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 Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.98 |
-2.84 |
-2.64 |
-3.03 |
-2.53 |
|
FormFactor Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.03 |
-2.76 |
-2.78 |
-2.91 |
-2.53 |
Competitive Comparison
For the Semiconductors 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 Beneish M-Score Distribution
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 * 1.3175 | + | 0.528 * 1.0149 | + | 0.404 * 0.8691 | + | 0.892 * 0.8866 | + | 0.115 * 1.067 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1464 | + | 4.679 * -0.05066 | - | 0.327 * 0.8068 |
| = | -2.53 |
* 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 $103.0 Mil.
Revenue was 168.163 + 171.575 + 155.916 + 167.448 = $663.1 Mil.
Gross Profit was 67.934 + 69.285 + 60.283 + 61.078 = $258.6 Mil.
Total Current Assets was $573.8 Mil.
Total Assets was $1,106.8 Mil.
Property, Plant and Equipment(Net PPE) was $234.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $37.5 Mil.
Selling, General, & Admin. Expense(SGA) was $137.3 Mil.
Total Current Liabilities was $131.1 Mil.
Long-Term Debt & Capital Lease Obligation was $38.6 Mil.
Net Income was 75.846 + 4.371 + 0.828 + 1.342 = $82.4 Mil.
Non Operating Income was 72.594 + 0.788 + 0.45 + 0.023 = $73.9 Mil.
Cash Flow from Operations was 9.25 + 20.571 + 22.472 + 12.309 = $64.6 Mil.
|
Total Receivables was $88.1 Mil.
Revenue was 165.987 + 180.869 + 203.907 + 197.174 = $747.9 Mil.
Gross Profit was 45.203 + 62.213 + 94.369 + 94.224 = $296.0 Mil.
Total Current Assets was $474.6 Mil.
Total Assets was $1,008.2 Mil.
Property, Plant and Equipment(Net PPE) was $221.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $38.0 Mil.
Selling, General, & Admin. Expense(SGA) was $135.1 Mil.
Total Current Liabilities was $149.7 Mil.
Long-Term Debt & Capital Lease Obligation was $42.0 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) |
| = | (102.957 / 663.102) | / | (88.143 / 747.937) |
| = | 0.155266 | / | 0.117848 |
| | = | 1.3175 |
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) |
| = | (296.009 / 747.937) | / | (258.58 / 663.102) |
| = | 0.395767 | / | 0.389955 |
| | = | 1.0149 |
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 - (573.78 + 234.918) / 1106.794) | / | (1 - (474.552 + 221.21) / 1008.228) |
| = | 0.269333 | / | 0.309916 |
| | = | 0.8691 |
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 |
| = | 663.102 | / | 747.937 |
| | = | 0.8866 |
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)) |
| = | (38.037 / (38.037 + 221.21)) | / | (37.453 / (37.453 + 234.918)) |
| = | 0.146721 | / | 0.137507 |
| | = | 1.067 |
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) |
| = | (137.296 / 663.102) | / | (135.083 / 747.937) |
| = | 0.207051 | / | 0.180607 |
| | = | 1.1464 |
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) |
| = | ((38.648 + 131.095) / 1106.794) | / | ((41.976 + 149.667) / 1008.228) |
| = | 0.153365 | / | 0.190079 |
| | = | 0.8068 |
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 |
| = | (82.387 - 73.855 | - | 64.602) | / | 1106.794 |
| | = | -0.05066 |
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 -2.53 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
FORM has been successfully added to your