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Wendell Industrial Co (ROCO:6761) Beneish M-Score : -1.00 (As of Jul. 09, 2025)


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What is Wendell Industrial Co 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 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ROCO:6761' s Beneish M-Score Range Over the Past 10 Years
Min: -2.63   Med: -2.27   Max: -1
Current: -1

During the past 10 years, the highest Beneish M-Score of Wendell Industrial Co was -1.00. The lowest was -2.63. And the median was -2.27.


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.

* Premium members only.

Wendell Industrial Co Beneish M-Score Chart

Wendell Industrial Co Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only - -1.80 -2.50 -2.31 -2.49

Wendell Industrial Co Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
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 -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.


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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.
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.




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.


Wendell Industrial Co Beneish M-Score Related Terms

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Wendell Industrial Co Business Description

Traded in Other Exchanges
N/A
Address
No. 188, Baoqiao Road, 6th Floor, Xindian District, New Taipei, TWN, 23145
Wendell Industrial Co Ltd is a Taiwanese-based company. The company's main business items include import and export trade, electronic materials such as capacitors, resistors, and inductors, mechanical and electrical materials trading business, and electromagnetic compatibility-related services. It also earns revenue by providing electronic material testing and certification services.

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