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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for SiTime's Beneish M-Score or its related term are showing as below:
During the past 8 years, the highest Beneish M-Score of SiTime was 2.80. The lowest was -3.12. And the median was -2.15.
The historical data trend for SiTime'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.
SiTime Annual Data | |||||||||||||||||
Trend | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.12 | -2.01 | -2.15 | 2.80 | -2.37 |
SiTime Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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2.80 | 2.85 | 2.17 | 1.94 | -2.37 |
For the Semiconductors subindustry, SiTime'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.
For the Semiconductors industry and Technology sector, SiTime's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SiTime's Beneish M-Score falls into.
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 SiTime 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 * 1.2416 | + | 0.528 * 1.1058 | + | 0.404 * 1.0202 | + | 0.892 * 1.4077 | + | 0.115 * 0.8079 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8642 | + | 4.679 * -0.119 | - | 0.327 * 0.9492 | |||||||
= | -2.37 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $38.2 Mil. Revenue was 68.111 + 57.698 + 43.866 + 33.022 = $202.7 Mil. Gross Profit was 35.844 + 29.467 + 21.523 + 17.661 = $104.5 Mil. Total Current Assets was $544.1 Mil. Total Assets was $885.0 Mil. Property, Plant and Equipment(Net PPE) was $89.0 Mil. Depreciation, Depletion and Amortization(DDA) was $30.1 Mil. Selling, General, & Admin. Expense(SGA) was $102.2 Mil. Total Current Liabilities was $108.4 Mil. Long-Term Debt & Capital Lease Obligation was $3.5 Mil. Net Income was -18.813 + -19.315 + -26.769 + -28.704 = $-93.6 Mil. Non Operating Income was -2.346 + -2.314 + -3.366 + -3.455 = $-11.5 Mil. Cash Flow from Operations was 13.492 + 8.15 + -0.181 + 1.729 = $23.2 Mil. |
Total Receivables was $21.9 Mil. Revenue was 42.403 + 35.52 + 27.728 + 38.343 = $144.0 Mil. Gross Profit was 23.693 + 19.917 + 15.438 + 23.041 = $82.1 Mil. Total Current Assets was $623.2 Mil. Total Assets was $951.7 Mil. Property, Plant and Equipment(Net PPE) was $62.9 Mil. Depreciation, Depletion and Amortization(DDA) was $16.1 Mil. Selling, General, & Admin. Expense(SGA) was $84.0 Mil. Total Current Liabilities was $121.4 Mil. Long-Term Debt & Capital Lease Obligation was $5.4 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) |
= | (38.209 / 202.697) | / | (21.861 / 143.994) | |
= | 0.188503 | / | 0.151819 | |
= | 1.2416 |
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) | |
= | (82.089 / 143.994) | / | (104.495 / 202.697) | |
= | 0.570086 | / | 0.515523 | |
= | 1.1058 |
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 - (544.06 + 89.044) / 884.959) | / | (1 - (623.242 + 62.947) / 951.683) | |
= | 0.284595 | / | 0.278973 | |
= | 1.0202 |
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 | |
= | 202.697 | / | 143.994 | |
= | 1.4077 |
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)) |
= | (16.128 / (16.128 + 62.947)) | / | (30.072 / (30.072 + 89.044)) | |
= | 0.203958 | / | 0.25246 | |
= | 0.8079 |
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) |
= | (102.157 / 202.697) | / | (83.971 / 143.994) | |
= | 0.503989 | / | 0.583156 | |
= | 0.8642 |
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) |
= | ((3.488 + 108.449) / 884.959) | / | ((5.423 + 121.394) / 951.683) | |
= | 0.126488 | / | 0.133256 | |
= | 0.9492 |
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 | |
= | (-93.601 - -11.481 | - | 23.19) | / | 884.959 | |
= | -0.119 |
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.
SiTime has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of SiTime's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Fariborz Assaderaghi | officer: See Remarks | C/O SITIME CORPORATION, 5451 PATRICK HENRY DR., SANTA CLARA CA 95054 |
Vincent P Pangrazio | officer: EVP & Chief Legal Officer | C/O CAVIUM NETWORKS, INC., 805 EAST MIDDLEFIELD ROAD, MOUNTAIN VIEW CA 94043 |
Raman Chitkara | director | 2100 LOGIC DRIVE, SAN JOSE CA 95124 |
Rajesh Vashist | director, officer: Chief Executive Officer | C/O SITIME CORPORATION, 5451 PATRICK HENRY DR., SANTA CLARA CA 95054 |
Piyush B Sevalia | officer: See Remarks | C/O SITIME CORPORATION, 5451 PATRICK HENRY DRIVE, SANTA CLARA CA 95054 |
Lionel Bonnot | officer: See Remarks | 3450 W. WARREN AVENUE, FREMONT CA 94538 |
Katherine Schuelke | director | 47488 KATO ROAD, FREMONT CA 94538 |
Torsten Kreindl | director | C/O SITIME CORPORATION, 5451 PATRICK HENRY DRIVE, SANTA CLARA CA 95054 |
Tom Dang-hsing Yiu | director | C/O SITIME CORPORATION, 5451 PATRICK HENRY DRIVE, SANTA CLARA CA 95054 |
Megachips Corp /fi | 10 percent owner | 1-1-1 MIYAHARA, YODOGAWA-KU, OSAKA M0 532-0003 |
Arthur D Chadwick | officer: See Remarks | 280 N BERNARDO AVE, MOUNTAIN VIEW CA 94043 |
Edward H. Frank | director | C/O FUSION-IO, INC., 2855 E. COTTONWOOD PARKWAY, SUITE 100, SALT LAKE CITY UT 84121 |
Akira Takata | director | C/O SITIME CORPORATION, 5451 PATRICK HENRY DRIVE, SANTA CLARA CA 95054 |
Christine Heckart | director | C/O LAM RESEARCH CORPORATION, 4650 CUSHING PARKWAY, FREMONT CA 94538 |
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