Dynasil of America (Dynasil of America) Beneish M-Score : 0.00 (As of Apr. 24, 2024)

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What is Dynasil of America 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.

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

During the past 13 years, the highest Beneish M-Score of Dynasil of America was 0.00. The lowest was 0.00. And the median was 0.00.

Dynasil of America Beneish M-Score Historical Data

The historical data trend for Dynasil of America'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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Dynasil of America Beneish M-Score Chart

Dynasil of America Annual Data

Trend

Sep10

Sep11

Sep12

Sep13

Sep14

Sep15

Sep16

Sep17

Sep18

Sep19

Beneish M-Score

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-2.61

-2.74

-2.21

-2.31

-2.58

Dynasil of America Quarterly Data
	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19
Beneish M-Score	Get a 7-Day Free Trial															-2.31	-2.38	-2.45	-1.94	-2.58

Competitive Comparison of Dynasil of America's Beneish M-Score

For the Scientific & Technical Instruments subindustry, Dynasil of America'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.

Dynasil of America's Beneish M-Score Distribution in the Hardware Industry

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

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

Dynasil of America 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 Dynasil of America 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 * 1.2227

0.528 * 1.0206

0.404 * 0.9776

0.892 * 1.0742

0.115 * 0.8529

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0214

4.679 * 0.004477

0.327 * 1.3583

-2.32

This Year (Sep19) TTM:

Last Year (Sep18) TTM:

Total Receivables was $6.94 Mil.
Revenue was 11.051 + 11.09 + 11.532 + 10.028 = $43.70 Mil.
Gross Profit was 3.918 + 4.106 + 4.358 + 3.692 = $16.07 Mil.
Total Current Assets was $12.67 Mil.
Total Assets was $30.83 Mil.
Property, Plant and Equipment(Net PPE) was $7.59 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.42 Mil.
Selling, General, & Admin. Expense(SGA) was $15.44 Mil.
Total Current Liabilities was $7.84 Mil.
Long-Term Debt & Capital Lease Obligation was $3.88 Mil.
Net Income was -0.09 + -0.263 + 0.076 + -0.093 = $-0.37 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 1.443 + -0.429 + -0.538 + -0.984 = $-0.51 Mil.

Total Receivables was $5.28 Mil.
Revenue was 10.696 + 10.542 + 10.255 + 9.189 = $40.68 Mil.
Gross Profit was 3.577 + 4.175 + 3.945 + 3.575 = $15.27 Mil.
Total Current Assets was $12.38 Mil.
Total Assets was $31.53 Mil.
Property, Plant and Equipment(Net PPE) was $8.10 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.26 Mil.
Selling, General, & Admin. Expense(SGA) was $14.07 Mil.
Total Current Liabilities was $6.70 Mil.
Long-Term Debt & Capital Lease Obligation was $2.13 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)
	=	(6.94 / 43.701)	/	(5.284 / 40.682)
	=	0.158806	/	0.129885
	=	1.2227

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)
	=	(15.272 / 40.682)	/	(16.074 / 43.701)
	=	0.375399	/	0.367818
	=	1.0206

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 - (12.67 + 7.593) / 30.827)	/	(1 - (12.381 + 8.098) / 31.532)
	=	0.342687	/	0.350533
	=	0.9776

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
	=	43.701	/	40.682
	=	1.0742

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))
	=	(1.257 / (1.257 + 8.098))	/	(1.42 / (1.42 + 7.593))
	=	0.134367	/	0.15755
	=	0.8529

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)
	=	(15.436 / 43.701)	/	(14.069 / 40.682)
	=	0.353218	/	0.345829
	=	1.0214

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)
	=	((3.882 + 7.836) / 30.827)	/	((2.127 + 6.697) / 31.532)
	=	0.380121	/	0.279843
	=	1.3583

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
	=	(-0.37 - 0	-	-0.508)	/	30.827
	=	0.004477

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.

Dynasil of America has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.

Dynasil of America Beneish M-Score Related Terms

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Dynasil of America (Dynasil of America) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Dynasil Corp of America (OTCPK:DYSL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

313 Washington Street, Suite 403, Newton, MA, USA, 02458

Website

https://www.dynasil.com

Dynasil Corp of America is a US-based company. It operates in three segments. The Optics segment, which is the key revenue driver, encompasses Dynasil Fused Silica, Evaporated Metal Films, Hilger Crystals, and Optometrics. It manufactures commercial products, including optical crystals for sensing in the security and medical imaging markets, and optical components, optical coatings and optical materials for scientific instrumentation and other applications. The Innovation and Development segment consists of the Radiation Monitoring Devices. The Biomedical segment consists of Dynasil Biomedical, a medical technology incubator that owns rights to certain early-stage medical technologies.

Executives

Bowdring Robert Joseph Jr	officer: Former CFO	92 GOULD STREET, WAKEFIELD MA 01880
Alan B Levine	director
Lawrence Joseph Fox	director	C/O ABERDEEN ASSET MANAGEMENT INC., 1735 MARKET STREET - 32ND FLOOR, PHILADELPHIA PA 19103
Craig T Dunham	director, 10 percent owner	DYNASIL CORPORATION, 385 COOPER ROAD, WEST BERLIN NJ 08091
David Kronfeld	director	JK&B CAPITAL, 180 N. STETSON AVENUE, SUITE 4500, CHICAGO IL 60601
Thomas C Leonard	director	KADANT INC., 1 TECHONOLOGY PARK DRIVE, WESTFORD MA 01886
Gerald Entine	10 percent owner	100 BELVIDERE STREET, SUITE 10B, BOSTON MA 02199