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

Vishay Precision Group Beneish M-Score

: -2.20 (As of Today)
View and export this data going back to 2010. Start your Free Trial

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:

VPG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91   Med: -2.5   Max: -1.96
Current: -2.2

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.


Vishay Precision Group Beneish M-Score Historical Data

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.

* Premium members only.

Vishay Precision Group Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.33 -2.49 -2.53 -2.67 -2.34

Vishay Precision Group Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.81 -2.31 -2.39 -2.34 -2.20

Competitive Comparison

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.

   

Vishay Precision Group Beneish M-Score Distribution

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.



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:

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.


Vishay Precision Group Beneish M-Score Related Terms

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.


Vishay Precision Group Business Description

Vishay Precision Group logo
Traded in Other Exchanges
N/A
Address
3 Great Valley Parkway, Suite 150, Malvern, PA, USA, 19355
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

Vishay Precision Group Headlines

Other Sources

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)