Mobilicom (Mobilicom) Beneish M-Score : -2.73 (As of Jun. 06, 2024)

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What is Mobilicom 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MOB' s Beneish M-Score Range Over the Past 10 Years
Min: -4.13 Med: -3.43 Max: -2.73
Current: -2.73

During the past 8 years, the highest Beneish M-Score of Mobilicom was -2.73. The lowest was -4.13. And the median was -3.43.

Mobilicom Beneish M-Score Historical Data

The historical data trend for Mobilicom'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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Mobilicom Beneish M-Score Chart

Mobilicom Annual Data

Trend

Jun16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-4.13

-2.73

Mobilicom Semi-Annual Data
	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial									-	-	-	-	-2.73

Competitive Comparison of Mobilicom's Beneish M-Score

For the Communication Equipment subindustry, Mobilicom'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.

Mobilicom's Beneish M-Score Distribution in the Hardware Industry

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

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

Mobilicom 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 Mobilicom 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 * 1.2149

0.528 * 1.0538

0.404 * -1.3429

0.892 * 1.4076

0.115 * 1.1685

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8915

4.679 * -0.046507

0.327 * 1.8301

-3.29

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $0.96 Mil.
Revenue was $2.21 Mil.
Gross Profit was $1.30 Mil.
Total Current Assets was $10.14 Mil.
Total Assets was $10.67 Mil.
Property, Plant and Equipment(Net PPE) was $0.53 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.28 Mil.
Selling, General, & Admin. Expense(SGA) was $4.20 Mil.
Total Current Liabilities was $2.66 Mil.
Long-Term Debt & Capital Lease Obligation was $0.22 Mil.
Net Income was $-4.60 Mil.
Gross Profit was $0.05 Mil.
Cash Flow from Operations was $-4.16 Mil.

Total Receivables was $0.56 Mil.
Revenue was $1.57 Mil.
Gross Profit was $0.97 Mil.
Total Current Assets was $13.93 Mil.
Total Assets was $14.31 Mil.
Property, Plant and Equipment(Net PPE) was $0.38 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.25 Mil.
Selling, General, & Admin. Expense(SGA) was $3.35 Mil.
Total Current Liabilities was $2.05 Mil.
Long-Term Debt & Capital Lease Obligation was $0.06 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)
	=	(0.956 / 2.21)	/	(0.559 / 1.57)
	=	0.432579	/	0.356051
	=	1.2149

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)
	=	(0.974 / 1.57)	/	(1.301 / 2.21)
	=	0.620382	/	0.588688
	=	1.0538

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 - (10.135 + 0.529) / 10.665)	/	(1 - (13.93 + 0.38) / 14.309)
	=	9.4E-5	/	-7.0E-5
	=	-1.3429

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
	=	2.21	/	1.57
	=	1.4076

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))
	=	(0.254 / (0.254 + 0.38))	/	(0.276 / (0.276 + 0.529))
	=	0.400631	/	0.342857
	=	1.1685

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)
	=	(4.2 / 2.21)	/	(3.347 / 1.57)
	=	1.900452	/	2.131847
	=	0.8915

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)
	=	((0.224 + 2.661) / 10.665)	/	((0.064 + 2.051) / 14.309)
	=	0.270511	/	0.147809
	=	1.8301

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
	=	(-4.6 - 0.051	-	-4.155)	/	10.665
	=	-0.046507

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.

Mobilicom has a M-score of -3.29 suggests that the company is unlikely to be a manipulator.

Mobilicom Beneish M-Score Related Terms

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Mobilicom (Mobilicom) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Mobilicom Ltd (NAS:MOB) » Definitions » Beneish M-Score

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MOBBW:USA

Address

1 Rakefet Street, Shoham, ISR, 6083705

Website

https://www.mobilicom-ltd.com.au

Mobilicom Ltd is a provider of cybersecurity and smart solutions for drones, robotics & autonomous platforms. As a high-tech company, it designs, develops, and delivers smart solutions targeting global drone, robotics, and autonomous system manufacturers.