Monolithic Power Systems Beneish M-Score Historical Data
The historical data trend for Monolithic Power Systems'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.
Monolithic Power Systems Beneish M-Score Chart
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Monolithic Power Systems Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.02 |
-2.62 |
-2.38 |
-0.99 |
-2.66 |
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Monolithic Power Systems Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Mar21 |
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Sep23 |
Dec23 |
| Beneish M-Score |
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-0.99 |
-1.42 |
-1.47 |
-2.48 |
-2.66 |
Competitive Comparison of Monolithic Power Systems's Beneish M-Score
For the Semiconductors subindustry, Monolithic Power Systems'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.
Monolithic Power Systems's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Monolithic Power Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Monolithic Power Systems's Beneish M-Score falls into.
Monolithic Power Systems 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 Monolithic Power Systems 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 * 1.249 | + | 0.528 * 1.0423 | + | 0.404 * 0.7144 | + | 0.892 * 1.015 | + | 0.115 * 0.9588 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9647 | + | 4.679 * -0.086915 | - | 0.327 * 0.7677 |
| = | -2.66 |
* 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 $250 Mil.
Revenue was 454.012 + 474.867 + 441.128 + 451.065 = $1,821 Mil.
Gross Profit was 251.123 + 263.541 + 247.675 + 258.78 = $1,021 Mil.
Total Current Assets was $1,819 Mil.
Total Assets was $2,434 Mil.
Property, Plant and Equipment(Net PPE) was $369 Mil.
Depreciation, Depletion and Amortization(DDA) was $40 Mil.
Selling, General, & Admin. Expense(SGA) was $276 Mil.
Total Current Liabilities was $235 Mil.
Long-Term Debt & Capital Lease Obligation was $6 Mil.
Net Income was 96.905 + 121.163 + 99.504 + 109.802 = $427 Mil.
Non Operating Income was 3.457 + -3.782 + 0.578 + 0.489 = $1 Mil.
Cash Flow from Operations was 153.313 + 175.908 + 90.185 + 218.807 = $638 Mil.
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Total Receivables was $197 Mil.
Revenue was 460.012 + 495.418 + 461.004 + 377.714 = $1,794 Mil.
Gross Profit was 267.809 + 290.902 + 270.961 + 218.88 = $1,049 Mil.
Total Current Assets was $1,411 Mil.
Total Assets was $2,059 Mil.
Property, Plant and Equipment(Net PPE) was $357 Mil.
Depreciation, Depletion and Amortization(DDA) was $37 Mil.
Selling, General, & Admin. Expense(SGA) was $282 Mil.
Total Current Liabilities was $263 Mil.
Long-Term Debt & Capital Lease Obligation was $2 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) |
| = | (249.999 / 1821.072) | / | (197.194 / 1794.148) |
| = | 0.137281 | / | 0.10991 |
| | = | 1.249 |
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) |
| = | (1048.552 / 1794.148) | / | (1021.119 / 1821.072) |
| = | 0.584429 | / | 0.560724 |
| | = | 1.0423 |
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 - (1819.499 + 368.952) / 2434.353) | / | (1 - (1410.619 + 357.157) / 2058.885) |
| = | 0.101013 | / | 0.141392 |
| | = | 0.7144 |
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 |
| = | 1821.072 | / | 1794.148 |
| | = | 1.015 |
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)) |
| = | (37.114 / (37.114 + 357.157)) | / | (40.168 / (40.168 + 368.952)) |
| = | 0.094133 | / | 0.098181 |
| | = | 0.9588 |
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) |
| = | (275.74 / 1821.072) | / | (281.595 / 1794.148) |
| = | 0.151416 | / | 0.156952 |
| | = | 0.9647 |
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) |
| = | ((5.565 + 235.035) / 2434.353) | / | ((1.664 + 263.4) / 2058.885) |
| = | 0.098835 | / | 0.128742 |
| | = | 0.7677 |
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 |
| = | (427.374 - 0.742 | - | 638.213) | / | 2434.353 |
| | = | -0.086915 |
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.
Monolithic Power Systems has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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