Advanced Micro-fabrication Equipment Beneish M-Score Historical Data
The historical data trend for Advanced Micro-fabrication Equipment'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.
Advanced Micro-fabrication Equipment Beneish M-Score Chart
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Advanced Micro-fabrication Equipment Annual Data
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Dec16 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.29 |
-2.65 |
-2.31 |
-2.01 |
-1.44 |
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Advanced Micro-fabrication Equipment Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
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Dec21 |
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Mar23 |
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Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.31 |
-1.44 |
-1.38 |
-1.86 |
-2.36 |
Competitive Comparison of Advanced Micro-fabrication Equipment's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Advanced Micro-fabrication Equipment'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.
Advanced Micro-fabrication Equipment's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Advanced Micro-fabrication Equipment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Advanced Micro-fabrication Equipment's Beneish M-Score falls into.
Advanced Micro-fabrication Equipment 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 Advanced Micro-fabrication Equipment 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 * 0.94 | + | 0.528 * 0.9944 | + | 0.404 * 0.8223 | + | 0.892 * 1.3471 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4764 | + | 4.679 * 0.038459 | - | 0.327 * 1.4771 |
| = | -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 ¥1,444 Mil.
Revenue was 2059.482 + 1842.689 + 1605.024 + 2222.247 = ¥7,729 Mil.
Gross Profit was 900.619 + 703.33 + 721.291 + 1114.198 = ¥3,439 Mil.
Total Current Assets was ¥17,625 Mil.
Total Assets was ¥25,271 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,225 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥582 Mil.
Total Current Liabilities was ¥6,139 Mil.
Long-Term Debt & Capital Lease Obligation was ¥261 Mil.
Net Income was 396.286 + 267.558 + 249.136 + 626.072 = ¥1,539 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -114.354 + 968.362 + -586.44 + 299.565 = ¥567 Mil.
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Total Receivables was ¥1,140 Mil.
Revenue was 1514.765 + 1303.433 + 1223.068 + 1696.773 = ¥5,738 Mil.
Gross Profit was 646.548 + 548.446 + 561.078 + 783.035 = ¥2,539 Mil.
Total Current Assets was ¥14,499 Mil.
Total Assets was ¥20,515 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,652 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥293 Mil.
Total Current Liabilities was ¥3,250 Mil.
Long-Term Debt & Capital Lease Obligation was ¥267 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) |
| = | (1443.646 / 7729.442) | / | (1140.154 / 5738.039) |
| = | 0.186772 | / | 0.198701 |
| | = | 0.94 |
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) |
| = | (2539.107 / 5738.039) | / | (3439.438 / 7729.442) |
| = | 0.442504 | / | 0.444979 |
| | = | 0.9944 |
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 - (17625.379 + 3224.817) / 25271.341) | / | (1 - (14498.81 + 1651.596) / 20515.012) |
| = | 0.174947 | / | 0.212752 |
| | = | 0.8223 |
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 |
| = | 7729.442 | / | 5738.039 |
| | = | 1.3471 |
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 + 1651.596)) | / | (0 / (0 + 3224.817)) |
| = | 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) |
| = | (582.433 / 7729.442) | / | (292.856 / 5738.039) |
| = | 0.075353 | / | 0.051038 |
| | = | 1.4764 |
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) |
| = | ((260.596 + 6139.102) / 25271.341) | / | ((267.177 + 3250.055) / 20515.012) |
| = | 0.253239 | / | 0.171447 |
| | = | 1.4771 |
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 |
| = | (1539.052 - 0 | - | 567.133) | / | 25271.341 |
| | = | 0.038459 |
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.
Advanced Micro-fabrication Equipment has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
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