Skyworth Group Beneish M-Score Historical Data
The historical data trend for Skyworth Group'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.
Skyworth Group Beneish M-Score Chart
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Skyworth Group Annual Data
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Trend |
Mar14 |
Mar15 |
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Mar17 |
Mar18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.31 |
-2.50 |
-2.23 |
-2.83 |
-2.37 |
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Skyworth Group Semi-Annual Data
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Mar14 |
Sep14 |
Mar15 |
Sep15 |
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Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Jun19 |
Dec19 |
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Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.23 |
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-2.83 |
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-2.37 |
Competitive Comparison of Skyworth Group's Beneish M-Score
For the Consumer Electronics subindustry, Skyworth Group'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.
Skyworth Group's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Skyworth Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Skyworth Group's Beneish M-Score falls into.
Skyworth Group 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 Skyworth Group 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 * 0.8025 | + | 0.528 * 1.0981 | + | 0.404 * 1.0436 | + | 0.892 * 1.224 | + | 0.115 * 1.4375 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8545 | + | 4.679 * -0.02095 | - | 0.327 * 0.9859 |
| = | -2.41 |
* 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 €2,185 Mil.
Revenue was €8,865 Mil.
Gross Profit was €1,239 Mil.
Total Current Assets was €5,995 Mil.
Total Assets was €8,625 Mil.
Property, Plant and Equipment(Net PPE) was €1,634 Mil.
Depreciation, Depletion and Amortization(DDA) was €77 Mil.
Selling, General, & Admin. Expense(SGA) was €721 Mil.
Total Current Liabilities was €4,550 Mil.
Long-Term Debt & Capital Lease Obligation was €920 Mil.
Net Income was €137 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €318 Mil.
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Total Receivables was €2,225 Mil.
Revenue was €7,243 Mil.
Gross Profit was €1,111 Mil.
Total Current Assets was €6,286 Mil.
Total Assets was €8,721 Mil.
Property, Plant and Equipment(Net PPE) was €1,470 Mil.
Depreciation, Depletion and Amortization(DDA) was €102 Mil.
Selling, General, & Admin. Expense(SGA) was €690 Mil.
Total Current Liabilities was €4,811 Mil.
Long-Term Debt & Capital Lease Obligation was €800 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) |
| = | (2185.199 / 8865.498) | / | (2224.562 / 7242.926) |
| = | 0.246484 | / | 0.307136 |
| | = | 0.8025 |
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) |
| = | (1111.265 / 7242.926) | / | (1238.686 / 8865.498) |
| = | 0.153428 | / | 0.13972 |
| | = | 1.0981 |
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 - (5994.623 + 1634.115) / 8625.338) | / | (1 - (6286.292 + 1469.546) / 8721.408) |
| = | 0.115543 | / | 0.110713 |
| | = | 1.0436 |
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 |
| = | 8865.498 | / | 7242.926 |
| | = | 1.224 |
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)) |
| = | (102.23 / (102.23 + 1469.546)) | / | (77.442 / (77.442 + 1634.115)) |
| = | 0.065041 | / | 0.045247 |
| | = | 1.4375 |
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) |
| = | (721.25 / 8865.498) | / | (689.615 / 7242.926) |
| = | 0.081355 | / | 0.095212 |
| | = | 0.8545 |
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) |
| = | ((920.442 + 4549.939) / 8625.338) | / | ((799.835 + 4810.518) / 8721.408) |
| = | 0.634222 | / | 0.643285 |
| | = | 0.9859 |
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 |
| = | (137.289 - 0 | - | 317.987) | / | 8625.338 |
| | = | -0.02095 |
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.
Skyworth Group has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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