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Qorvo Beneish M-Score

: -2.50 (As of Today)
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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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Qorvo's Beneish M-Score or its related term are showing as below:

QRVO' s Beneish M-Score Range Over the Past 10 Years
Min: -4.12   Med: -2.99   Max: -1.28
Current: -2.5

During the past 10 years, the highest Beneish M-Score of Qorvo was -1.28. The lowest was -4.12. And the median was -2.99.


Qorvo Beneish M-Score Historical Data

The historical data trend for Qorvo'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.

* Premium members only.

Qorvo Annual Data
Trend Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.28 -2.94 -2.99 -2.71 -2.27

Qorvo Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.39 -2.21 -2.25 -2.27 -2.50

Competitive Comparison

For the Semiconductors subindustry, Qorvo'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.

   

Qorvo Beneish M-Score Distribution

For the Semiconductors industry and Technology sector, Qorvo's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Qorvo's Beneish M-Score falls into.



Qorvo 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 Qorvo 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 * 1.0218+0.528 * 1.048+0.404 * 1.0184+0.892 * 1.0536+0.115 * 1.1141
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9243+4.679 * -0.0219-0.327 * 1.122
=-2.50

* 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 (Jun22) TTM:Last Year (Jun21) TTM:
Total Receivables was $556 Mil.
Revenue was 1035.358 + 1166.158 + 1113.957 + 1255.248 = $4,571 Mil.
Gross Profit was 375.25 + 570.339 + 548.093 + 621.553 = $2,115 Mil.
Total Current Assets was $2,372 Mil.
Total Assets was $7,331 Mil.
Property, Plant and Equipment(Net PPE) was $1,234 Mil.
Depreciation, Depletion and Amortization(DDA) was $357 Mil.
Selling, General, & Admin. Expense(SGA) was $361 Mil.
Total Current Liabilities was $718 Mil.
Long-Term Debt & Capital Lease Obligation was $2,047 Mil.
Net Income was 68.884 + 212.275 + 216.263 + 319.189 = $817 Mil.
Non Operating Income was -5.062 + -5.736 + 2.532 + 4.754 = $-4 Mil.
Cash Flow from Operations was 273.006 + 345.88 + 116.965 + 244.828 = $981 Mil.
Total Receivables was $517 Mil.
Revenue was 1110.351 + 1072.73 + 1094.834 + 1060.292 = $4,338 Mil.
Gross Profit was 546.183 + 528.475 + 537.752 + 491.55 = $2,104 Mil.
Total Current Assets was $2,374 Mil.
Total Assets was $7,272 Mil.
Property, Plant and Equipment(Net PPE) was $1,271 Mil.
Depreciation, Depletion and Amortization(DDA) was $424 Mil.
Selling, General, & Admin. Expense(SGA) was $371 Mil.
Total Current Liabilities was $704 Mil.
Long-Term Debt & Capital Lease Obligation was $1,742 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)
=(556.107 / 4570.721) / (516.54 / 4338.207)
=0.12166724 / 0.11906762
=1.0218

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)
=(2103.96 / 4338.207) / (2115.235 / 4570.721)
=0.48498377 / 0.46277929
=1.048

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 - (2372.489 + 1234.334) / 7330.521) / (1 - (2374.085 + 1270.727) / 7271.859)
=0.50797181 / 0.49877851
=1.0184

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
=4570.721 / 4338.207
=1.0536

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))
=(423.821 / (423.821 + 1270.727)) / (357.304 / (357.304 + 1234.334))
=0.25010858 / 0.22448823
=1.1141

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)
=(361.234 / 4570.721) / (370.933 / 4338.207)
=0.07903217 / 0.08550376
=0.9243

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)
=((2047.183 + 718.45) / 7330.521) / ((1741.548 + 703.708) / 7271.859)
=0.37727646 / 0.33626285
=1.122

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
=(816.611 - -3.512 - 980.679) / 7330.521
=-0.0219

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.

Qorvo has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.


Qorvo Business Description

Qorvo logo
Traded in Other Exchanges
Address
7628 Thorndike Road, Greensboro, NC, USA, 27409-9421
Qorvo represents the combined entity of RF Micro Devices and TriQuint Semiconductor, which merged with one another in January 2015. The company specializes in radio frequency filters, power amplifiers, and front-end modules used in many of the world's most advanced smartphones. Qorvo also has a suite of products sold into a variety of nonsmartphone end markets, such as wireless base stations, cable TV and networking equipment, and infrastructure and military applications.
Executives
Brown Grant officer: VP of Treasury & Interim CFO 7628 THORNDIKE ROAD GREENSBORO NC 27409
Chesley Philip officer: Pres. Infra & Defense 7628 THORNDIKE ROAD GREENSBORO NC 27409
Bruner Judy director C/O SANDISK CORPORATION 601 MCCARTHY BLVD. MILPITAS CA 95035
Fego Paul J officer: VP, Global Operations 15 SECOR ROAD PO BOX 5226 BROOKFIELD CT 06804
Spradley Susan Louise director C/O NORTEL NETWORKS 8200 DIXIE ROAD STE 100 BRAMPTON ONTARIO A6 L6T 5PT
Murphy Mark J. officer: Chief Financial Officer DELPHI AUTOMOTIVE PLC 5725 DELPHI DRIVE TROY MI 48098
Harrison Gina officer: VP and Corporate Controller 7628 THORNDIKE ROAD GREENSBORO NC 27409
Quinsey Ralph director C/O TRIQUINT SEMICONDUCTOR INC 2300 NE BROOKWOOD PKWY HILLSBORO OR 97124
Laber Michael J. officer: VP and Corporate Controller 2300 NE BROOKWOOD PARKWAY HILLSBORO OR 97124
Buhaly Steven J officer: CFO and Secretary 1195 NW LOMPTON DRIVE BEAVESTON OR 97006
Dileo Daniel A director C/O RF MICRO DEVICES 7628 THORNDIKE ROAD GREENSBORO NC 27409
Gibson C Scott director PMB 316, PO BOX 30,000 JACKSON WY 83002
Nelson Roderick director 2300 NE BROOKWOOD PARKWAY HILLSBORO OR 97124
Ho David H Y director 5500 WAYZATA BOULEVARD SUITE 600 GOLDEN VALLEY MN 55416
Wilkinson Walter H director C/O RF MICRO DEVICES, INC. 7628 THORNDIKE ROAD GREENSBORO NC 27409

Qorvo Headlines

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