Vishay Precision Group Beneish M-Score

Vishay Precision Group 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 Vishay Precision Group for today is based on a combination of the following eight different indices:

* 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.

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.

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.

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.

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.

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.

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.

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

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

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.

Vishay Precision Group has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.

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Vishay Precision Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Vishay Precision Group Inc (NYSE:VPG) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

3 Great Valley Parkway, Suite 150, Malvern, PA, USA, 19355

Website

https://www.vpgsensors.com

Vishay Precision Group Inc manufactures and markets sensors, and sensor-based measurement systems, as well as specialty resistors and strain gages based on proprietary technology. The company provides precision products and solutions, many of which are designed-in by customers, specializing in the growing markets of stress, force, weight, pressure, and current measurements. Its most products and solutions are primarily based upon proprietary foil technology and are produced as part of a vertically integrated structure. The product segments of the group are Foil Technology Products, Force Sensors and Weighing and Control Systems. It has a business presence in the United States and other countries.

Executives

Lerner Bruce A.	director	C/O VISHAY PRECISION GROUP, INC. 3 GREAT VALLEY PARKWAY, SUITE 150 MALVERN PA 19355
Reibstein Saul	director	C/O VISHAY PRECISION GROUP, INC. 3 GREAT VALLEY PARKWAY, SUITE 150 MALVERN PA 19355
Clarke Janet M	director	EXPRESSJET HOLDINGS, INC. 700 N SAM HOUSTON PRKWY W, SUITE 200 HOUSTON TX 77067
Zandman Marc	director	C/O VISHAY INTERTECHNOLOGY, INC. 63 LINCOLN HIGHWAY MALVERN PA 19355
Talbert Timothy	director	3152 CASWELL DR TROY MI 48084
Tal Amir	officer: SVP and CAO	C/O VISHAY PRECISION GROUP, INC. 3 GREAT VALLEY PARKWAY, SUITE 150 MALVERN PA 19355
Cummins Wes	director	4505 LORRAINE AVE DALLAS TX 75205
Gulati Sejal Shah	director	C/O VISHAY PRECISION GROUP, INC. 3 GREAT VALLEY PARKWAY, SUITE 150 MALVERN PA 19355
Clancy William M	officer: Exec. VP/CFO	3 GREAT VALLEY PKWY MALVERN PA 19355
Shoshani Ziv	director, officer: President & CEO	C/O VISHAY INTERTECHNOLOGY, INC. 63 LANCASTER AVE MALVERN PA 19355
Wood Cary B	director	425 NORTH MARTINGALE ROAD SUITE 1000 SCHAUMBURG IL 60173
Desilets Roland B	officer: General Counsel & Secretary	3 GREAT VALLEY PARKWAY SUITE 150 MALVERN PA 19355
Nokomis Capital, L.l.c.	10 percent owner	PO BOX 155 4347 W. NORTHWEST HWY, SUITE 130 DALLAS TX 75220
Hendrickson Brett	10 percent owner	300 CRESCENT COURT SUITE 1740 DALLAS TX 75201
Broydo Samuel	director	C/O VISHAY PRECISION GROUP, INC. 3 GREAT VALLEY PARKWAY, SUITE 150 MALVERN PA 19355