Leo Systems Beneish M-Score Historical Data
The historical data trend for Leo Systems'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.
Leo Systems Beneish M-Score Chart
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Leo Systems Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.78 |
-2.23 |
-2.02 |
-0.87 |
-4.55 |
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Leo Systems Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.65 |
-0.93 |
-2.60 |
-4.55 |
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Competitive Comparison of Leo Systems's Beneish M-Score
For the Computer Hardware subindustry, Leo Systems'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.
Leo Systems's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Leo Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Leo Systems's Beneish M-Score falls into.
Leo Systems 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 Leo Systems 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 * 1.1577 | + | 0.528 * 0.6702 | + | 0.404 * 1.1713 | + | 0.892 * 0.5174 | + | 0.115 * 2.7418 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6543 | + | 4.679 * -0.30946 | - | 0.327 * 0.8205 |
| = | -4.17 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was NT$981 Mil.
Revenue was 793.54 + 994.983 + 835.198 + 844.53 = NT$3,468 Mil.
Gross Profit was 156.346 + 156.481 + 166.925 + 178.954 = NT$659 Mil.
Total Current Assets was NT$1,829 Mil.
Total Assets was NT$2,742 Mil.
Property, Plant and Equipment(Net PPE) was NT$106 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$20 Mil.
Selling, General, & Admin. Expense(SGA) was NT$341 Mil.
Total Current Liabilities was NT$1,160 Mil.
Long-Term Debt & Capital Lease Obligation was NT$26 Mil.
Net Income was 36.502 + 58.183 + 43.585 + 57.927 = NT$196 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -121.39 + 430.987 + 170.549 + 564.579 = NT$1,045 Mil.
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Total Receivables was NT$1,637 Mil.
Revenue was 783.006 + 2892.125 + 2307.182 + 720.466 = NT$6,703 Mil.
Gross Profit was 147.12 + 274.215 + 280.905 + 150.893 = NT$853 Mil.
Total Current Assets was NT$2,335 Mil.
Total Assets was NT$3,282 Mil.
Property, Plant and Equipment(Net PPE) was NT$122 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$92 Mil.
Selling, General, & Admin. Expense(SGA) was NT$399 Mil.
Total Current Liabilities was NT$1,690 Mil.
Long-Term Debt & Capital Lease Obligation was NT$40 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) |
| = | (980.674 / 3468.251) | / | (1637.129 / 6702.779) |
| = | 0.282758 | / | 0.244246 |
| | = | 1.1577 |
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) |
| = | (853.133 / 6702.779) | / | (658.706 / 3468.251) |
| = | 0.12728 | / | 0.189925 |
| | = | 0.6702 |
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 - (1829.078 + 106.092) / 2741.96) | / | (1 - (2335.047 + 122.293) / 3281.742) |
| = | 0.294238 | / | 0.251209 |
| | = | 1.1713 |
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 |
| = | 3468.251 | / | 6702.779 |
| | = | 0.5174 |
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)) |
| = | (92.351 / (92.351 + 122.293)) | / | (19.747 / (19.747 + 106.092)) |
| = | 0.430252 | / | 0.156923 |
| | = | 2.7418 |
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) |
| = | (341.217 / 3468.251) | / | (398.611 / 6702.779) |
| = | 0.098383 | / | 0.05947 |
| | = | 1.6543 |
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) |
| = | ((26.359 + 1159.879) / 2741.96) | / | ((40.477 + 1689.908) / 3281.742) |
| = | 0.432624 | / | 0.527276 |
| | = | 0.8205 |
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 |
| = | (196.197 - 0 | - | 1044.725) | / | 2741.96 |
| | = | -0.30946 |
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.
Leo Systems has a M-score of -4.17 suggests that the company is unlikely to be a manipulator.
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