Synaptics Beneish M-Score Historical Data
The historical data trend for Synaptics'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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Synaptics Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-3.31 |
-3.28 |
-2.87 |
-2.45 |
-3.48 |
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Synaptics Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.90 |
-3.08 |
-3.48 |
-3.77 |
-3.64 |
Competitive Comparison
For the Semiconductors subindustry, Synaptics'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.
Synaptics Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Synaptics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Synaptics's Beneish M-Score falls into.
Synaptics 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 Synaptics 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 * 0.8436 | + | 0.528 * 1.1568 | + | 0.404 * 1.081 | + | 0.892 * 0.5885 | + | 0.115 * 1.049 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7021 | + | 4.679 * -0.138305 | - | 0.327 * 1.0134 |
| = | -3.64 |
* 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 $127 Mil.
Revenue was 237 + 237.7 + 227.3 + 326.6 = $1,029 Mil.
Gross Profit was 109 + 107.1 + 101.2 + 172.3 = $490 Mil.
Total Current Assets was $1,147 Mil.
Total Assets was $2,573 Mil.
Property, Plant and Equipment(Net PPE) was $117 Mil.
Depreciation, Depletion and Amortization(DDA) was $145 Mil.
Selling, General, & Admin. Expense(SGA) was $170 Mil.
Total Current Liabilities was $253 Mil.
Long-Term Debt & Capital Lease Obligation was $1,008 Mil.
Net Income was -9 + -55.6 + -23.4 + 10.4 = $-78 Mil.
Non Operating Income was -1.3 + -8 + 0 + 0 = $-9 Mil.
Cash Flow from Operations was 39.2 + 45.4 + 94.5 + 108.5 = $288 Mil.
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Total Receivables was $255 Mil.
Revenue was 353.1 + 448.1 + 476.4 + 470.1 = $1,748 Mil.
Gross Profit was 186.7 + 255.7 + 266.1 + 253.8 = $962 Mil.
Total Current Assets was $1,324 Mil.
Total Assets was $2,725 Mil.
Property, Plant and Equipment(Net PPE) was $119 Mil.
Depreciation, Depletion and Amortization(DDA) was $165 Mil.
Selling, General, & Admin. Expense(SGA) was $170 Mil.
Total Current Liabilities was $299 Mil.
Long-Term Debt & Capital Lease Obligation was $1,019 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) |
| = | (126.6 / 1028.6) | / | (255 / 1747.7) |
| = | 0.12308 | / | 0.145906 |
| | = | 0.8436 |
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) |
| = | (962.3 / 1747.7) | / | (489.6 / 1028.6) |
| = | 0.550609 | / | 0.475987 |
| | = | 1.1568 |
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 - (1147.4 + 116.9) / 2573.3) | / | (1 - (1324 + 118.9) / 2725.3) |
| = | 0.508685 | / | 0.470554 |
| | = | 1.081 |
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 |
| = | 1028.6 | / | 1747.7 |
| | = | 0.5885 |
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)) |
| = | (165.1 / (165.1 + 118.9)) | / | (145.3 / (145.3 + 116.9)) |
| = | 0.581338 | / | 0.554157 |
| | = | 1.049 |
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) |
| = | (169.9 / 1028.6) | / | (169.6 / 1747.7) |
| = | 0.165176 | / | 0.097042 |
| | = | 1.7021 |
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) |
| = | ((1008.4 + 253.3) / 2573.3) | / | ((1019.2 + 299.3) / 2725.3) |
| = | 0.490304 | / | 0.4838 |
| | = | 1.0134 |
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 |
| = | (-77.6 - -9.3 | - | 287.6) | / | 2573.3 |
| | = | -0.138305 |
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.
Synaptics has a M-score of -3.64 suggests that the company is unlikely to be a manipulator.
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