Micron Technology Beneish M-Score Historical Data
The historical data trend for Micron 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.
Micron Technology Beneish M-Score Chart
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Micron Technology Annual Data
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Aug24 |
| Beneish M-Score |
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-2.57 |
-2.64 |
-3.09 |
-6.91 |
-2.59 |
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Micron Technology Quarterly Data
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Feb20 |
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Nov24 |
| Beneish M-Score |
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-5.23 |
-47.61 |
-2.22 |
-2.59 |
-2.56 |
Competitive Comparison of Micron Technology's Beneish M-Score
For the Semiconductors subindustry, Micron 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.
Micron Technology's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Micron Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Micron Technology's Beneish M-Score falls into.
Micron 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 Micron Technology 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 * 1.4028 | + | 0.528 * -0.4685 | + | 0.404 * 0.9894 | + | 0.892 * 1.798 | + | 0.115 * 1.0651 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6887 | + | 4.679 * -0.090889 | - | 0.327 * 1.0646 |
| = | -2.56 |
* 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 (Nov24) TTM: | Last Year (Nov23) TTM: |
Total Receivables was $7,423 Mil.
Revenue was 8709 + 7750 + 6811 + 5824 = $29,094 Mil.
Gross Profit was 3348 + 2737 + 1832 + 1079 = $8,996 Mil.
Total Current Assets was $24,493 Mil.
Total Assets was $71,461 Mil.
Property, Plant and Equipment(Net PPE) was $42,098 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,895 Mil.
Selling, General, & Admin. Expense(SGA) was $1,154 Mil.
Total Current Liabilities was $9,015 Mil.
Long-Term Debt & Capital Lease Obligation was $13,840 Mil.
Net Income was 1870 + 887 + 332 + 793 = $3,882 Mil.
Non Operating Income was -11 + -12 + 48 + 2 = $27 Mil.
Cash Flow from Operations was 3244 + 3405 + 2482 + 1219 = $10,350 Mil.
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Total Receivables was $2,943 Mil.
Revenue was 4726 + 4010 + 3752 + 3693 = $16,181 Mil.
Gross Profit was -35 + -435 + -668 + -1206 = $-2,344 Mil.
Total Current Assets was $21,058 Mil.
Total Assets was $63,776 Mil.
Property, Plant and Equipment(Net PPE) was $38,325 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,750 Mil.
Selling, General, & Admin. Expense(SGA) was $932 Mil.
Total Current Liabilities was $5,962 Mil.
Long-Term Debt & Capital Lease Obligation was $13,198 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) |
| = | (7423 / 29094) | / | (2943 / 16181) |
| = | 0.255139 | / | 0.18188 |
| | = | 1.4028 |
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) |
| = | (-2344 / 16181) | / | (8996 / 29094) |
| = | -0.144861 | / | 0.309205 |
| | = | -0.4685 |
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 - (24493 + 42098) / 71461) | / | (1 - (21058 + 38325) / 63776) |
| = | 0.068149 | / | 0.068882 |
| | = | 0.9894 |
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 |
| = | 29094 | / | 16181 |
| | = | 1.798 |
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)) |
| = | (7750 / (7750 + 38325)) | / | (7895 / (7895 + 42098)) |
| = | 0.168204 | / | 0.157922 |
| | = | 1.0651 |
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) |
| = | (1154 / 29094) | / | (932 / 16181) |
| = | 0.039665 | / | 0.057598 |
| | = | 0.6887 |
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) |
| = | ((13840 + 9015) / 71461) | / | ((13198 + 5962) / 63776) |
| = | 0.319825 | / | 0.300426 |
| | = | 1.0646 |
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 |
| = | (3882 - 27 | - | 10350) | / | 71461 |
| | = | -0.090889 |
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.
Micron Technology has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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