Cognex (FRA:CGZ) Beneish M-Score : -2.32 (As of Dec. 15, 2024)

View and export this data going back to 1989. Start your Free Trial

What is Cognex 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:CGZ' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.48 Max: -1.79
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Cognex was -1.79. The lowest was -3.06. And the median was -2.48.

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.

* Premium members only.

Cognex Beneish M-Score Chart

Cognex Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.44

-2.48

-2.51

-2.59

-2.58

Cognex Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.22	-2.58	-2.55	-2.48	-2.32

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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1859

0.528 * 1.0556

0.404 * 1.1804

0.892 * 0.9824

0.115 * 0.7562

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1282

4.679 * -0.018916

0.327 * 0.9978

-2.36

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was €144.2 Mil.
Revenue was 211.503 + 222.302 + 193.933 + 180.346 = €808.1 Mil.
Gross Profit was 143.618 + 154.77 + 130.582 + 123.835 = €552.8 Mil.
Total Current Assets was €605.5 Mil.
Total Assets was €1,859.0 Mil.
Property, Plant and Equipment(Net PPE) was €158.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €29.1 Mil.
Selling, General, & Admin. Expense(SGA) was €336.3 Mil.
Total Current Liabilities was €153.8 Mil.
Long-Term Debt & Capital Lease Obligation was €60.7 Mil.
Net Income was 26.661 + 33.641 + 11.06 + 10.297 = €81.7 Mil.
Non Operating Income was 4.497 + 2.89 + 3.093 + 4.012 = €14.5 Mil.
Cash Flow from Operations was 50.7 + 25.792 + 12.552 + 13.288 = €102.3 Mil.

Total Receivables was €123.8 Mil.
Revenue was 184.815 + 223.839 + 187.85 + 226.025 = €822.5 Mil.
Gross Profit was 133.779 + 165.847 + 134.253 + 160.068 = €593.9 Mil.
Total Current Assets was €793.6 Mil.
Total Assets was €1,864.5 Mil.
Property, Plant and Equipment(Net PPE) was €140.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €18.7 Mil.
Selling, General, & Admin. Expense(SGA) was €303.4 Mil.
Total Current Liabilities was €159.0 Mil.
Long-Term Debt & Capital Lease Obligation was €56.6 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)
	=	(144.237 / 808.084)	/	(123.806 / 822.529)
	=	0.178493	/	0.150519
	=	1.1859

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)
	=	(593.947 / 822.529)	/	(552.805 / 808.084)
	=	0.722099	/	0.684093
	=	1.0556

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 - (605.546 + 158.225) / 1858.986)	/	(1 - (793.631 + 140.292) / 1864.535)
	=	0.589146	/	0.499112
	=	1.1804

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
	=	808.084	/	822.529
	=	0.9824

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))
	=	(18.655 / (18.655 + 140.292))	/	(29.071 / (29.071 + 158.225))
	=	0.117366	/	0.155214
	=	0.7562

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)
	=	(336.268 / 808.084)	/	(303.376 / 822.529)
	=	0.41613	/	0.368833
	=	1.1282

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)
	=	((60.705 + 153.833) / 1858.986)	/	((56.642 + 159.013) / 1864.535)
	=	0.115406	/	0.115662
	=	0.9978

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
	=	(81.659 - 14.492	-	102.332)	/	1858.986
	=	-0.018916

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 -2.36 suggests that the company is unlikely to be a manipulator.

Cognex Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Cognex's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Cognex Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Cognex Corp (FRA:CGZ) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CGNX:USA CGNX:Mexico 0I14:UK CGZ:Germany

Address

One Vision Drive, Natick, MA, USA, 01760-2059

Website

https://www.cognex.com

Cognex Corp provides machine vision products that help automate manufacturing processes. The firm's products include vision software, vision systems, vision sensors, and ID products. Vision software combines vision tools with a customer's own cameras and peripheral equipment and can help with several vision tasks, including part location, identification, measurement, and robotic guidance. Vision systems combine a camera, processor, and vision software into a single package. Vision sensors deliver simple, low-cost solutions for common vision applications, such as checking the size of parts. ID products read codes that have been applied to items during the manufacturing process. Cognex generates the maximum proportion of its sales in the United States and Europe.

Cognex Headlines

No Headlines