Array Technologies Beneish M-Score Historical Data
The historical data trend for Array Technologies'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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Array Technologies Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.02 |
-3.13 |
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Array Technologies Quarterly Data
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Dec18 |
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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-2.02 |
-3.02 |
-3.00 |
-3.14 |
-3.13 |
Competitive Comparison
For the Solar subindustry, Array Technologies'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.
Array Technologies Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Array Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Array Technologies's Beneish M-Score falls into.
Array Technologies 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 Array Technologies 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 * 0.8123 | + | 0.528 * 0.5009 | + | 0.404 * 0.9889 | + | 0.892 * 0.9628 | + | 0.115 * 1.2866 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.099 | + | 4.679 * -0.053132 | - | 0.327 * 0.8403 |
| = | -3.13 |
* 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 $332 Mil.
Revenue was 341.615 + 350.438 + 507.725 + 376.773 = $1,577 Mil.
Gross Profit was 84.229 + 87.379 + 150.042 + 101.179 = $423 Mil.
Total Current Assets was $832 Mil.
Total Assets was $1,707 Mil.
Property, Plant and Equipment(Net PPE) was $32 Mil.
Depreciation, Depletion and Amortization(DDA) was $55 Mil.
Selling, General, & Admin. Expense(SGA) was $160 Mil.
Total Current Liabilities was $336 Mil.
Long-Term Debt & Capital Lease Obligation was $661 Mil.
Net Income was 23.086 + 23.214 + 64.808 + 26.132 = $137 Mil.
Non Operating Income was -0.806 + -0.313 + 0.374 + -3.288 = $-4 Mil.
Cash Flow from Operations was 93.981 + 71.618 + 20.54 + 45.816 = $232 Mil.
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Total Receivables was $425 Mil.
Revenue was 402.071 + 515.024 + 419.865 + 300.586 = $1,638 Mil.
Gross Profit was 76.88 + 76.583 + 39.946 + 26.587 = $220 Mil.
Total Current Assets was $831 Mil.
Total Assets was $1,706 Mil.
Property, Plant and Equipment(Net PPE) was $23 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $151 Mil.
Total Current Liabilities was $465 Mil.
Long-Term Debt & Capital Lease Obligation was $720 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) |
| = | (332.152 / 1576.551) | / | (424.715 / 1637.546) |
| = | 0.210683 | / | 0.259361 |
| | = | 0.8123 |
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) |
| = | (219.996 / 1637.546) | / | (422.829 / 1576.551) |
| = | 0.134345 | / | 0.268199 |
| | = | 0.5009 |
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 - (832.281 + 31.886) / 1706.741) | / | (1 - (831.209 + 23.174) / 1706.052) |
| = | 0.493674 | / | 0.499205 |
| | = | 0.9889 |
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 |
| = | 1576.551 | / | 1637.546 |
| | = | 0.9628 |
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)) |
| = | (101.059 / (101.059 + 23.174)) | / | (54.826 / (54.826 + 31.886)) |
| = | 0.813463 | / | 0.632277 |
| | = | 1.2866 |
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) |
| = | (159.534 / 1576.551) | / | (150.777 / 1637.546) |
| = | 0.101192 | / | 0.092075 |
| | = | 1.099 |
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) |
| = | ((660.948 + 335.691) / 1706.741) | / | ((720.352 + 465.262) / 1706.052) |
| = | 0.583943 | / | 0.694946 |
| | = | 0.8403 |
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 |
| = | (137.24 - -4.033 | - | 231.955) | / | 1706.741 |
| | = | -0.053132 |
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.
Array Technologies has a M-score of -3.13 suggests that the company is unlikely to be a manipulator.
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