Coherent Beneish M-Score Historical Data
The historical data trend for Coherent'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.
Coherent Beneish M-Score Chart
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Coherent Annual Data
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Trend |
Sep12 |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
| Beneish M-Score |
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-2.24 |
-2.23 |
-2.82 |
-3.39 |
-2.21 |
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Coherent Quarterly Data
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Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
| Beneish M-Score |
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-2.18 |
-2.09 |
-2.21 |
-1.92 |
-2.58 |
Competitive Comparison of Coherent's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Coherent'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.
Coherent's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Coherent's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Coherent's Beneish M-Score falls into.
Coherent 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 Coherent 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 * 0.9107 | + | 0.528 * 0.8722 | + | 0.404 * 0.9547 | + | 0.892 * 1.1726 | + | 0.115 * 1.059 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9411 | + | 4.679 * -0.027155 | - | 0.327 * 0.929 |
| = | -2.58 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $279 Mil.
Revenue was 370.204 + 384.507 + 391.674 + 395.759 = $1,542 Mil.
Gross Profit was 154.534 + 167.564 + 151.836 + 155.983 = $630 Mil.
Total Current Assets was $1,176 Mil.
Total Assets was $1,870 Mil.
Property, Plant and Equipment(Net PPE) was $374 Mil.
Depreciation, Depletion and Amortization(DDA) was $71 Mil.
Selling, General, & Admin. Expense(SGA) was $317 Mil.
Total Current Liabilities was $354 Mil.
Long-Term Debt & Capital Lease Obligation was $459 Mil.
Net Income was 33.676 + 30.265 + 21.058 + 30.262 = $115 Mil.
Non Operating Income was -3.177 + -3.16 + -6.285 + -1.393 = $-14 Mil.
Cash Flow from Operations was 26.728 + 12.081 + 69.853 + 71.404 = $180 Mil.
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Total Receivables was $261 Mil.
Revenue was 373.982 + 326.053 + 316.751 + 298.33 = $1,315 Mil.
Gross Profit was 141.025 + 119.996 + 112.233 + 95.277 = $469 Mil.
Total Current Assets was $1,095 Mil.
Total Assets was $1,755 Mil.
Property, Plant and Equipment(Net PPE) was $344 Mil.
Depreciation, Depletion and Amortization(DDA) was $70 Mil.
Selling, General, & Admin. Expense(SGA) was $287 Mil.
Total Current Liabilities was $343 Mil.
Long-Term Debt & Capital Lease Obligation was $478 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) |
| = | (278.954 / 1542.144) | / | (261.202 / 1315.116) |
| = | 0.180887 | / | 0.198615 |
| | = | 0.9107 |
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) |
| = | (468.531 / 1315.116) | / | (629.917 / 1542.144) |
| = | 0.356266 | / | 0.408468 |
| | = | 0.8722 |
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 - (1175.592 + 373.802) / 1870.395) | / | (1 - (1095.454 + 344.261) / 1755.253) |
| = | 0.171622 | / | 0.179768 |
| | = | 0.9547 |
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 |
| = | 1542.144 | / | 1315.116 |
| | = | 1.1726 |
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)) |
| = | (70.149 / (70.149 + 344.261)) | / | (71.117 / (71.117 + 373.802)) |
| = | 0.169274 | / | 0.159843 |
| | = | 1.059 |
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) |
| = | (317.264 / 1542.144) | / | (287.496 / 1315.116) |
| = | 0.205729 | / | 0.218609 |
| | = | 0.9411 |
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) |
| = | ((458.688 + 353.963) / 1870.395) | / | ((477.923 + 342.992) / 1755.253) |
| = | 0.434481 | / | 0.46769 |
| | = | 0.929 |
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 |
| = | (115.261 - -14.015 | - | 180.066) | / | 1870.395 |
| | = | -0.027155 |
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.
Coherent has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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