Onto Innovation Beneish M-Score Historical Data
The historical data trend for Onto Innovation'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.
Onto Innovation Beneish M-Score Chart
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Onto Innovation Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.21 |
-2.52 |
-2.44 |
-1.96 |
-2.66 |
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Onto Innovation 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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-1.96 |
-2.26 |
-2.61 |
-2.56 |
-2.66 |
Competitive Comparison of Onto Innovation's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Onto Innovation'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.
Onto Innovation's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Onto Innovation's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Onto Innovation's Beneish M-Score falls into.
Onto Innovation 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 Onto Innovation 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 * 1.1563 | + | 0.528 * 1.0414 | + | 0.404 * 0.8664 | + | 0.892 * 0.8117 | + | 0.115 * 1.026 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3199 | + | 4.679 * -0.024591 | - | 0.327 * 0.8594 |
| = | -2.66 |
* 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 $226.6 Mil.
Revenue was 218.856 + 207.185 + 190.662 + 199.165 = $815.9 Mil.
Gross Profit was 107.966 + 106.852 + 100.461 + 104.975 = $420.3 Mil.
Total Current Assets was $1,283.3 Mil.
Total Assets was $1,909.7 Mil.
Property, Plant and Equipment(Net PPE) was $122.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $67.2 Mil.
Selling, General, & Admin. Expense(SGA) was $144.9 Mil.
Total Current Liabilities was $147.7 Mil.
Long-Term Debt & Capital Lease Obligation was $14.0 Mil.
Net Income was 30.309 + 35.886 + 25.896 + 29.068 = $121.2 Mil.
Non Operating Income was -0.86 + -1.001 + -1.71 + -0.281 = $-3.9 Mil.
Cash Flow from Operations was 61.586 + 28.632 + 31.688 + 50.067 = $172.0 Mil.
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Total Receivables was $241.4 Mil.
Revenue was 253.27 + 254.253 + 256.31 + 241.35 = $1,005.2 Mil.
Gross Profit was 137.222 + 138.849 + 132.127 + 131.023 = $539.2 Mil.
Total Current Assets was $1,134.9 Mil.
Total Assets was $1,794.9 Mil.
Property, Plant and Equipment(Net PPE) was $112.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $64.7 Mil.
Selling, General, & Admin. Expense(SGA) was $135.3 Mil.
Total Current Liabilities was $160.6 Mil.
Long-Term Debt & Capital Lease Obligation was $16.3 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) |
| = | (226.556 / 815.868) | / | (241.395 / 1005.183) |
| = | 0.277687 | / | 0.24015 |
| | = | 1.1563 |
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) |
| = | (539.221 / 1005.183) | / | (420.254 / 815.868) |
| = | 0.536441 | / | 0.5151 |
| | = | 1.0414 |
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 - (1283.267 + 121.971) / 1909.712) | / | (1 - (1134.872 + 112.726) / 1794.863) |
| = | 0.264162 | / | 0.304906 |
| | = | 0.8664 |
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 |
| = | 815.868 | / | 1005.183 |
| | = | 0.8117 |
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)) |
| = | (64.662 / (64.662 + 112.726)) | / | (67.212 / (67.212 + 121.971)) |
| = | 0.364523 | / | 0.355275 |
| | = | 1.026 |
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) |
| = | (144.912 / 815.868) | / | (135.27 / 1005.183) |
| = | 0.177617 | / | 0.134573 |
| | = | 1.3199 |
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) |
| = | ((14.027 + 147.726) / 1909.712) | / | ((16.345 + 160.558) / 1794.863) |
| = | 0.0847 | / | 0.098561 |
| | = | 0.8594 |
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 |
| = | (121.159 - -3.852 | - | 171.973) | / | 1909.712 |
| | = | -0.024591 |
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.
Onto Innovation has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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