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QuickLogic (QuickLogic) Beneish M-Score : -2.65 (As of Apr. 28, 2024)


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What is QuickLogic 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.

Good Sign:

Beneish M-Score -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

QUIK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.84   Med: -2.83   Max: -0.52
Current: -2.65

During the past 13 years, the highest Beneish M-Score of QuickLogic was -0.52. The lowest was -3.84. And the median was -2.83.


QuickLogic Beneish M-Score Historical Data

The historical data trend for QuickLogic'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.

QuickLogic Beneish M-Score Chart

QuickLogic Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.26 -2.93 -3.27 -0.52 -2.65

QuickLogic 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 -0.52 -1.01 -2.97 -2.35 -2.65

Competitive Comparison of QuickLogic's Beneish M-Score

For the Semiconductors subindustry, QuickLogic'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.


QuickLogic's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, QuickLogic's Beneish M-Score distribution charts can be found below:

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



QuickLogic 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 QuickLogic 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 * 1.0502+0.528 * 0.796+0.404 * 0.7918+0.892 * 1.3101+0.115 * 2.4567
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8002+4.679 * -0.106922-0.327 * 1.0202
=-2.65

* 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 $6.43 Mil.
Revenue was 7.479 + 6.665 + 2.921 + 4.133 = $21.20 Mil.
Gross Profit was 5.766 + 5.128 + 1.203 + 2.39 = $14.49 Mil.
Total Current Assets was $34.63 Mil.
Total Assets was $47.79 Mil.
Property, Plant and Equipment(Net PPE) was $9.93 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.15 Mil.
Selling, General, & Admin. Expense(SGA) was $7.97 Mil.
Total Current Liabilities was $29.63 Mil.
Long-Term Debt & Capital Lease Obligation was $1.14 Mil.
Net Income was 2.042 + 1.192 + -2.269 + -1.228 = $-0.26 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 4.965 + 0.114 + 0.03 + -0.262 = $4.85 Mil.
Total Receivables was $4.68 Mil.
Revenue was 4.084 + 3.459 + 4.541 + 4.096 = $16.18 Mil.
Gross Profit was 2.119 + 1.678 + 2.544 + 2.461 = $8.80 Mil.
Total Current Assets was $27.94 Mil.
Total Assets was $32.59 Mil.
Property, Plant and Equipment(Net PPE) was $1.86 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.45 Mil.
Selling, General, & Admin. Expense(SGA) was $7.60 Mil.
Total Current Liabilities was $20.02 Mil.
Long-Term Debt & Capital Lease Obligation was $0.54 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)
=(6.434 / 21.198) / (4.676 / 16.18)
=0.303519 / 0.288999
=1.0502

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)
=(8.802 / 16.18) / (14.487 / 21.198)
=0.544005 / 0.683414
=0.796

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 - (34.63 + 9.929) / 47.792) / (1 - (27.94 + 1.862) / 32.586)
=0.067647 / 0.085435
=0.7918

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
=21.198 / 16.18
=1.3101

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))
=(1.445 / (1.445 + 1.862)) / (2.148 / (2.148 + 9.929))
=0.436952 / 0.177859
=2.4567

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)
=(7.969 / 21.198) / (7.601 / 16.18)
=0.375932 / 0.469778
=0.8002

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)
=((1.142 + 29.63) / 47.792) / ((0.544 + 20.022) / 32.586)
=0.643873 / 0.63113
=1.0202

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
=(-0.263 - 0 - 4.847) / 47.792
=-0.106922

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.

QuickLogic has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.


QuickLogic Beneish M-Score Related Terms

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QuickLogic (QuickLogic) Business Description

Traded in Other Exchanges
Address
2220 Lundy Avenue, San Jose, CA, USA, 95131
QuickLogic Corp is engaged in the development and marketing of semiconductor and software algorithm solutions for mobile and portable electronics. The company's products enable smartphone, wearable and IoT device Original Equipment Manufacturers, or OEMs, to deliver long battery life for their customers. Its solutions fall into one of four categories: Sensor Processing, eFPGA IP and its associated Tools, Display, and Smart Connectivity. Geographically, it has a presence in the Asia Pacific, Europe, and North America. It also works with mobile processor manufacturers, sensor manufacturers, sensor fusion, and context awareness algorithm developers in the development of reference designs.
Executives
Brian C Faith officer: VP WW Sales & Marketing C/O QUICKLOGIC CORPORATION, 1277 ORLEANS DRIVE, SUNNYVALE CA 94089
Timothy Saxe officer: Chief Technology Officer 109 SYLVAN WAY, LOS ALTOS CA 94022
Elias Nader officer: CFO, SVP Finance 1778 MCCARTHY BLVD., C/O SIGMA DESIGNS, INC., MILPITAS CA 95035
Russell Christine director 17165 PINE STREET, LOS GATOS CA 95032
Joyce Kim director 2220 LUNDY AVENUE, 2220 LUNDY AVENUE, SAN JOSE CA 95131
Radhika Krishnan director 333 THREE D SYSTEMS CIRCLE, ROCK HILL SC 29730
Andrew J Pease officer: VP, Worldwide Sales
Gary H Tauss director
Michael Farese director 6290 SEQUENCE DRIVE, SAN DIEGO CA 92121
Robert H Schoenfield officer: VP Worldwide Sales C/O AUDIENCE, INC., 331 FAIRCHILD DR., MOUNTAIN VIEW CA 94043
Suping (sue) Cheung officer: Controller, Princ. Acctg. Off. C/O QUICKLOGIC CORPORATION, SUNNYVALE CA 94089
Daniel A Rabinovitsj director 400 W CESAR CHAVEZ, AUSTIN TX 78701
E Thomas Hart director, officer: Chairman, President and CEO 1277 ORLEANS DRIVE, SUNNYVALE CA 94089-1138
Edgar Auslander director 1277 ORLEANS DRIVE, SUNNYVALE CA 94089
Maxime Bouvat-merlin officer: VP WW Engineering C/O SONOS, INC., 614 CHAPALA STREET, SANTA BARBARA CA 93101