Universal Display Beneish M-Score Historical Data
The historical data trend for Universal Display'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.
Universal Display Beneish M-Score Chart
|
Universal Display Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.31 |
-2.23 |
-2.06 |
-2.13 |
-1.68 |
|
Universal Display Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.13 |
-2.14 |
-1.46 |
-1.47 |
-1.68 |
Competitive Comparison of Universal Display's Beneish M-Score
For the Electronic Components subindustry, Universal Display'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.
Universal Display's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Universal Display's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Universal Display's Beneish M-Score falls into.
Universal Display 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 Universal Display 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 * 1.6144 | + | 0.528 * 1.0359 | + | 0.404 * 1.1054 | + | 0.892 * 0.9348 | + | 0.115 * 1.0918 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9255 | + | 4.679 * 0.029011 | - | 0.327 * 0.7899 |
| = | -1.68 |
* 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 $139.9 Mil.
Revenue was 158.32 + 141.077 + 146.565 + 130.467 = $576.4 Mil.
Gross Profit was 122.301 + 106.829 + 114.426 + 97.497 = $441.1 Mil.
Total Current Assets was $917.1 Mil.
Total Assets was $1,669.0 Mil.
Property, Plant and Equipment(Net PPE) was $200.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $43.4 Mil.
Selling, General, & Admin. Expense(SGA) was $67.4 Mil.
Total Current Liabilities was $118.8 Mil.
Long-Term Debt & Capital Lease Obligation was $22.9 Mil.
Net Income was 61.978 + 51.516 + 49.678 + 39.839 = $203.0 Mil.
Non Operating Income was 2.996 + -1.693 + -0.784 + -0.703 = $-0.2 Mil.
Cash Flow from Operations was 37.07 + 60.309 + 9.777 + 47.621 = $154.8 Mil.
|
Total Receivables was $92.7 Mil.
Revenue was 169.032 + 160.556 + 136.561 + 150.47 = $616.6 Mil.
Gross Profit was 138.934 + 123.16 + 109.322 + 117.307 = $488.7 Mil.
Total Current Assets was $899.5 Mil.
Total Assets was $1,532.8 Mil.
Property, Plant and Equipment(Net PPE) was $174.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $42.3 Mil.
Selling, General, & Admin. Expense(SGA) was $77.9 Mil.
Total Current Liabilities was $135.7 Mil.
Long-Term Debt & Capital Lease Obligation was $29.0 Mil.
|
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) |
| = | (139.85 / 576.429) | / | (92.664 / 616.619) |
| = | 0.242614 | / | 0.150278 |
| | = | 1.6144 |
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) |
| = | (488.723 / 616.619) | / | (441.053 / 576.429) |
| = | 0.792585 | / | 0.765147 |
| | = | 1.0359 |
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 - (917.132 + 200.06) / 1668.961) | / | (1 - (899.45 + 174.931) / 1532.82) |
| = | 0.330606 | / | 0.299082 |
| | = | 1.1054 |
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 |
| = | 576.429 | / | 616.619 |
| | = | 0.9348 |
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)) |
| = | (42.274 / (42.274 + 174.931)) | / | (43.402 / (43.402 + 200.06)) |
| = | 0.194627 | / | 0.17827 |
| | = | 1.0918 |
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) |
| = | (67.387 / 576.429) | / | (77.886 / 616.619) |
| = | 0.116904 | / | 0.126311 |
| | = | 0.9255 |
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) |
| = | ((22.855 + 118.822) / 1668.961) | / | ((29.039 + 135.697) / 1532.82) |
| = | 0.084889 | / | 0.107473 |
| | = | 0.7899 |
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 |
| = | (203.011 - -0.184 | - | 154.777) | / | 1668.961 |
| | = | 0.029011 |
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.
Universal Display has a M-score of -1.68 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
OLED has been successfully added to your