CEVA Beneish M-Score Historical Data
The historical data trend for CEVA'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.
CEVA Beneish M-Score Chart
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CEVA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.57 |
-2.99 |
-2.72 |
-2.59 |
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CEVA Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.38 |
-2.59 |
-2.60 |
-2.52 |
-2.41 |
Competitive Comparison of CEVA's Beneish M-Score
For the Semiconductors subindustry, CEVA'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.
CEVA's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, CEVA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CEVA's Beneish M-Score falls into.
CEVA 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 CEVA 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 * 1.4397 | + | 0.528 * 0.9927 | + | 0.404 * 0.7207 | + | 0.892 * 0.9764 | + | 0.115 * 1.2771 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0143 | + | 4.679 * -0.013588 | - | 0.327 * 0.973 |
| = | -2.24 |
* 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 MXN761 Mil.
Revenue was 535.714 + 520.969 + 366.313 + 410.132 = MXN1,833 Mil.
Gross Profit was 457.721 + 467.236 + 324.772 + 371.787 = MXN1,622 Mil.
Total Current Assets was MXN4,149 Mil.
Total Assets was MXN6,003 Mil.
Property, Plant and Equipment(Net PPE) was MXN246 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN71 Mil.
Selling, General, & Admin. Expense(SGA) was MXN488 Mil.
Total Current Liabilities was MXN546 Mil.
Long-Term Debt & Capital Lease Obligation was MXN52 Mil.
Net Income was -25.814 + -5.331 + -90.416 + 63.976 = MXN-58 Mil.
Non Operating Income was 0.413 + -1.063 + -0.996 + 14.462 = MXN13 Mil.
Cash Flow from Operations was 7.856 + 43.602 + -121.982 + 81.697 = MXN11 Mil.
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Total Receivables was MXN541 Mil.
Revenue was 419.325 + 392.972 + 473.373 + 591.704 = MXN1,877 Mil.
Gross Profit was 378.269 + 332.557 + 410.141 + 527.484 = MXN1,648 Mil.
Total Current Assets was MXN2,983 Mil.
Total Assets was MXN5,156 Mil.
Property, Plant and Equipment(Net PPE) was MXN256 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN102 Mil.
Selling, General, & Admin. Expense(SGA) was MXN493 Mil.
Total Current Liabilities was MXN447 Mil.
Long-Term Debt & Capital Lease Obligation was MXN80 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) |
| = | (760.636 / 1833.128) | / | (541.083 / 1877.374) |
| = | 0.414939 | / | 0.288213 |
| | = | 1.4397 |
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) |
| = | (1648.451 / 1877.374) | / | (1621.516 / 1833.128) |
| = | 0.878062 | / | 0.884562 |
| | = | 0.9927 |
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 - (4148.982 + 246.129) / 6003.395) | / | (1 - (2983.195 + 256.162) / 5155.767) |
| = | 0.267896 | / | 0.371702 |
| | = | 0.7207 |
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 |
| = | 1833.128 | / | 1877.374 |
| | = | 0.9764 |
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)) |
| = | (102.435 / (102.435 + 256.162)) | / | (70.912 / (70.912 + 246.129)) |
| = | 0.285655 | / | 0.223668 |
| | = | 1.2771 |
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) |
| = | (488.289 / 1833.128) | / | (493.004 / 1877.374) |
| = | 0.266369 | / | 0.262603 |
| | = | 1.0143 |
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) |
| = | ((51.726 + 545.795) / 6003.395) | / | ((79.953 + 447.422) / 5155.767) |
| = | 0.099531 | / | 0.102288 |
| | = | 0.973 |
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 |
| = | (-57.585 - 12.816 | - | 11.173) | / | 6003.395 |
| | = | -0.013588 |
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.
CEVA has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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