Wolfspeed Beneish M-Score Historical Data
The historical data trend for Wolfspeed'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.
Wolfspeed Beneish M-Score Chart
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Wolfspeed Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.89 |
-2.48 |
-1.24 |
-2.86 |
-1.08 |
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Wolfspeed Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.70 |
-2.10 |
-1.98 |
-1.08 |
3.72 |
Competitive Comparison of Wolfspeed's Beneish M-Score
For the Semiconductors subindustry, Wolfspeed'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.
Wolfspeed's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Wolfspeed's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wolfspeed's Beneish M-Score falls into.
Wolfspeed 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 Wolfspeed 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 * 0.5893 | + | 0.528 * 12.7156 | + | 0.404 * 1.7187 | + | 0.892 * 1.0496 | + | 0.115 * 1.1494 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0199 | + | 4.679 * 0.015106 | - | 0.327 * 1.0948 |
| = | 3.72 |
* 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 $178.8 Mil.
Revenue was 194.7 + 200.7 + 200.7 + 208.4 = $804.5 Mil.
Gross Profit was -36.2 + 2.4 + 22.5 + 27.8 = $16.5 Mil.
Total Current Assets was $2,458.4 Mil.
Total Assets was $7,857.8 Mil.
Property, Plant and Equipment(Net PPE) was $3,959.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $212.0 Mil.
Selling, General, & Admin. Expense(SGA) was $244.5 Mil.
Total Current Liabilities was $782.9 Mil.
Long-Term Debt & Capital Lease Obligation was $6,178.7 Mil.
Net Income was -282.2 + -174.9 + -148.9 + -144.7 = $-750.7 Mil.
Non Operating Income was -88.5 + -20.3 + -33.3 + -17.1 = $-159.2 Mil.
Cash Flow from Operations was -132 + -239.5 + -136.2 + -202.5 = $-710.2 Mil.
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Total Receivables was $289.1 Mil.
Revenue was 197.4 + 202.7 + 192.6 + 173.8 = $766.5 Mil.
Gross Profit was 24.7 + 58.7 + 59.8 + 56.7 = $199.9 Mil.
Total Current Assets was $4,079.7 Mil.
Total Assets was $7,312.8 Mil.
Property, Plant and Equipment(Net PPE) was $2,453.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $152.2 Mil.
Selling, General, & Admin. Expense(SGA) was $228.4 Mil.
Total Current Liabilities was $749.3 Mil.
Long-Term Debt & Capital Lease Obligation was $5,168.5 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) |
| = | (178.8 / 804.5) | / | (289.1 / 766.5) |
| = | 0.22225 | / | 0.377169 |
| | = | 0.5893 |
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) |
| = | (199.9 / 766.5) | / | (16.5 / 804.5) |
| = | 0.260796 | / | 0.02051 |
| | = | 12.7156 |
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 - (2458.4 + 3959.3) / 7857.8) | / | (1 - (4079.7 + 2453.3) / 7312.8) |
| = | 0.18327 | / | 0.106635 |
| | = | 1.7187 |
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 |
| = | 804.5 | / | 766.5 |
| | = | 1.0496 |
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)) |
| = | (152.2 / (152.2 + 2453.3)) | / | (212 / (212 + 3959.3)) |
| = | 0.058415 | / | 0.050823 |
| | = | 1.1494 |
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) |
| = | (244.5 / 804.5) | / | (228.4 / 766.5) |
| = | 0.303915 | / | 0.297978 |
| | = | 1.0199 |
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) |
| = | ((6178.7 + 782.9) / 7857.8) | / | ((5168.5 + 749.3) / 7312.8) |
| = | 0.885948 | / | 0.809239 |
| | = | 1.0948 |
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 |
| = | (-750.7 - -159.2 | - | -710.2) | / | 7857.8 |
| | = | 0.015106 |
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.
Wolfspeed has a M-score of 3.72 signals that the company is likely to be a manipulator.
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