TE Connectivity Beneish M-Score Historical Data
The historical data trend for TE Connectivity'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.
TE Connectivity Beneish M-Score Chart
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TE Connectivity Annual Data
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Trend |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.71 |
-2.35 |
-2.46 |
-2.62 |
-2.48 |
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TE Connectivity 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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-2.47 |
-2.51 |
-2.48 |
-2.83 |
-2.87 |
Competitive Comparison of TE Connectivity's Beneish M-Score
For the Electronic Components subindustry, TE Connectivity'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.
TE Connectivity's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, TE Connectivity's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TE Connectivity's Beneish M-Score falls into.
TE Connectivity 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 TE Connectivity 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 * 1.0975 | + | 0.528 * 0.9549 | + | 0.404 * 0.8925 | + | 0.892 * 1.0123 | + | 0.115 * 0.994 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0075 | + | 4.679 * -0.082643 | - | 0.327 * 1.1 |
| = | -2.87 |
* 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 $3,193 Mil.
Revenue was 4143 + 3836 + 4068 + 3979 = $16,026 Mil.
Gross Profit was 1459 + 1360 + 1383 + 1386 = $5,588 Mil.
Total Current Assets was $9,074 Mil.
Total Assets was $23,656 Mil.
Property, Plant and Equipment(Net PPE) was $3,925 Mil.
Depreciation, Depletion and Amortization(DDA) was $818 Mil.
Selling, General, & Admin. Expense(SGA) was $1,745 Mil.
Total Current Liabilities was $5,999 Mil.
Long-Term Debt & Capital Lease Obligation was $3,263 Mil.
Net Income was 13 + 528 + 276 + 573 = $1,390 Mil.
Non Operating Income was -55 + -56 + -109 + -14 = $-234 Mil.
Cash Flow from Operations was 653 + 878 + 1042 + 1006 = $3,579 Mil.
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Total Receivables was $2,874 Mil.
Revenue was 3967 + 3831 + 4035 + 3998 = $15,831 Mil.
Gross Profit was 1363 + 1324 + 1285 + 1299 = $5,271 Mil.
Total Current Assets was $7,504 Mil.
Total Assets was $22,824 Mil.
Property, Plant and Equipment(Net PPE) was $3,799 Mil.
Depreciation, Depletion and Amortization(DDA) was $786 Mil.
Selling, General, & Admin. Expense(SGA) was $1,711 Mil.
Total Current Liabilities was $5,163 Mil.
Long-Term Debt & Capital Lease Obligation was $2,961 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) |
| = | (3193 / 16026) | / | (2874 / 15831) |
| = | 0.199239 | / | 0.181543 |
| | = | 1.0975 |
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) |
| = | (5271 / 15831) | / | (5588 / 16026) |
| = | 0.332954 | / | 0.348683 |
| | = | 0.9549 |
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 - (9074 + 3925) / 23656) | / | (1 - (7504 + 3799) / 22824) |
| = | 0.450499 | / | 0.504776 |
| | = | 0.8925 |
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 |
| = | 16026 | / | 15831 |
| | = | 1.0123 |
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)) |
| = | (786 / (786 + 3799)) | / | (818 / (818 + 3925)) |
| = | 0.171429 | / | 0.172465 |
| | = | 0.994 |
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) |
| = | (1745 / 16026) | / | (1711 / 15831) |
| = | 0.108886 | / | 0.108079 |
| | = | 1.0075 |
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) |
| = | ((3263 + 5999) / 23656) | / | ((2961 + 5163) / 22824) |
| = | 0.391529 | / | 0.355941 |
| | = | 1.1 |
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 |
| = | (1390 - -234 | - | 3579) | / | 23656 |
| | = | -0.082643 |
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.
TE Connectivity has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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