ATW Technology Beneish M-Score Historical Data
The historical data trend for ATW Technology'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.
ATW Technology Beneish M-Score Chart
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ATW Technology Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-8.05 |
-1.42 |
1.35 |
1.11 |
-3.32 |
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ATW Technology 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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-0.90 |
-4.02 |
-5.05 |
-3.32 |
3.67 |
Competitive Comparison of ATW Technology's Beneish M-Score
For the Communication Equipment subindustry, ATW Technology'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.
ATW Technology's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, ATW Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ATW Technology's Beneish M-Score falls into.
ATW Technology 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 ATW Technology 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 * 0.3941 | + | 0.528 * 17.2949 | + | 0.404 * 1.5123 | + | 0.892 * 0.0606 | + | 0.115 * 1.693 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 8.7293 | + | 4.679 * 0.000609 | - | 0.327 * 1.068 |
| = | 3.67 |
* 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$5.30 Mil.
Revenue was 2.41 + 4.911 + 4.507 + 87.239 = NT$99.07 Mil.
Gross Profit was -3.119 + -3.828 + -2.779 + 11.024 = NT$1.30 Mil.
Total Current Assets was NT$875.74 Mil.
Total Assets was NT$1,657.99 Mil.
Property, Plant and Equipment(Net PPE) was NT$167.99 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$10.78 Mil.
Selling, General, & Admin. Expense(SGA) was NT$63.19 Mil.
Total Current Liabilities was NT$40.17 Mil.
Long-Term Debt & Capital Lease Obligation was NT$98.25 Mil.
Net Income was -11.012 + -49.738 + -4.493 + 4.284 = NT$-60.96 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0.00 Mil.
Cash Flow from Operations was 35.597 + -56.382 + -69.45 + 28.266 = NT$-61.97 Mil.
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Total Receivables was NT$222.27 Mil.
Revenue was 129.561 + 298.13 + 557.315 + 650.927 = NT$1,635.93 Mil.
Gross Profit was 29.373 + 74.279 + 110.959 + 156.088 = NT$370.70 Mil.
Total Current Assets was NT$1,145.63 Mil.
Total Assets was NT$1,627.93 Mil.
Property, Plant and Equipment(Net PPE) was NT$83.49 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$9.50 Mil.
Selling, General, & Admin. Expense(SGA) was NT$119.54 Mil.
Total Current Liabilities was NT$125.20 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2.05 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) |
| = | (5.304 / 99.067) | / | (222.266 / 1635.933) |
| = | 0.05354 | / | 0.135865 |
| | = | 0.3941 |
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) |
| = | (370.699 / 1635.933) | / | (1.298 / 99.067) |
| = | 0.226598 | / | 0.013102 |
| | = | 17.2949 |
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 - (875.739 + 167.994) / 1657.994) | / | (1 - (1145.633 + 83.491) / 1627.928) |
| = | 0.370484 | / | 0.244976 |
| | = | 1.5123 |
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 |
| = | 99.067 | / | 1635.933 |
| | = | 0.0606 |
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)) |
| = | (9.496 / (9.496 + 83.491)) | / | (10.784 / (10.784 + 167.994)) |
| = | 0.102122 | / | 0.060321 |
| | = | 1.693 |
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) |
| = | (63.19 / 99.067) | / | (119.537 / 1635.933) |
| = | 0.637851 | / | 0.07307 |
| | = | 8.7293 |
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) |
| = | ((98.249 + 40.168) / 1657.994) | / | ((2.052 + 125.196) / 1627.928) |
| = | 0.083485 | / | 0.078166 |
| | = | 1.068 |
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 |
| = | (-60.959 - 0 | - | -61.969) | / | 1657.994 |
| | = | 0.000609 |
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.
ATW Technology has a M-score of 3.67 signals that the company is likely to be a manipulator.
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