Marvell Technology (MEX:MRVL1) Beneish M-Score : -3.30 (As of Mar. 02, 2025)

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What is Marvell Technology Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Marvell Technology's Beneish M-Score or its related term are showing as below:

MEX:MRVL1' s Beneish M-Score Range Over the Past 10 Years
Min: -3.99 Med: -2.57 Max: -1.69
Current: -3.3

During the past 13 years, the highest Beneish M-Score of Marvell Technology was -1.69. The lowest was -3.99. And the median was -2.57.

Marvell Technology Beneish M-Score Historical Data

The historical data trend for Marvell Technology'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.

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Marvell Technology Beneish M-Score Chart

Marvell Technology Annual Data

Trend

Jan15

Jan16

Jan17

Jan18

Jan19

Jan20

Jan21

Jan22

Jan23

Jan24

Beneish M-Score

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-2.40

-2.79

-2.13

-2.62

-2.89

Marvell Technology Quarterly Data
	Jan20	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24	Oct24
Beneish M-Score	Get a 7-Day Free Trial															-2.81	-2.89	-3.05	-3.20	-3.30

Competitive Comparison of Marvell Technology's Beneish M-Score

For the Semiconductors subindustry, Marvell Technology'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.

Marvell Technology's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Marvell Technology's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Marvell Technology's Beneish M-Score falls into.

Marvell Technology 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 Marvell Technology for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9127

0.528 * 1.0771

0.404 * 0.9956

0.892 * 0.9989

0.115 * 0.9734

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0062

4.679 * -0.129372

0.327 * 1.0233

-3.14

This Year (Oct24) TTM:

Last Year (Oct23) TTM:

Total Receivables was MXN19,989 Mil.
Revenue was 30369.606 + 23672.758 + 19809.83 + 24501.849 = MXN98,354 Mil.
Gross Profit was 6998.971 + 10927.891 + 9006.485 + 11406.714 = MXN38,340 Mil.
Total Current Assets was MXN56,424 Mil.
Total Assets was MXN394,931 Mil.
Property, Plant and Equipment(Net PPE) was MXN15,663 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN25,331 Mil.
Selling, General, & Admin. Expense(SGA) was MXN14,834 Mil.
Total Current Liabilities was MXN35,327 Mil.
Long-Term Debt & Capital Lease Obligation was MXN79,435 Mil.
Net Income was -13547.236 + -3594.897 + -3679.042 + -6745.094 = MXN-27,566 Mil.
Non Operating Income was -7177.251 + -74.39 + -69.963 + -518.721 = MXN-7,840 Mil.
Cash Flow from Operations was 10742.84 + 5698.274 + 5537.333 + 9388.511 = MXN31,367 Mil.

Total Receivables was MXN21,927 Mil.
Revenue was 25609.986 + 22417.568 + 23774.079 + 26664.963 = MXN98,467 Mil.
Gross Profit was 9950.814 + 8711.906 + 10022.635 + 12656.693 = MXN41,342 Mil.
Total Current Assets was MXN53,675 Mil.
Total Assets was MXN392,010 Mil.
Property, Plant and Equipment(Net PPE) was MXN16,459 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN24,845 Mil.
Selling, General, & Admin. Expense(SGA) was MXN14,759 Mil.
Total Current Liabilities was MXN33,932 Mil.
Long-Term Debt & Capital Lease Obligation was MXN77,386 Mil.

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)
	=	(19989.334 / 98354.043)	/	(21927.174 / 98466.596)
	=	0.203239	/	0.222686
	=	0.9127

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)
	=	(41342.048 / 98466.596)	/	(38340.061 / 98354.043)
	=	0.419859	/	0.389817
	=	1.0771

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 - (56424.447 + 15662.552) / 394931.069)	/	(1 - (53675.18 + 16458.92) / 392010.064)
	=	0.817469	/	0.821091
	=	0.9956

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
	=	98354.043	/	98466.596
	=	0.9989

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))
	=	(24845.41 / (24845.41 + 16458.92))	/	(25331.36 / (25331.36 + 15662.552))
	=	0.601521	/	0.61793
	=	0.9734

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)
	=	(14834.221 / 98354.043)	/	(14759.158 / 98466.596)
	=	0.150825	/	0.14989
	=	1.0062

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)
	=	((79434.517 + 35327.377) / 394931.069)	/	((77385.99 + 33932.419) / 392010.064)
	=	0.290587	/	0.283968
	=	1.0233

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
	=	(-27566.269 - -7840.325	-	31366.958)	/	394931.069
	=	-0.129372

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.

Marvell Technology has a M-score of -3.14 suggests that the company is unlikely to be a manipulator.

Marvell Technology Beneish M-Score Related Terms

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Marvell Technology Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Marvell Technology Inc (MEX:MRVL1) » Definitions » Beneish M-Score

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MRVL:USA 19MW:Italy 0ACJ:UK 9MW:Germany MRVL:Austria

Address

1000 N. West Street, Suite 1200, Wilmington, DE, USA, 19801

Website

https://www.marvell.com

Marvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share. Marvell serves the data center, carrier, enterprise, automotive, and consumer end markets with processors, optical and copper transceivers, switches, and storage controllers.

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