Ichor Holdings Beneish M-Score Historical Data
The historical data trend for Ichor Holdings'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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Ichor Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
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-1.43 |
-2.27 |
-1.70 |
-2.37 |
-3.35 |
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Ichor Holdings 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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|
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-2.37 |
-2.61 |
-3.07 |
-3.19 |
-3.35 |
Competitive Comparison
For the Semiconductor Equipment & Materials subindustry, Ichor Holdings'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.
Ichor Holdings Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Ichor Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ichor Holdings's Beneish M-Score falls into.
Ichor Holdings 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 Ichor Holdings 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 * 0.7724 | + | 0.528 * 1.2984 | + | 0.404 * 1.0908 | + | 0.892 * 0.6337 | + | 0.115 * 0.958 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4136 | + | 4.679 * -0.106356 | - | 0.327 * 0.8657 |
| = | -3.35 |
* 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 $66.7 Mil.
Revenue was 203.481 + 196.761 + 185.008 + 225.87 = $811.1 Mil.
Gross Profit was 20.345 + 24.069 + 25.742 + 33.24 = $103.4 Mil.
Total Current Assets was $401.4 Mil.
Total Assets was $938.5 Mil.
Property, Plant and Equipment(Net PPE) was $129.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $34.6 Mil.
Selling, General, & Admin. Expense(SGA) was $79.3 Mil.
Total Current Liabilities was $99.0 Mil.
Long-Term Debt & Capital Lease Obligation was $269.4 Mil.
Net Income was -11.899 + -10.425 + -20.656 + -0.005 = $-43.0 Mil.
Non Operating Income was 0.109 + -0.029 + -0.1 + -0.784 = $-0.8 Mil.
Cash Flow from Operations was 37.574 + 3.988 + 26.943 + -10.873 = $57.6 Mil.
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Total Receivables was $136.3 Mil.
Revenue was 301.72 + 355.643 + 329.56 + 293.146 = $1,280.1 Mil.
Gross Profit was 48.911 + 63.56 + 55.461 + 43.932 = $211.9 Mil.
Total Current Assets was $513.5 Mil.
Total Assets was $1,083.7 Mil.
Property, Plant and Equipment(Net PPE) was $138.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.1 Mil.
Selling, General, & Admin. Expense(SGA) was $88.6 Mil.
Total Current Liabilities was $166.3 Mil.
Long-Term Debt & Capital Lease Obligation was $325.0 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) |
| = | (66.721 / 811.12) | / | (136.321 / 1280.069) |
| = | 0.082258 | / | 0.106495 |
| | = | 0.7724 |
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) |
| = | (211.864 / 1280.069) | / | (103.396 / 811.12) |
| = | 0.16551 | / | 0.127473 |
| | = | 1.2984 |
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 - (401.365 + 129.366) / 938.481) | / | (1 - (513.458 + 138.612) / 1083.742) |
| = | 0.434479 | / | 0.398316 |
| | = | 1.0908 |
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 |
| = | 811.12 | / | 1280.069 |
| | = | 0.6337 |
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)) |
| = | (35.1 / (35.1 + 138.612)) | / | (34.577 / (34.577 + 129.366)) |
| = | 0.202059 | / | 0.210909 |
| | = | 0.958 |
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) |
| = | (79.334 / 811.12) | / | (88.572 / 1280.069) |
| = | 0.097808 | / | 0.069193 |
| | = | 1.4136 |
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) |
| = | ((269.37 + 98.962) / 938.481) | / | ((325.046 + 166.292) / 1083.742) |
| = | 0.392477 | / | 0.453372 |
| | = | 0.8657 |
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 |
| = | (-42.985 - -0.804 | - | 57.632) | / | 938.481 |
| | = | -0.106356 |
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.
Ichor Holdings has a M-score of -3.35 suggests that the company is unlikely to be a manipulator.
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