Wendell Industrial Co Beneish M-Score Historical Data
The historical data trend for Wendell Industrial Co'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.
Wendell Industrial Co Beneish M-Score Chart
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Wendell Industrial Co Annual Data
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Dec15 |
Dec16 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-1.80 |
-2.50 |
-2.31 |
-2.49 |
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Wendell Industrial Co Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Mar22 |
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Mar23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.27 |
-2.26 |
-2.28 |
-2.49 |
-1.00 |
Competitive Comparison of Wendell Industrial Co's Beneish M-Score
For the Electronics & Computer Distribution subindustry, Wendell Industrial Co'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.
Wendell Industrial Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Wendell Industrial Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wendell Industrial Co's Beneish M-Score falls into.
Wendell Industrial Co 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 Wendell Industrial Co 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 * 0.9024 | + | 0.528 * 0.8798 | + | 0.404 * 5.3943 | + | 0.892 * 1.1429 | + | 0.115 * 1.3954 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9275 | + | 4.679 * -0.087143 | - | 0.327 * 0.7399 |
| = | -1.00 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was NT$693 Mil.
Revenue was 535.118 + 505.918 + 502.097 + 518.556 = NT$2,062 Mil.
Gross Profit was 189.123 + 163.578 + 168.316 + 169.88 = NT$691 Mil.
Total Current Assets was NT$1,714 Mil.
Total Assets was NT$2,563 Mil.
Property, Plant and Equipment(Net PPE) was NT$621 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$59 Mil.
Selling, General, & Admin. Expense(SGA) was NT$387 Mil.
Total Current Liabilities was NT$710 Mil.
Long-Term Debt & Capital Lease Obligation was NT$73 Mil.
Net Income was 64.032 + 56.081 + 56.134 + 62.011 = NT$238 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 238.589 + 193.944 + -3.131 + 32.181 = NT$462 Mil.
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Total Receivables was NT$672 Mil.
Revenue was 494.302 + 448.691 + 437.469 + 423.482 = NT$1,804 Mil.
Gross Profit was 147.809 + 138.435 + 121.923 + 123.681 = NT$532 Mil.
Total Current Assets was NT$1,770 Mil.
Total Assets was NT$2,266 Mil.
Property, Plant and Equipment(Net PPE) was NT$459 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$63 Mil.
Selling, General, & Admin. Expense(SGA) was NT$365 Mil.
Total Current Liabilities was NT$899 Mil.
Long-Term Debt & Capital Lease Obligation was NT$37 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) |
| = | (693.125 / 2061.689) | / | (672.054 / 1803.944) |
| = | 0.336193 | / | 0.372547 |
| | = | 0.9024 |
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) |
| = | (531.848 / 1803.944) | / | (690.897 / 2061.689) |
| = | 0.294825 | / | 0.335112 |
| | = | 0.8798 |
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 - (1714.218 + 621.498) / 2562.753) | / | (1 - (1770.091 + 458.784) / 2266.09) |
| = | 0.088591 | / | 0.016423 |
| | = | 5.3943 |
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 |
| = | 2061.689 | / | 1803.944 |
| | = | 1.1429 |
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)) |
| = | (63.406 / (63.406 + 458.784)) | / | (59.235 / (59.235 + 621.498)) |
| = | 0.121423 | / | 0.087016 |
| | = | 1.3954 |
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) |
| = | (386.658 / 2061.689) | / | (364.775 / 1803.944) |
| = | 0.187544 | / | 0.20221 |
| | = | 0.9275 |
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) |
| = | ((73.346 + 710.254) / 2562.753) | / | ((36.955 + 899.477) / 2266.09) |
| = | 0.305765 | / | 0.413237 |
| | = | 0.7399 |
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 |
| = | (238.258 - 0 | - | 461.583) | / | 2562.753 |
| | = | -0.087143 |
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.
Wendell Industrial Co has a M-score of -1.00 signals that the company is likely to be a manipulator.
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