Ultra Clean Holdings Beneish M-Score Historical Data
The historical data trend for Ultra Clean Holdings'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.
Ultra Clean Holdings Beneish M-Score Chart
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Ultra Clean Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.24 |
-2.30 |
-2.18 |
-2.27 |
-3.01 |
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Ultra Clean Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.27 |
-2.85 |
-2.76 |
-2.75 |
-3.01 |
Competitive Comparison of Ultra Clean Holdings's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Ultra Clean Holdings'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.
Ultra Clean Holdings's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Ultra Clean Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ultra Clean Holdings's Beneish M-Score falls into.
Ultra Clean Holdings 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 Ultra Clean Holdings 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 * 0.9755 | + | 0.528 * 1.2248 | + | 0.404 * 1.0738 | + | 0.892 * 0.7306 | + | 0.115 * 1.3434 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2255 | + | 4.679 * -0.088451 | - | 0.327 * 0.9972 |
| = | -3.01 |
* 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 $181 Mil.
Revenue was 444.7 + 435 + 421.5 + 433.3 = $1,735 Mil.
Gross Profit was 71 + 65.2 + 68.1 + 73 = $277 Mil.
Total Current Assets was $893 Mil.
Total Assets was $1,868 Mil.
Property, Plant and Equipment(Net PPE) was $480 Mil.
Depreciation, Depletion and Amortization(DDA) was $62 Mil.
Selling, General, & Admin. Expense(SGA) was $214 Mil.
Total Current Liabilities was $310 Mil.
Long-Term Debt & Capital Lease Obligation was $604 Mil.
Net Income was -3.8 + -14.5 + -9.4 + -3.4 = $-31 Mil.
Non Operating Income was -1 + -2.1 + -1.5 + 2.8 = $-2 Mil.
Cash Flow from Operations was 35.3 + 36.2 + 36.4 + 28 = $136 Mil.
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Total Receivables was $254 Mil.
Revenue was 566.4 + 635 + 608.7 + 564.1 = $2,374 Mil.
Gross Profit was 108.4 + 124.4 + 118.4 + 113.7 = $465 Mil.
Total Current Assets was $1,099 Mil.
Total Assets was $1,961 Mil.
Property, Plant and Equipment(Net PPE) was $379 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General, & Admin. Expense(SGA) was $239 Mil.
Total Current Liabilities was $389 Mil.
Long-Term Debt & Capital Lease Obligation was $573 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) |
| = | (180.8 / 1734.5) | / | (253.7 / 2374.2) |
| = | 0.104238 | / | 0.106857 |
| | = | 0.9755 |
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) |
| = | (464.9 / 2374.2) | / | (277.3 / 1734.5) |
| = | 0.195813 | / | 0.159873 |
| | = | 1.2248 |
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 - (893.2 + 480) / 1867.7) | / | (1 - (1098.8 + 378.6) / 1960.9) |
| = | 0.264764 | / | 0.24657 |
| | = | 1.0738 |
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 |
| = | 1734.5 | / | 2374.2 |
| | = | 0.7306 |
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)) |
| = | (68.4 / (68.4 + 378.6)) | / | (61.7 / (61.7 + 480)) |
| = | 0.15302 | / | 0.113901 |
| | = | 1.3434 |
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) |
| = | (213.8 / 1734.5) | / | (238.8 / 2374.2) |
| = | 0.123263 | / | 0.100581 |
| | = | 1.2255 |
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) |
| = | ((604.2 + 310) / 1867.7) | / | ((573.3 + 389.2) / 1960.9) |
| = | 0.489479 | / | 0.490846 |
| | = | 0.9972 |
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 |
| = | (-31.1 - -1.8 | - | 135.9) | / | 1867.7 |
| | = | -0.088451 |
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.
Ultra Clean Holdings has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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