Cirrus Logic Beneish M-Score Historical Data
The historical data trend for Cirrus Logic'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.
|
Cirrus Logic Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -2.59
[6] => -2.88
[7] => -3.04
[8] => -1.08
[9] => -2.96
)
|
|
|
|
|
|
-2.59 |
-2.88 |
-3.04 |
-1.08 |
-2.96 |
|
Cirrus Logic Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.06 |
-2.96 |
-2.52 |
-2.40 |
-2.71 |
Competitive Comparison
For the Semiconductors subindustry, Cirrus Logic'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.
Cirrus Logic Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Cirrus Logic's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cirrus Logic's Beneish M-Score falls into.
Cirrus Logic 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 Cirrus Logic 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 * 0.9042 | + | 0.528 * 1.0051 | + | 0.404 * 0.8362 | + | 0.892 * 0.8884 | + | 0.115 * 1.2127 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0528 | + | 4.679 * -0.011054 | - | 0.327 * 0.8329 |
| = | -2.71 |
* 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 $217 Mil.
Revenue was 618.984 + 481.063 + 317.016 + 372.822 = $1,790 Mil.
Gross Profit was 317.464 + 246.596 + 159.387 + 186.354 = $910 Mil.
Total Current Assets was $1,185 Mil.
Total Assets was $2,217 Mil.
Property, Plant and Equipment(Net PPE) was $309 Mil.
Depreciation, Depletion and Amortization(DDA) was $55 Mil.
Selling, General, & Admin. Expense(SGA) was $145 Mil.
Total Current Liabilities was $179 Mil.
Long-Term Debt & Capital Lease Obligation was $138 Mil.
Net Income was 138.723 + 75.407 + 15.6 + -53.669 = $176 Mil.
Non Operating Income was 0.023 + -2.389 + 0.377 + -96.856 = $-99 Mil.
Cash Flow from Operations was 313.692 + -22.731 + -39.813 + 48.266 = $299 Mil.
|
Total Receivables was $270 Mil.
Revenue was 590.582 + 540.574 + 393.639 + 489.972 = $2,015 Mil.
Gross Profit was 296.705 + 271.286 + 202.634 + 258.729 = $1,029 Mil.
Total Current Assets was $1,013 Mil.
Total Assets was $2,166 Mil.
Property, Plant and Equipment(Net PPE) was $308 Mil.
Depreciation, Depletion and Amortization(DDA) was $69 Mil.
Selling, General, & Admin. Expense(SGA) was $155 Mil.
Total Current Liabilities was $229 Mil.
Long-Term Debt & Capital Lease Obligation was $143 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) |
| = | (217.269 / 1789.885) | / | (270.493 / 2014.767) |
| = | 0.121387 | / | 0.134255 |
| | = | 0.9042 |
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) |
| = | (1029.354 / 2014.767) | / | (909.801 / 1789.885) |
| = | 0.510905 | / | 0.508301 |
| | = | 1.0051 |
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 - (1185.385 + 308.572) / 2217.113) | / | (1 - (1013.485 + 307.54) / 2165.889) |
| = | 0.32617 | / | 0.390077 |
| | = | 0.8362 |
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 |
| = | 1789.885 | / | 2014.767 |
| | = | 0.8884 |
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)) |
| = | (69.263 / (69.263 + 307.54)) | / | (55.127 / (55.127 + 308.572)) |
| = | 0.183818 | / | 0.151573 |
| | = | 1.2127 |
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) |
| = | (144.948 / 1789.885) | / | (154.972 / 2014.767) |
| = | 0.080982 | / | 0.076918 |
| | = | 1.0528 |
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) |
| = | ((138.415 + 178.594) / 2217.113) | / | ((143.252 + 228.549) / 2165.889) |
| = | 0.142983 | / | 0.171662 |
| | = | 0.8329 |
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 |
| = | (176.061 - -98.845 | - | 299.414) | / | 2217.113 |
| | = | -0.011054 |
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.
Cirrus Logic has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
CRUS has been successfully added to your