TDG Holding Co Beneish M-Score Historical Data
The historical data trend for TDG Holding 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.
TDG Holding Co Beneish M-Score Chart
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TDG Holding Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.97 |
-1.72 |
-2.80 |
-2.47 |
-2.44 |
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TDG Holding Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.37 |
-2.44 |
-2.22 |
-2.27 |
-2.36 |
Competitive Comparison of TDG Holding Co's Beneish M-Score
For the Electronic Components subindustry, TDG Holding 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.
TDG Holding Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, TDG Holding Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TDG Holding Co's Beneish M-Score falls into.
TDG Holding 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 TDG Holding 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 * 1.2312 | + | 0.528 * 1.102 | + | 0.404 * 1.1265 | + | 0.892 * 0.8411 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1464 | + | 4.679 * -0.001547 | - | 0.327 * 1.0595 |
| = | -2.36 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ¥2,569 Mil.
Revenue was 992.607 + 723.754 + 844.392 + 793.739 = ¥3,354 Mil.
Gross Profit was 208.026 + 152.942 + 169.708 + 136.43 = ¥667 Mil.
Total Current Assets was ¥6,456 Mil.
Total Assets was ¥11,796 Mil.
Property, Plant and Equipment(Net PPE) was ¥4,095 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥103 Mil.
Total Current Liabilities was ¥3,384 Mil.
Long-Term Debt & Capital Lease Obligation was ¥213 Mil.
Net Income was 45.351 + 34.526 + 44.335 + 45.812 = ¥170 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 101.996 + -66.454 + -75.916 + 228.643 = ¥188 Mil.
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Total Receivables was ¥2,481 Mil.
Revenue was 899.987 + 1081.221 + 907.172 + 1099.611 = ¥3,988 Mil.
Gross Profit was 201.122 + 236.363 + 205.922 + 230.565 = ¥874 Mil.
Total Current Assets was ¥6,897 Mil.
Total Assets was ¥11,528 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,551 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥107 Mil.
Total Current Liabilities was ¥3,252 Mil.
Long-Term Debt & Capital Lease Obligation was ¥66 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) |
| = | (2569.232 / 3354.492) | / | (2480.798 / 3987.991) |
| = | 0.765908 | / | 0.622067 |
| | = | 1.2312 |
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) |
| = | (873.972 / 3987.991) | / | (667.106 / 3354.492) |
| = | 0.219151 | / | 0.198869 |
| | = | 1.102 |
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 - (6456.183 + 4095.427) / 11796.331) | / | (1 - (6897.323 + 3550.69) / 11527.831) |
| = | 0.105518 | / | 0.093671 |
| | = | 1.1265 |
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 |
| = | 3354.492 | / | 3987.991 |
| | = | 0.8411 |
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)) |
| = | (0 / (0 + 3550.69)) | / | (0 / (0 + 4095.427)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (102.711 / 3354.492) | / | (106.511 / 3987.991) |
| = | 0.030619 | / | 0.026708 |
| | = | 1.1464 |
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) |
| = | ((213.049 + 3383.543) / 11796.331) | / | ((65.543 + 3251.912) / 11527.831) |
| = | 0.304891 | / | 0.287778 |
| | = | 1.0595 |
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 |
| = | (170.024 - 0 | - | 188.269) | / | 11796.331 |
| | = | -0.001547 |
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.
TDG Holding Co has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
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