ACM Research Beneish M-Score Historical Data
The historical data trend for ACM Research'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.
ACM Research Beneish M-Score Chart
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ACM Research Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.62 |
-0.73 |
-1.56 |
-0.91 |
-1.81 |
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ACM Research Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-0.91 |
-1.59 |
-1.91 |
-1.91 |
-1.81 |
Competitive Comparison of ACM Research's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, ACM Research'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.
ACM Research's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, ACM Research's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ACM Research's Beneish M-Score falls into.
ACM Research 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 ACM Research 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 * 1.0603 | + | 0.528 * 0.9535 | + | 0.404 * 0.6108 | + | 0.892 * 1.4344 | + | 0.115 * 1.0546 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9802 | + | 4.679 * 0.09254 | - | 0.327 * 1.1133 |
| = | -1.81 |
* 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 $323.3 Mil.
Revenue was 170.321 + 168.569 + 144.577 + 74.256 = $557.7 Mil.
Gross Profit was 79.076 + 88.514 + 68.639 + 39.986 = $276.2 Mil.
Total Current Assets was $1,176.1 Mil.
Total Assets was $1,490.9 Mil.
Property, Plant and Equipment(Net PPE) was $213.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.1 Mil.
Selling, General, & Admin. Expense(SGA) was $87.7 Mil.
Total Current Liabilities was $500.7 Mil.
Long-Term Debt & Capital Lease Obligation was $58.2 Mil.
Net Income was 17.7 + 25.679 + 26.825 + 7.145 = $77.3 Mil.
Non Operating Income was 6.679 + -2.973 + 9.108 + 1.89 = $14.7 Mil.
Cash Flow from Operations was -33.206 + -17.877 + 6.254 + -30.494 = $-75.3 Mil.
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Total Receivables was $212.6 Mil.
Revenue was 108.542 + 133.709 + 104.395 + 42.186 = $388.8 Mil.
Gross Profit was 53.805 + 65.967 + 44.157 + 19.686 = $183.6 Mil.
Total Current Assets was $963.8 Mil.
Total Assets was $1,235.5 Mil.
Property, Plant and Equipment(Net PPE) was $133.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.4 Mil.
Selling, General, & Admin. Expense(SGA) was $62.4 Mil.
Total Current Liabilities was $396.2 Mil.
Long-Term Debt & Capital Lease Obligation was $19.8 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) |
| = | (323.251 / 557.723) | / | (212.553 / 388.832) |
| = | 0.579591 | / | 0.546645 |
| | = | 1.0603 |
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) |
| = | (183.615 / 388.832) | / | (276.215 / 557.723) |
| = | 0.472222 | / | 0.495255 |
| | = | 0.9535 |
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 - (1176.11 + 213.088) / 1490.908) | / | (1 - (963.806 + 133.712) / 1235.5) |
| = | 0.06822 | / | 0.111681 |
| | = | 0.6108 |
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 |
| = | 557.723 | / | 388.832 |
| | = | 1.4344 |
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)) |
| = | (5.366 / (5.366 + 133.712)) | / | (8.092 / (8.092 + 213.088)) |
| = | 0.038583 | / | 0.036586 |
| | = | 1.0546 |
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) |
| = | (87.667 / 557.723) | / | (62.354 / 388.832) |
| = | 0.157187 | / | 0.160362 |
| | = | 0.9802 |
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) |
| = | ((58.214 + 500.659) / 1490.908) | / | ((19.794 + 396.214) / 1235.5) |
| = | 0.374854 | / | 0.336712 |
| | = | 1.1133 |
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 |
| = | (77.349 - 14.704 | - | -75.323) | / | 1490.908 |
| | = | 0.09254 |
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.
ACM Research has a M-score of -1.81 suggests that the company is unlikely to be a manipulator.
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