + | 4.679 * -0.041105 | - | 0.327 * 0.859 |
| = | -2.43 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $116.9 Mil.
Revenue was 207.917 + 197.474 + 168.725 + 168.163 = $742.3 Mil.
Gross Profit was 84.705 + 86.9 + 62.738 + 67.934 = $302.3 Mil.
Total Current Assets was $614.8 Mil.
Total Assets was $1,153.8 Mil.
Property, Plant and Equipment(Net PPE) was $229.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.6 Mil.
Selling, General, & Admin. Expense(SGA) was $138.0 Mil.
Total Current Liabilities was $129.2 Mil.
Long-Term Debt & Capital Lease Obligation was $32.2 Mil.
Net Income was 18.736 + 19.392 + 21.781 + 75.846 = $135.8 Mil.
Non Operating Income was -0.558 + 0.67 + 20.791 + 71.407 = $92.3 Mil.
Cash Flow from Operations was 26.731 + 21.878 + 33.012 + 9.25 = $90.9 Mil.
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Total Receivables was $89.0 Mil.
Revenue was 171.575 + 155.916 + 167.448 + 165.987 = $660.9 Mil.
Gross Profit was 69.285 + 60.283 + 61.078 + 45.203 = $235.8 Mil.
Total Current Assets was $506.6 Mil.
Total Assets was $1,033.0 Mil.
Property, Plant and Equipment(Net PPE) was $233.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.8 Mil.
Selling, General, & Admin. Expense(SGA) was $140.3 Mil.
Total Current Liabilities was $129.5 Mil.
Long-Term Debt & Capital Lease Obligation was $38.7 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) |
| = | (116.866 / 742.279) | / | (88.965 / 660.926) |
| = | 0.157442 | / | 0.134607 |
| | = | 1.1696 |
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) |
| = | (235.849 / 660.926) | / | (302.277 / 742.279) |
| = | 0.356846 | / | 0.407228 |
| | = | 0.8763 |
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 - (614.782 + 229.142) / 1153.783) | / | (1 - (506.585 + 233.334) / 1032.967) |
| = | 0.268559 | / | 0.283695 |
| | = | 0.9466 |
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 |
| = | 742.279 | / | 660.926 |
| | = | 1.1231 |
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)) |
| = | (32.815 / (32.815 + 233.334)) | / | (32.647 / (32.647 + 229.142)) |
| = | 0.123296 | / | 0.124707 |
| | = | 0.9887 |
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) |
| = | (138.011 / 742.279) | / | (140.272 / 660.926) |
| = | 0.185929 | / | 0.212236 |
| | = | 0.876 |
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) |
| = | ((32.219 + 129.176) / 1153.783) | / | ((38.682 + 129.526) / 1032.967) |
| = | 0.139883 | / | 0.16284 |
| | = | 0.859 |
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 |
| = | (135.755 - 92.31 | - | 90.871) | / | 1153.783 |
| | = | -0.041105 |
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.
FormFactor has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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