Duratek Beneish M-Score Historical Data
The historical data trend for Duratek'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.
Duratek Beneish M-Score Chart
|
Duratek Annual Data
|
|
Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-1.94 |
-3.33 |
|
Duratek Semi-Annual Data
|
|
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
- |
- |
-1.94 |
- |
-3.33 |
Competitive Comparison of Duratek's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Duratek'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.
Duratek's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Duratek's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Duratek's Beneish M-Score falls into.
Duratek 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 Duratek 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 * 0.9855 | + | 0.528 * 0.9923 | + | 0.404 * 0.4736 | + | 0.892 * 0.6965 | + | 0.115 * 1.1166 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.0843 | + | 4.679 * -0.04729 | - | 0.327 * 0.8492 |
| = | -3.33 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was NT$48.0 Mil.
Revenue was NT$352.5 Mil.
Gross Profit was NT$162.5 Mil.
Total Current Assets was NT$707.2 Mil.
Total Assets was NT$1,062.0 Mil.
Property, Plant and Equipment(Net PPE) was NT$344.0 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$21.6 Mil.
Selling, General, & Admin. Expense(SGA) was NT$27.4 Mil.
Total Current Liabilities was NT$175.7 Mil.
Long-Term Debt & Capital Lease Obligation was NT$33.4 Mil.
Net Income was NT$103.4 Mil.
Gross Profit was NT$0.0 Mil.
Cash Flow from Operations was NT$153.6 Mil.
|
Total Receivables was NT$69.9 Mil.
Revenue was NT$506.1 Mil.
Gross Profit was NT$231.4 Mil.
Total Current Assets was NT$688.2 Mil.
Total Assets was NT$1,015.6 Mil.
Property, Plant and Equipment(Net PPE) was NT$305.4 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$21.6 Mil.
Selling, General, & Admin. Expense(SGA) was NT$18.9 Mil.
Total Current Liabilities was NT$191.6 Mil.
Long-Term Debt & Capital Lease Obligation was NT$43.8 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) |
| = | (47.986 / 352.518) | / | (69.907 / 506.11) |
| = | 0.136124 | / | 0.138126 |
| | = | 0.9855 |
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) |
| = | (231.433 / 506.11) | / | (162.452 / 352.518) |
| = | 0.457278 | / | 0.460833 |
| | = | 0.9923 |
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 - (707.177 + 343.972) / 1062.007) | / | (1 - (688.203 + 305.43) / 1015.557) |
| = | 0.010224 | / | 0.021588 |
| | = | 0.4736 |
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 |
| = | 352.518 | / | 506.11 |
| | = | 0.6965 |
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)) |
| = | (21.566 / (21.566 + 305.43)) | / | (21.592 / (21.592 + 343.972)) |
| = | 0.065952 | / | 0.059065 |
| | = | 1.1166 |
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) |
| = | (27.441 / 352.518) | / | (18.902 / 506.11) |
| = | 0.077843 | / | 0.037348 |
| | = | 2.0843 |
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) |
| = | ((33.36 + 175.704) / 1062.007) | / | ((43.799 + 191.629) / 1015.557) |
| = | 0.196857 | / | 0.231822 |
| | = | 0.8492 |
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 |
| = | (103.422 - 0 | - | 153.644) | / | 1062.007 |
| | = | -0.04729 |
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.
Duratek has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.
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