ComNav Technology Beneish M-Score Historical Data
The historical data trend for ComNav 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.
ComNav Technology Beneish M-Score Chart
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ComNav Technology Annual Data
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Trend |
Dec13 |
Dec14 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
13.35 |
-1.22 |
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ComNav Technology Quarterly Data
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Dec13 |
Dec14 |
Mar15 |
Dec19 |
Dec20 |
Dec21 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
-1.22 |
-0.81 |
Competitive Comparison of ComNav Technology's Beneish M-Score
For the Communication Equipment subindustry, ComNav 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.
ComNav Technology's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, ComNav Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ComNav Technology's Beneish M-Score falls into.
ComNav 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 ComNav 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 * 1.0008 | + | 0.528 * 1.1174 | + | 0.404 * 1.5093 | + | 0.892 * 1.712 | + | 0.115 * 1.5568 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9978 | + | 4.679 * 0.10366 | - | 0.327 * 0.3481 |
| = | -0.81 |
* 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 ¥309.9 Mil.
Revenue was 38.674 + 250.015 + 44.912 + 87.146 = ¥420.7 Mil.
Gross Profit was 22.091 + 124.895 + 26.006 + 46.214 = ¥219.2 Mil.
Total Current Assets was ¥1,122.1 Mil.
Total Assets was ¥1,178.3 Mil.
Property, Plant and Equipment(Net PPE) was ¥19.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥2.6 Mil.
Selling, General, & Admin. Expense(SGA) was ¥102.8 Mil.
Total Current Liabilities was ¥130.9 Mil.
Long-Term Debt & Capital Lease Obligation was ¥5.7 Mil.
Net Income was -7.099 + 42.81 + -8.506 + 20.497 = ¥47.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was -65.225 + -9.931 + -3.164 + 3.881 = ¥-74.4 Mil.
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Total Receivables was ¥180.9 Mil.
Revenue was 29.619 + 150.434 + 65.712 + 0 = ¥245.8 Mil.
Gross Profit was 17.607 + 82.46 + 43.005 + 0 = ¥143.1 Mil.
Total Current Assets was ¥442.1 Mil.
Total Assets was ¥462.9 Mil.
Property, Plant and Equipment(Net PPE) was ¥11.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥2.5 Mil.
Selling, General, & Admin. Expense(SGA) was ¥60.2 Mil.
Total Current Liabilities was ¥151.4 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2.7 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) |
| = | (309.872 / 420.747) | / | (180.851 / 245.765) |
| = | 0.736481 | / | 0.73587 |
| | = | 1.0008 |
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) |
| = | (143.072 / 245.765) | / | (219.206 / 420.747) |
| = | 0.58215 | / | 0.520992 |
| | = | 1.1174 |
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 - (1122.077 + 19.113) / 1178.289) | / | (1 - (442.099 + 11.156) / 462.912) |
| = | 0.031485 | / | 0.020861 |
| | = | 1.5093 |
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 |
| = | 420.747 | / | 245.765 |
| | = | 1.712 |
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)) |
| = | (2.535 / (2.535 + 11.156)) | / | (2.58 / (2.58 + 19.113)) |
| = | 0.185158 | / | 0.118932 |
| | = | 1.5568 |
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) |
| = | (102.844 / 420.747) | / | (60.207 / 245.765) |
| = | 0.244432 | / | 0.244978 |
| | = | 0.9978 |
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) |
| = | ((5.655 + 130.888) / 1178.289) | / | ((2.722 + 151.385) / 462.912) |
| = | 0.115882 | / | 0.332908 |
| | = | 0.3481 |
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 |
| = | (47.702 - 0 | - | -74.439) | / | 1178.289 |
| | = | 0.10366 |
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.
ComNav Technology has a M-score of -0.81 signals that the company is likely to be a manipulator.
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