Market Cap : 1.54 B | Enterprise Value : 1.35 B | PE Ratio : 17.33 | PB Ratio : 1.82 |
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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Photronics's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Photronics was -1.62. The lowest was -3.46. And the median was -2.85.
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.
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.
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.
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. |
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. |
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.
Thank you for viewing the detailed overview of Photronics's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Lewis Adam M | director | 15 SECOR ROAD BROOKFIELD CT 06804 |
Liao Daniel Jl | director | 2045 EAST INNOVATION CIRCLE TEMPE AZ 85284 |
Paladino Mary | director | 15 SECOR ROAD BROOKFIELD CT 06804 |
Lee Kang Jyh | officer: President, Asia IC Photomask | 15 SECOR ROAD BROOKFIELD CT 06804 |
Jordan John P | officer: SVP & Chief Financial Officer | 600 EAST GREENWICH AVENUE WEST WARWICK RI 02893 |
Hsia Liang Choo | director | 15 SECOR RD. BROOKFIELD CT 06804 |
Gmt Capital Corp | 10 percent owner | GMT CAPITAL CORP 2300 WINDY RIDGE PARKWAY SUITE 550 SOUTH ATLANTA GA 30339 |
Burr Richelle E | officer: VP, General Counsel & Secy | 15 SECOR RD BROOKFIELD CT 06804 |
Kirlin Peter S | officer: Senior VP, U.S. & Europe | 15 SECOR ROAD BROOKFIELD CT 06804 |
Progler Christopher J | officer: VP,Chief Technology Officer | 15 SECOR ROAD BROOKFIELD CT 06804 |
Jeong Soo Hong | officer: COO, President-Asia Operations | 15 SECOR ROAD BROOKFIELD CT 06804 |
Luttati Michael J | director, officer: Chief Executive Officer | 15 SECOR ROAD BROOKFIELD CT 06804 |
Maris Willem D | director | 15 SECOR ROAD BROOKFIELD CT 06804 |
Tyson Mitchell G | director | 15 SECOR ROAD BROOKFIELD CT 06804 |
Yomazzo Michael J | director | 15 SECOR ROAD PO BOX 5226 BROOKFIELD CT 06804 |
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