Kulicke & Soffa Industries Beneish M-Score Historical Data
The historical data trend for Kulicke & Soffa Industries'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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Kulicke & Soffa Industries Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.91 |
-2.59 |
-1.21 |
-2.55 |
-3.24 |
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Kulicke & Soffa Industries 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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-3.19 |
-3.18 |
-3.02 |
-3.24 |
-2.40 |
Competitive Comparison
For the Semiconductor Equipment & Materials subindustry, Kulicke & Soffa Industries'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.
Kulicke & Soffa Industries Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Kulicke & Soffa Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kulicke & Soffa Industries's Beneish M-Score falls into.
Kulicke & Soffa Industries 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 Kulicke & Soffa Industries 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 * 1.5215 | + | 0.528 * 1.0614 | + | 0.404 * 1.1541 | + | 0.892 * 0.605 | + | 0.115 * 0.7967 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7512 | + | 4.679 * -0.004528 | - | 0.327 * 0.8894 |
| = | -2.40 |
* 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 $184.4 Mil.
Revenue was 171.189 + 202.32 + 190.917 + 173.021 = $737.4 Mil.
Gross Profit was 79.896 + 95.839 + 90.018 + 84.092 = $349.8 Mil.
Total Current Assets was $1,177.7 Mil.
Total Assets was $1,486.7 Mil.
Property, Plant and Equipment(Net PPE) was $153.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $31.2 Mil.
Selling, General, & Admin. Expense(SGA) was $152.0 Mil.
Total Current Liabilities was $181.3 Mil.
Long-Term Debt & Capital Lease Obligation was $41.7 Mil.
Net Income was 9.293 + 23.357 + 4.161 + 15.041 = $51.9 Mil.
Non Operating Income was 0 + 0 + -21.535 + -0.838 = $-22.4 Mil.
Cash Flow from Operations was -7.331 + 77.492 + 8.976 + 1.82 = $81.0 Mil.
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Total Receivables was $200.3 Mil.
Revenue was 176.233 + 286.313 + 372.137 + 384.282 = $1,219.0 Mil.
Gross Profit was 88.706 + 132.687 + 190.685 + 201.71 = $613.8 Mil.
Total Current Assets was $1,270.7 Mil.
Total Assets was $1,549.8 Mil.
Property, Plant and Equipment(Net PPE) was $138.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.6 Mil.
Selling, General, & Admin. Expense(SGA) was $143.5 Mil.
Total Current Liabilities was $221.1 Mil.
Long-Term Debt & Capital Lease Obligation was $40.3 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) |
| = | (184.4 / 737.447) | / | (200.337 / 1218.965) |
| = | 0.250052 | / | 0.16435 |
| | = | 1.5215 |
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) |
| = | (613.788 / 1218.965) | / | (349.845 / 737.447) |
| = | 0.503532 | / | 0.4744 |
| | = | 1.0614 |
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 - (1177.653 + 153.07) / 1486.726) | / | (1 - (1270.709 + 138.196) / 1549.818) |
| = | 0.104931 | / | 0.090922 |
| | = | 1.1541 |
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 |
| = | 737.447 | / | 1218.965 |
| | = | 0.605 |
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)) |
| = | (21.567 / (21.567 + 138.196)) | / | (31.229 / (31.229 + 153.07)) |
| = | 0.134994 | / | 0.169447 |
| | = | 0.7967 |
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) |
| = | (151.999 / 737.447) | / | (143.467 / 1218.965) |
| = | 0.206115 | / | 0.117696 |
| | = | 1.7512 |
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) |
| = | ((41.72 + 181.288) / 1486.726) | / | ((40.325 + 221.055) / 1549.818) |
| = | 0.149999 | / | 0.168652 |
| | = | 0.8894 |
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 |
| = | (51.852 - -22.373 | - | 80.957) | / | 1486.726 |
| | = | -0.004528 |
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.
Kulicke & Soffa Industries has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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