Market Cap : 417.51 M | Enterprise Value : 429.39 M | PE Ratio : 19.36 | PB Ratio : 1.47 |
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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.
Good Sign:
Beneish M-Score -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Vishay Precision Group's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Vishay Precision Group was -1.96. The lowest was -2.91. And the median was -2.50.
The historical data trend for Vishay Precision Group'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 Scientific & Technical Instruments subindustry, Vishay Precision Group'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 Hardware industry and Technology sector, Vishay Precision Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vishay Precision Group'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 Vishay Precision Group 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 * 1.0955 | + | 0.528 * 1.0052 | + | 0.404 * 1.2294 | + | 0.892 * 1.2284 | + | 0.115 * 0.9348 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0123 | + | 4.679 * -0.0059 | - | 0.327 * 1.2125 | |||||||
= | -2.20 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $59.1 Mil. Revenue was 87.665 + 90.017 + 81.974 + 75.339 = $335.0 Mil. Gross Profit was 35.25 + 34.877 + 31.845 + 29.798 = $131.8 Mil. Total Current Assets was $234.9 Mil. Total Assets was $457.8 Mil. Property, Plant and Equipment(Net PPE) was $106.8 Mil. Depreciation, Depletion and Amortization(DDA) was $15.3 Mil. Selling, General, & Admin. Expense(SGA) was $99.8 Mil. Total Current Liabilities was $58.6 Mil. Long-Term Debt & Capital Lease Obligation was $84.7 Mil. Net Income was 6.356 + 5.961 + 5.379 + 3.92 = $21.6 Mil. Non Operating Income was 0.19 + -0.763 + 0.023 + -2.767 = $-3.3 Mil. Cash Flow from Operations was -0.273 + 15.456 + 5.703 + 6.755 = $27.6 Mil. |
Total Receivables was $43.9 Mil. Revenue was 70.589 + 75.445 + 67.525 + 59.146 = $272.7 Mil. Gross Profit was 28.622 + 28.747 + 27.349 + 23.11 = $107.8 Mil. Total Current Assets was $219.6 Mil. Total Assets was $398.6 Mil. Property, Plant and Equipment(Net PPE) was $96.7 Mil. Depreciation, Depletion and Amortization(DDA) was $12.8 Mil. Selling, General, & Admin. Expense(SGA) was $80.3 Mil. Total Current Liabilities was $44.4 Mil. Long-Term Debt & Capital Lease Obligation was $58.5 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) |
= | (59.056 / 334.995) | / | (43.884 / 272.705) | |
= | 0.1762892 | / | 0.16092114 | |
= | 1.0955 |
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) | |
= | (107.828 / 272.705) | / | (131.77 / 334.995) | |
= | 0.39540162 | / | 0.39334915 | |
= | 1.0052 |
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 - (234.856 + 106.782) / 457.819) | / | (1 - (219.622 + 96.702) / 398.6) | |
= | 0.25377059 | / | 0.20641244 | |
= | 1.2294 |
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 | |
= | 334.995 | / | 272.705 | |
= | 1.2284 |
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)) |
= | (12.83 / (12.83 + 96.702)) | / | (15.297 / (15.297 + 106.782)) | |
= | 0.11713472 | / | 0.12530411 | |
= | 0.9348 |
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) |
= | (99.84 / 334.995) | / | (80.285 / 272.705) | |
= | 0.2980343 | / | 0.29440238 | |
= | 1.0123 |
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) |
= | ((84.695 + 58.623) / 457.819) | / | ((58.515 + 44.397) / 398.6) | |
= | 0.31304511 | / | 0.25818364 | |
= | 1.2125 |
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 | |
= | (21.616 - -3.317 | - | 27.641) | / | 457.819 | |
= | -0.0059 |
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.
Thank you for viewing the detailed overview of Vishay Precision Group's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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 |
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