Infinera Beneish M-Score Historical Data
The historical data trend for Infinera'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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Infinera Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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|
|
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-1.71 |
-2.64 |
-2.79 |
-2.96 |
-2.61 |
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Infinera Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-2.89 |
-2.61 |
-2.44 |
-2.71 |
-2.42 |
Competitive Comparison
For the Communication Equipment subindustry, Infinera'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.
Infinera Beneish M-Score Distribution
For the Hardware industry and Technology sector, Infinera's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Infinera's Beneish M-Score falls into.
Infinera 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 Infinera 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 * 1.0461 | + | 0.528 * 0.8766 | + | 0.404 * 0.8875 | + | 0.892 * 1.1069 | + | 0.115 * 1.208 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9998 | + | 4.679 * -0.000265 | - | 0.327 * 0.9706 |
| = | -2.42 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $329 Mil.
Revenue was 392.369 + 376.228 + 392.075 + 485.936 = $1,647 Mil.
Gross Profit was 158.32 + 142.792 + 146.898 + 180.514 = $629 Mil.
Total Current Assets was $1,039 Mil.
Total Assets was $1,568 Mil.
Property, Plant and Equipment(Net PPE) was $231 Mil.
Depreciation, Depletion and Amortization(DDA) was $79 Mil.
Selling, General, & Admin. Expense(SGA) was $287 Mil.
Total Current Liabilities was $615 Mil.
Long-Term Debt & Capital Lease Obligation was $697 Mil.
Net Income was -9.413 + -20.263 + -8.41 + 33.458 = $-5 Mil.
Non Operating Income was -7.94 + 5.795 + 10.17 + 18.469 = $26 Mil.
Cash Flow from Operations was -29.793 + 1.42 + -1.769 + -0.564 = $-31 Mil.
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Total Receivables was $284 Mil.
Revenue was 390.447 + 357.985 + 338.874 + 400.257 = $1,488 Mil.
Gross Profit was 134.415 + 109.2 + 111.647 + 142.466 = $498 Mil.
Total Current Assets was $982 Mil.
Total Assets was $1,500 Mil.
Property, Plant and Equipment(Net PPE) was $195 Mil.
Depreciation, Depletion and Amortization(DDA) was $87 Mil.
Selling, General, & Admin. Expense(SGA) was $259 Mil.
Total Current Liabilities was $578 Mil.
Long-Term Debt & Capital Lease Obligation was $714 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) |
| = | (328.863 / 1646.608) | / | (284.001 / 1487.563) |
| = | 0.199721 | / | 0.190917 |
| | = | 1.0461 |
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) |
| = | (497.728 / 1487.563) | / | (628.524 / 1646.608) |
| = | 0.334593 | / | 0.381708 |
| | = | 0.8766 |
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 - (1038.54 + 230.595) / 1568.325) | / | (1 - (981.874 + 195.449) / 1499.688) |
| = | 0.19077 | / | 0.214955 |
| | = | 0.8875 |
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 |
| = | 1646.608 | / | 1487.563 |
| | = | 1.1069 |
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)) |
| = | (87.361 / (87.361 + 195.449)) | / | (79.222 / (79.222 + 230.595)) |
| = | 0.308904 | / | 0.255706 |
| | = | 1.208 |
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) |
| = | (287.18 / 1646.608) | / | (259.498 / 1487.563) |
| = | 0.174407 | / | 0.174445 |
| | = | 0.9998 |
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) |
| = | ((697.094 + 614.833) / 1568.325) | / | ((714.364 + 578.182) / 1499.688) |
| = | 0.836515 | / | 0.861877 |
| | = | 0.9706 |
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 |
| = | (-4.628 - 26.494 | - | -30.706) | / | 1568.325 |
| | = | -0.000265 |
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.
Infinera has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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