Keysight Technologies Beneish M-Score Historical Data
The historical data trend for Keysight Technologies'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.
Keysight Technologies Beneish M-Score Chart
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Keysight Technologies Annual Data
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Oct24 |
| Beneish M-Score |
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-2.84 |
-2.57 |
-2.31 |
-2.68 |
-2.65 |
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Keysight Technologies Quarterly Data
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| Beneish M-Score |
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-2.68 |
-2.70 |
-2.54 |
-2.49 |
-2.65 |
Competitive Comparison of Keysight Technologies's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Keysight Technologies'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.
Keysight Technologies's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Keysight Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Keysight Technologies's Beneish M-Score falls into.
Keysight Technologies 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 Keysight Technologies 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 * 1.045 | + | 0.528 * 1.0273 | + | 0.404 * 1.2992 | + | 0.892 * 0.9112 | + | 0.115 * 0.8369 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1713 | + | 4.679 * -0.05103 | - | 0.327 * 0.9308 |
| = | -2.65 |
* 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 (Oct24) TTM: | Last Year (Oct23) TTM: |
Total Receivables was $857 Mil.
Revenue was 1287 + 1217 + 1216 + 1259 = $4,979 Mil.
Gross Profit was 802 + 755 + 763 + 813 = $3,133 Mil.
Total Current Assets was $4,257 Mil.
Total Assets was $9,269 Mil.
Property, Plant and Equipment(Net PPE) was $1,008 Mil.
Depreciation, Depletion and Amortization(DDA) was $270 Mil.
Selling, General, & Admin. Expense(SGA) was $1,395 Mil.
Total Current Liabilities was $1,427 Mil.
Long-Term Debt & Capital Lease Obligation was $1,987 Mil.
Net Income was -73 + 389 + 126 + 172 = $614 Mil.
Non Operating Income was 20 + 10 + 0 + 5 = $35 Mil.
Cash Flow from Operations was 359 + 255 + 110 + 328 = $1,052 Mil.
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Total Receivables was $900 Mil.
Revenue was 1311 + 1382 + 1390 + 1381 = $5,464 Mil.
Gross Profit was 844 + 896 + 909 + 883 = $3,532 Mil.
Total Current Assets was $4,809 Mil.
Total Assets was $8,683 Mil.
Property, Plant and Equipment(Net PPE) was $987 Mil.
Depreciation, Depletion and Amortization(DDA) was $212 Mil.
Selling, General, & Admin. Expense(SGA) was $1,307 Mil.
Total Current Liabilities was $2,049 Mil.
Long-Term Debt & Capital Lease Obligation was $1,387 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) |
| = | (857 / 4979) | / | (900 / 5464) |
| = | 0.172123 | / | 0.164714 |
| | = | 1.045 |
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) |
| = | (3532 / 5464) | / | (3133 / 4979) |
| = | 0.646413 | / | 0.629243 |
| | = | 1.0273 |
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 - (4257 + 1008) / 9269) | / | (1 - (4809 + 987) / 8683) |
| = | 0.431978 | / | 0.332489 |
| | = | 1.2992 |
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 |
| = | 4979 | / | 5464 |
| | = | 0.9112 |
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)) |
| = | (212 / (212 + 987)) | / | (270 / (270 + 1008)) |
| = | 0.176814 | / | 0.211268 |
| | = | 0.8369 |
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) |
| = | (1395 / 4979) | / | (1307 / 5464) |
| = | 0.280177 | / | 0.239202 |
| | = | 1.1713 |
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) |
| = | ((1987 + 1427) / 9269) | / | ((1387 + 2049) / 8683) |
| = | 0.368325 | / | 0.395716 |
| | = | 0.9308 |
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 |
| = | (614 - 35 | - | 1052) | / | 9269 |
| | = | -0.05103 |
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.
Keysight Technologies has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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