Ultra Clean Holdings Beneish M-Score Historical Data
The historical data trend for Ultra Clean Holdings'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.
Ultra Clean Holdings Beneish M-Score Chart
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Ultra Clean Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.30 |
-2.18 |
-2.27 |
-3.01 |
-2.42 |
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Ultra Clean Holdings Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.70 |
-2.61 |
-2.45 |
-2.42 |
-2.59 |
Competitive Comparison of Ultra Clean Holdings's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Ultra Clean Holdings'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.
Ultra Clean Holdings's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Ultra Clean Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ultra Clean Holdings's Beneish M-Score falls into.
Ultra Clean Holdings 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 Ultra Clean Holdings 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 * 0.932 | + | 0.528 * 0.9642 | + | 0.404 * 0.9389 | + | 0.892 * 1.2021 | + | 0.115 * 0.8767 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9206 | + | 4.679 * -0.041142 | - | 0.327 * 0.9876 |
| = | -2.59 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $218 Mil.
Revenue was 518.6 + 563.3 + 540.4 + 516.1 = $2,138 Mil.
Gross Profit was 84 + 91.8 + 93.4 + 88.5 = $358 Mil.
Total Current Assets was $948 Mil.
Total Assets was $1,891 Mil.
Property, Plant and Equipment(Net PPE) was $486 Mil.
Depreciation, Depletion and Amortization(DDA) was $76 Mil.
Selling, General, & Admin. Expense(SGA) was $242 Mil.
Total Current Liabilities was $313 Mil.
Long-Term Debt & Capital Lease Obligation was $618 Mil.
Net Income was -5 + 16.3 + -2.3 + 19.1 = $28 Mil.
Non Operating Income was 0.8 + 8.4 + -4.1 + 17.4 = $23 Mil.
Cash Flow from Operations was 28.2 + 17.1 + 14.9 + 23.2 = $83 Mil.
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Total Receivables was $195 Mil.
Revenue was 477.7 + 444.7 + 435 + 421.5 = $1,779 Mil.
Gross Profit was 82.6 + 71 + 65.2 + 68.1 = $287 Mil.
Total Current Assets was $909 Mil.
Total Assets was $1,888 Mil.
Property, Plant and Equipment(Net PPE) was $493 Mil.
Depreciation, Depletion and Amortization(DDA) was $66 Mil.
Selling, General, & Admin. Expense(SGA) was $219 Mil.
Total Current Liabilities was $329 Mil.
Long-Term Debt & Capital Lease Obligation was $612 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) |
| = | (217.9 / 2138.4) | / | (194.5 / 1778.9) |
| = | 0.101899 | / | 0.109337 |
| | = | 0.932 |
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) |
| = | (286.9 / 1778.9) | / | (357.7 / 2138.4) |
| = | 0.161279 | / | 0.167275 |
| | = | 0.9642 |
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 - (947.8 + 485.8) / 1891) | / | (1 - (908.7 + 492.6) / 1887.6) |
| = | 0.241883 | / | 0.257629 |
| | = | 0.9389 |
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 |
| = | 2138.4 | / | 1778.9 |
| | = | 1.2021 |
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)) |
| = | (66.2 / (66.2 + 492.6)) | / | (75.9 / (75.9 + 485.8)) |
| = | 0.118468 | / | 0.135126 |
| | = | 0.8767 |
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) |
| = | (241.9 / 2138.4) | / | (218.6 / 1778.9) |
| = | 0.113122 | / | 0.122885 |
| | = | 0.9206 |
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) |
| = | ((617.8 + 313.2) / 1891) | / | ((611.6 + 329.4) / 1887.6) |
| = | 0.492332 | / | 0.498517 |
| | = | 0.9876 |
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 |
| = | (28.1 - 22.5 | - | 83.4) | / | 1891 |
| | = | -0.041142 |
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.
Ultra Clean Holdings has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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