Knowles Beneish M-Score Historical Data
The historical data trend for Knowles'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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Knowles Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.55 |
-2.90 |
-2.43 |
-2.65 |
-3.03 |
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Knowles 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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|
|
|
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|
|
|
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|
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-2.65 |
-3.06 |
-2.65 |
-2.84 |
-3.03 |
Competitive Comparison
For the Communication Equipment subindustry, Knowles'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.
Knowles Beneish M-Score Distribution
For the Hardware industry and Technology sector, Knowles's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Knowles's Beneish M-Score falls into.
Knowles 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 Knowles 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 * 1.0855 | + | 0.528 * 0.9021 | + | 0.404 * 1.0575 | + | 0.892 * 0.9253 | + | 0.115 * 1.1932 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2601 | + | 4.679 * -0.031515 | - | 0.327 * 2.1068 |
| = | -3.03 |
* 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 $135.3 Mil.
Revenue was 215.2 + 175.1 + 173 + 144.3 = $707.6 Mil.
Gross Profit was 78.4 + 77.5 + 73.7 + 53.8 = $283.4 Mil.
Total Current Assets was $428.8 Mil.
Total Assets was $1,462.8 Mil.
Property, Plant and Equipment(Net PPE) was $188.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $46.5 Mil.
Selling, General, & Admin. Expense(SGA) was $150.3 Mil.
Total Current Liabilities was $164.6 Mil.
Long-Term Debt & Capital Lease Obligation was $232.9 Mil.
Net Income was 47.4 + 16.6 + 13.6 + -5.2 = $72.4 Mil.
Non Operating Income was -0.6 + -1 + 0.7 + -3.3 = $-4.2 Mil.
Cash Flow from Operations was 60.4 + 39.9 + 0.5 + 21.9 = $122.7 Mil.
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Total Receivables was $134.7 Mil.
Revenue was 197.1 + 178.2 + 188 + 201.4 = $764.7 Mil.
Gross Profit was 75.3 + 40 + 77.7 + 83.3 = $276.3 Mil.
Total Current Assets was $362.4 Mil.
Total Assets was $1,183.9 Mil.
Property, Plant and Equipment(Net PPE) was $174.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $53.9 Mil.
Selling, General, & Admin. Expense(SGA) was $128.9 Mil.
Total Current Liabilities was $99.1 Mil.
Long-Term Debt & Capital Lease Obligation was $53.6 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) |
| = | (135.3 / 707.6) | / | (134.7 / 764.7) |
| = | 0.19121 | / | 0.176148 |
| | = | 1.0855 |
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) |
| = | (276.3 / 764.7) | / | (283.4 / 707.6) |
| = | 0.361318 | / | 0.400509 |
| | = | 0.9021 |
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 - (428.8 + 188.5) / 1462.8) | / | (1 - (362.4 + 174.4) / 1183.9) |
| = | 0.578001 | / | 0.546583 |
| | = | 1.0575 |
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 |
| = | 707.6 | / | 764.7 |
| | = | 0.9253 |
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)) |
| = | (53.9 / (53.9 + 174.4)) | / | (46.5 / (46.5 + 188.5)) |
| = | 0.236093 | / | 0.197872 |
| | = | 1.1932 |
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) |
| = | (150.3 / 707.6) | / | (128.9 / 764.7) |
| = | 0.212408 | / | 0.168563 |
| | = | 1.2601 |
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) |
| = | ((232.9 + 164.6) / 1462.8) | / | ((53.6 + 99.1) / 1183.9) |
| = | 0.271739 | / | 0.12898 |
| | = | 2.1068 |
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 |
| = | (72.4 - -4.2 | - | 122.7) | / | 1462.8 |
| | = | -0.031515 |
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.
Knowles has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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