Market Cap : 305.96 M | Enterprise Value : 296.12 M | PE Ratio : At Loss | PB Ratio : 9.89 |
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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.
Warning Sign:
Beneish M-Score -0.95 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Transphorm's Beneish M-Score or its related term are showing as below:
During the past 3 years, the highest Beneish M-Score of Transphorm was 1.61. The lowest was -2.44. And the median was -0.53.
The historical data trend for Transphorm'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, Transphorm'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, Transphorm's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Transphorm'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 Transphorm 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 * 0.5256 | + | 0.528 * 0.2828 | + | 0.404 * 0.2038 | + | 0.892 * 2.7121 | + | 0.115 * 1.9678 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.4417 | + | 4.679 * 0.1376 | - | 0.327 * 0.1066 | |||||||
= | -0.95 |
* 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 $3.20 Mil. Revenue was 5.156 + 4.927 + 4.604 + 11.303 = $25.99 Mil. Gross Profit was 1.106 + 1.138 + 0.669 + 9.064 = $11.98 Mil. Total Current Assets was $55.85 Mil. Total Assets was $63.73 Mil. Property, Plant and Equipment(Net PPE) was $5.65 Mil. Depreciation, Depletion and Amortization(DDA) was $1.02 Mil. Selling, General, & Admin. Expense(SGA) was $15.73 Mil. Total Current Liabilities was $18.85 Mil. Long-Term Debt & Capital Lease Obligation was $2.94 Mil. Net Income was -5.353 + -4.999 + -4.164 + 5.98 = $-8.54 Mil. Non Operating Income was -0.137 + -0.36 + 0.791 + 2.266 = $2.56 Mil. Cash Flow from Operations was -4.913 + -5.826 + -5.298 + -3.829 = $-19.87 Mil. |
Total Receivables was $2.25 Mil. Revenue was 3.216 + 2.425 + 2.013 + 1.929 = $9.58 Mil. Gross Profit was 0.649 + 0.637 + 0.077 + -0.114 = $1.25 Mil. Total Current Assets was $9.79 Mil. Total Assets was $14.03 Mil. Property, Plant and Equipment(Net PPE) was $1.83 Mil. Depreciation, Depletion and Amortization(DDA) was $0.79 Mil. Selling, General, & Admin. Expense(SGA) was $13.13 Mil. Total Current Liabilities was $15.85 Mil. Long-Term Debt & Capital Lease Obligation was $29.19 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) |
= | (3.203 / 25.99) | / | (2.247 / 9.583) | |
= | 0.12323971 | / | 0.23447772 | |
= | 0.5256 |
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) | |
= | (1.249 / 9.583) | / | (11.977 / 25.99) | |
= | 0.13033497 | / | 0.46083109 | |
= | 0.2828 |
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 - (55.854 + 5.647) / 63.73) | / | (1 - (9.793 + 1.832) / 14.034) | |
= | 0.03497568 | / | 0.17165455 | |
= | 0.2038 |
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 | |
= | 25.99 | / | 9.583 | |
= | 2.7121 |
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)) |
= | (0.791 / (0.791 + 1.832)) | / | (1.022 / (1.022 + 5.647)) | |
= | 0.3015631 | / | 0.15324636 | |
= | 1.9678 |
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) |
= | (15.731 / 25.99) | / | (13.132 / 9.583) | |
= | 0.60527126 | / | 1.37034332 | |
= | 0.4417 |
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) |
= | ((2.941 + 18.851) / 63.73) | / | ((29.19 + 15.847) / 14.034) | |
= | 0.34194257 | / | 3.20913496 | |
= | 0.1066 |
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 | |
= | (-8.536 - 2.56 | - | -19.866) | / | 63.73 | |
= | 0.1376 |
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.
Transphorm has a M-score of -0.95 signals that the company is likely to be a manipulator.
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