GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Super Micro Computer Inc (NAS:SMCI) » Definitions » Beneish M-Score
中文

Super Micro Computer (Super Micro Computer) Beneish M-Score : -1.06 (As of Apr. 24, 2024)


View and export this data going back to 2007. Start your Free Trial

What is Super Micro Computer Beneish M-Score?

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.

Warning Sign:

Beneish M-Score -1.06 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Super Micro Computer's Beneish M-Score or its related term are showing as below:

SMCI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12   Med: -1.87   Max: -1
Current: -1.06

During the past 13 years, the highest Beneish M-Score of Super Micro Computer was -1.00. The lowest was -3.12. And the median was -1.87.


Super Micro Computer Beneish M-Score Historical Data

The historical data trend for Super Micro Computer'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.

Super Micro Computer Beneish M-Score Chart

Super Micro Computer Annual Data
Trend Jun14 Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.01 -2.18 -2.37 -1.00 -1.94

Super Micro Computer Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial 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 -1.37 -2.13 -1.94 -2.19 -1.06

Competitive Comparison of Super Micro Computer's Beneish M-Score

For the Computer Hardware subindustry, Super Micro Computer'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.


Super Micro Computer's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Super Micro Computer's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Super Micro Computer's Beneish M-Score falls into.



Super Micro Computer 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 Super Micro Computer 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 * 1.1979+0.528 * 1.0864+0.404 * 1.3096+0.892 * 1.3922+0.115 * 0.9032
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9201+4.679 * 0.160488-0.327 * 1.1087
=-1.06

* 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 $1,503 Mil.
Revenue was 3664.924 + 2119.672 + 2184.861 + 1283.296 = $9,253 Mil.
Gross Profit was 564.322 + 353.691 + 371.696 + 226.359 = $1,516 Mil.
Total Current Assets was $4,842 Mil.
Total Assets was $5,405 Mil.
Property, Plant and Equipment(Net PPE) was $297 Mil.
Depreciation, Depletion and Amortization(DDA) was $36 Mil.
Selling, General, & Admin. Expense(SGA) was $264 Mil.
Total Current Liabilities was $1,992 Mil.
Long-Term Debt & Capital Lease Obligation was $99 Mil.
Net Income was 295.968 + 156.995 + 193.569 + 85.846 = $732 Mil.
Non Operating Income was -7.886 + 6.613 + 2.005 + -0.078 = $1 Mil.
Cash Flow from Operations was -595.085 + 270.465 + -9.339 + 198.245 = $-136 Mil.
Total Receivables was $901 Mil.
Revenue was 1803.195 + 1852.13 + 1635.46 + 1355.49 = $6,646 Mil.
Gross Profit was 337.422 + 347.535 + 287.344 + 210.775 = $1,183 Mil.
Total Current Assets was $2,650 Mil.
Total Assets was $3,075 Mil.
Property, Plant and Equipment(Net PPE) was $310 Mil.
Depreciation, Depletion and Amortization(DDA) was $34 Mil.
Selling, General, & Admin. Expense(SGA) was $206 Mil.
Total Current Liabilities was $917 Mil.
Long-Term Debt & Capital Lease Obligation was $156 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)
=(1502.971 / 9252.753) / (901.201 / 6646.275)
=0.162435 / 0.135595
=1.1979

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)
=(1183.076 / 6646.275) / (1516.068 / 9252.753)
=0.178006 / 0.16385
=1.0864

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 - (4842.355 + 297.102) / 5405) / (1 - (2649.503 + 310.082) / 3074.942)
=0.049129 / 0.037515
=1.3096

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
=9252.753 / 6646.275
=1.3922

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))
=(33.986 / (33.986 + 310.082)) / (36.483 / (36.483 + 297.102))
=0.098777 / 0.109366
=0.9032

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)
=(264.089 / 9252.753) / (206.179 / 6646.275)
=0.028542 / 0.031022
=0.9201

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)
=((99.322 + 1992.089) / 5405) / ((156.197 + 916.94) / 3074.942)
=0.38694 / 0.348994
=1.1087

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
=(732.378 - 0.654 - -135.714) / 5405
=0.160488

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.

Super Micro Computer has a M-score of -1.06 signals that the company is likely to be a manipulator.


Super Micro Computer Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Super Micro Computer's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Super Micro Computer (Super Micro Computer) Business Description

Traded in Other Exchanges
Address
980 Rock Avenue, San Jose, CA, USA, 95131
Super Micro Computer Inc provides high-performance server technology services to cloud computing, data center, Big Data, high-performance computing, and "Internet of Things" embedded markets. Its solutions include server, storage, blade and workstations to full racks, networking devices, and server management software. The firm follows a modular architectural approach, which provides flexibility to deliver customized solutions. The Company operates in one operating segment that develops and provides high-performance server solutions based upon an innovative, modular and open-standard architecture. More than half of the firm's revenue is generated in the United States, with the rest coming from Europe, Asia, and other regions.
Executives
Daniel W Fairfax director 1421 MCCARTHY BLVD., MILPITAS CA 95035
Robert L Blair director 48401 FREMONT BLVD, FREMONT CA 94538
Liu Liang Chiu-chu Sara director, 10 percent owner, officer: Senior VP and Treasurer 980 ROCK AVE, SAN JOSE CA 95131
Charles Liang director, 10 percent owner, officer: President and CEO SUPER MICRO COMPUTER, INC., 980 ROCK AVE, SAN JOSE CA 95131
Sherman Tuan director C/O ABOVENET COMMUNICATIONS INC, 50 W SAN FERNANDO STREET, SAN JOSE CA 95113
David E Weigand officer: SVP, CHIEF COMPLIANCE OFFICER 980 ROCK AVENUE, SAN JOSE CA 95131
George Kao officer: SVP, OPERATIONS 980 ROCK AVENUE, SAN JOSE CA 95131
Shiu Leung Chan director 48401 FREMONT BLVD, FREMONT CA 94538
Don W Clegg officer: SVP, Worldwide Sales 980 ROCK AVENUE, SAN JOSE CA 95131
Judy L. Lin director 980 ROCK AVENUE, SAN JOSE CA 95131
Tally C Liu director 50 W SAN FERNANDO ST 15TH FLR, SAN JOSE CA 95113
Hwei-ming Fred Tsai director 980 ROCK AVE, SAN JOSE CA 95131
Kevin S Bauer officer: Chief Financial Officer 980 ROCK AVE., SAN JOSE CA 95131
Cheng-hsien Phidias Chou officer: VP Worldwide Sales 980 ROCK AVENUE, SAN JOSE CA 95131
Howard Hideshima officer: Chief Financial Officer 980 ROCK AVENUE, SAN JOSE CA 95131