Galaxy Core Beneish M-Score Historical Data
The historical data trend for Galaxy Core'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.
Galaxy Core Beneish M-Score Chart
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Galaxy Core Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.05 |
-3.25 |
-2.80 |
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Galaxy Core 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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-2.97 |
-2.80 |
-1.88 |
-1.97 |
-1.89 |
Competitive Comparison of Galaxy Core's Beneish M-Score
For the Semiconductors subindustry, Galaxy Core'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.
Galaxy Core's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Galaxy Core's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Galaxy Core's Beneish M-Score falls into.
Galaxy Core 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 Galaxy Core 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 * 1.0114 | + | 0.528 * 1.22 | + | 0.404 * 1.3454 | + | 0.892 * 1.3007 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4488 | + | 4.679 * -0.003944 | - | 0.327 * 1.0613 |
| = | -1.89 |
* 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 ¥660 Mil.
Revenue was 1764.029 + 1500.577 + 1289.49 + 1452.31 = ¥6,006 Mil.
Gross Profit was 379.73 + 358.735 + 325.679 + 379.443 = ¥1,444 Mil.
Total Current Assets was ¥11,034 Mil.
Total Assets was ¥21,907 Mil.
Property, Plant and Equipment(Net PPE) was ¥9,290 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥101 Mil.
Total Current Liabilities was ¥8,382 Mil.
Long-Term Debt & Capital Lease Obligation was ¥5,010 Mil.
Net Income was -69.378 + 47.326 + 30.163 + -1.481 = ¥7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 29.58 + 455.722 + -370.814 + -21.461 = ¥93 Mil.
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Total Receivables was ¥502 Mil.
Revenue was 1293.002 + 1098.661 + 853.205 + 1372.996 = ¥4,618 Mil.
Gross Profit was 331.177 + 351.087 + 327.32 + 344.484 = ¥1,354 Mil.
Total Current Assets was ¥8,965 Mil.
Total Assets was ¥19,731 Mil.
Property, Plant and Equipment(Net PPE) was ¥9,706 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥173 Mil.
Total Current Liabilities was ¥6,307 Mil.
Long-Term Debt & Capital Lease Obligation was ¥5,057 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) |
| = | (660.125 / 6006.406) | / | (501.812 / 4617.864) |
| = | 0.109903 | / | 0.108668 |
| | = | 1.0114 |
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) |
| = | (1354.068 / 4617.864) | / | (1443.587 / 6006.406) |
| = | 0.293224 | / | 0.240341 |
| | = | 1.22 |
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 - (11033.89 + 9289.998) / 21906.523) | / | (1 - (8965.481 + 9706.302) / 19731.299) |
| = | 0.072245 | / | 0.053697 |
| | = | 1.3454 |
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 |
| = | 6006.406 | / | 4617.864 |
| | = | 1.3007 |
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 + 9706.302)) | / | (0 / (0 + 9289.998)) |
| = | 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) |
| = | (100.863 / 6006.406) | / | (172.799 / 4617.864) |
| = | 0.016793 | / | 0.03742 |
| | = | 0.4488 |
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) |
| = | ((5010.051 + 8381.608) / 21906.523) | / | ((5057.406 + 6307.331) / 19731.299) |
| = | 0.611309 | / | 0.575975 |
| | = | 1.0613 |
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 |
| = | (6.63 - 0 | - | 93.027) | / | 21906.523 |
| | = | -0.003944 |
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.
Galaxy Core has a M-score of -1.89 suggests that the company is unlikely to be a manipulator.
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