Photronics Beneish M-Score Historical Data
The historical data trend for Photronics'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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Photronics Annual Data
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Trend |
Oct12 |
Oct13 |
Oct14 |
Oct15 |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
| Beneish M-Score |
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|
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|
|
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-2.65 |
-2.93 |
-2.02 |
-2.93 |
-2.79 |
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Photronics Quarterly Data
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Jul17 |
Oct17 |
Jan18 |
Apr18 |
Jul18 |
Oct18 |
Jan19 |
Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
| Beneish M-Score |
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-2.90 |
-3.09 |
-2.79 |
-2.95 |
-2.89 |
Competitive Comparison
For the Semiconductor Equipment & Materials subindustry, Photronics'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.
Photronics Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Photronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Photronics's Beneish M-Score falls into.
Photronics 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 Photronics 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 * 1.0965 | + | 0.528 * 0.7392 | + | 0.404 * 0.7478 | + | 0.892 * 1.2056 | + | 0.115 * 1.0094 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9447 | + | 4.679 * -0.0978 | - | 0.327 * 0.9846 |
| = | -2.89 |
* 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 (Apr22) TTM: | Last Year (Apr21) TTM: |
Total Receivables was $190.3 Mil.
Revenue was 204.509 + 189.827 + 181.288 + 170.643 = $746.3 Mil.
Gross Profit was 70.22 + 59.863 + 51.941 + 45.325 = $227.3 Mil.
Total Current Assets was $630.3 Mil.
Total Assets was $1,331.9 Mil.
Property, Plant and Equipment(Net PPE) was $659.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $84.7 Mil.
Selling, General, & Admin. Expense(SGA) was $61.7 Mil.
Total Current Liabilities was $186.5 Mil.
Long-Term Debt & Capital Lease Obligation was $70.1 Mil.
Net Income was 27.432 + 23.064 + 19.811 + 17.076 = $87.4 Mil.
Non Operating Income was 7.844 + 5.268 + 4.345 + 4.301 = $21.8 Mil.
Cash Flow from Operations was 44.159 + 59.13 + 37.676 + 54.877 = $195.8 Mil.
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Total Receivables was $143.9 Mil.
Revenue was 159.763 + 152.067 + 149.286 + 157.895 = $619.0 Mil.
Gross Profit was 39.249 + 30.529 + 31.885 + 37.734 = $139.4 Mil.
Total Current Assets was $495.6 Mil.
Total Assets was $1,266.0 Mil.
Property, Plant and Equipment(Net PPE) was $717.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $93.0 Mil.
Selling, General, & Admin. Expense(SGA) was $54.2 Mil.
Total Current Liabilities was $159.3 Mil.
Long-Term Debt & Capital Lease Obligation was $88.4 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) |
| = | (190.259 / 746.267) | / | (143.923 / 619.011) |
| = | 0.25494763 | / | 0.23250475 |
| | = | 1.0965 |
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) |
| = | (139.397 / 619.011) | / | (227.349 / 746.267) |
| = | 0.22519309 | / | 0.30464834 |
| | = | 0.7392 |
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 - (630.345 + 659.881) / 1331.887) | / | (1 - (495.608 + 717.426) / 1265.989) |
| = | 0.03127968 | / | 0.04182896 |
| | = | 0.7478 |
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 |
| = | 746.267 | / | 619.011 |
| | = | 1.2056 |
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)) |
| = | (93.039 / (93.039 + 717.426)) | / | (84.68 / (84.68 + 659.881)) |
| = | 0.11479706 | / | 0.11373145 |
| | = | 1.0094 |
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) |
| = | (61.745 / 746.267) | / | (54.216 / 619.011) |
| = | 0.08273848 | / | 0.08758487 |
| | = | 0.9447 |
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) |
| = | ((70.138 + 186.471) / 1331.887) | / | ((88.444 + 159.287) / 1265.989) |
| = | 0.19266574 | / | 0.1956818 |
| | = | 0.9846 |
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 |
| = | (87.383 - 21.758 | - | 195.842) | / | 1331.887 |
| | = | -0.0978 |
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.
Photronics has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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