Insyde Software Beneish M-Score Historical Data
The historical data trend for Insyde Software'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.
Insyde Software Beneish M-Score Chart
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Insyde Software Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.26 |
-2.66 |
-2.54 |
-2.51 |
-2.13 |
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Insyde Software Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.51 |
-2.59 |
-2.60 |
-2.13 |
-2.10 |
Competitive Comparison of Insyde Software's Beneish M-Score
For the Software - Application subindustry, Insyde Software'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.
Insyde Software's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Insyde Software's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Insyde Software's Beneish M-Score falls into.
Insyde Software 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 Insyde Software 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 * 1.0844 | + | 0.528 * 1.0089 | + | 0.404 * 1.4728 | + | 0.892 * 1.0459 | + | 0.115 * 1.4604 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0022 | + | 4.679 * -0.00991 | - | 0.327 * 0.8277 |
| = | -2.10 |
* 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$215 Mil.
Revenue was 370.893 + 370.625 + 356.964 + 313.957 = NT$1,412 Mil.
Gross Profit was 296.049 + 294.576 + 281.674 + 252.056 = NT$1,124 Mil.
Total Current Assets was NT$1,220 Mil.
Total Assets was NT$1,425 Mil.
Property, Plant and Equipment(Net PPE) was NT$118 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$72 Mil.
Selling, General, & Admin. Expense(SGA) was NT$325 Mil.
Total Current Liabilities was NT$453 Mil.
Long-Term Debt & Capital Lease Obligation was NT$49 Mil.
Net Income was 71.981 + 57.686 + 68.542 + 28.088 = NT$226 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 56.605 + 93.88 + -13.646 + 103.577 = NT$240 Mil.
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Total Receivables was NT$190 Mil.
Revenue was 300.916 + 348.396 + 356.827 + 344.361 = NT$1,351 Mil.
Gross Profit was 232.656 + 274.575 + 292.511 + 284.903 = NT$1,085 Mil.
Total Current Assets was NT$1,241 Mil.
Total Assets was NT$1,355 Mil.
Property, Plant and Equipment(Net PPE) was NT$58 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$72 Mil.
Selling, General, & Admin. Expense(SGA) was NT$310 Mil.
Total Current Liabilities was NT$567 Mil.
Long-Term Debt & Capital Lease Obligation was NT$10 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) |
| = | (215.405 / 1412.439) | / | (189.93 / 1350.5) |
| = | 0.152506 | / | 0.140637 |
| | = | 1.0844 |
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) |
| = | (1084.645 / 1350.5) | / | (1124.355 / 1412.439) |
| = | 0.803143 | / | 0.796038 |
| | = | 1.0089 |
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 - (1219.865 + 117.904) / 1424.654) | / | (1 - (1241.229 + 57.902) / 1355.25) |
| = | 0.060987 | / | 0.041409 |
| | = | 1.4728 |
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 |
| = | 1412.439 | / | 1350.5 |
| | = | 1.0459 |
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)) |
| = | (72.44 / (72.44 + 57.902)) | / | (72.437 / (72.437 + 117.904)) |
| = | 0.555769 | / | 0.380564 |
| | = | 1.4604 |
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) |
| = | (324.753 / 1412.439) | / | (309.839 / 1350.5) |
| = | 0.229924 | / | 0.229425 |
| | = | 1.0022 |
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) |
| = | ((49.352 + 453.182) / 1424.654) | / | ((10.352 + 567.23) / 1355.25) |
| = | 0.352741 | / | 0.426181 |
| | = | 0.8277 |
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 |
| = | (226.297 - 0 | - | 240.416) | / | 1424.654 |
| | = | -0.00991 |
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.
Insyde Software has a M-score of -2.10 suggests that the company is unlikely to be a manipulator.
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