Sono-Tek Beneish M-Score Historical Data
The historical data trend for Sono-Tek'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.
Sono-Tek Beneish M-Score Chart
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Sono-Tek Annual Data
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| Beneish M-Score |
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-1.69 |
-3.63 |
-1.46 |
-2.97 |
-1.82 |
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Sono-Tek Quarterly Data
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Feb19 |
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Nov23 |
| Beneish M-Score |
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-2.47 |
-1.82 |
-2.65 |
-2.49 |
-2.23 |
Competitive Comparison of Sono-Tek's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Sono-Tek'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.
Sono-Tek's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Sono-Tek's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sono-Tek's Beneish M-Score falls into.
Sono-Tek 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 Sono-Tek 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 * 1.0787 | + | 0.528 * 1.0186 | + | 0.404 * 1.5088 | + | 0.892 * 1.1335 | + | 0.115 * 0.8966 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9164 | + | 4.679 * -0.020457 | - | 0.327 * 1.1842 |
| = | -2.23 |
* 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.
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) |
| = | (1.762 / 18.589) | / | (1.441 / 16.399) |
| = | 0.094787 | / | 0.087871 |
| | = | 1.0787 |
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) |
| = | (8.383 / 16.399) | / | (9.329 / 18.589) |
| = | 0.51119 | / | 0.501856 |
| | = | 1.0186 |
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 - (18.688 + 3.1) / 22.682) | / | (1 - (16.102 + 2.873) / 19.484) |
| = | 0.039415 | / | 0.026124 |
| | = | 1.5088 |
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 |
| = | 18.589 | / | 16.399 |
| | = | 1.1335 |
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)) |
| = | (0.468 / (0.468 + 2.873)) | / | (0.574 / (0.574 + 3.1)) |
| = | 0.140078 | / | 0.156233 |
| | = | 0.8966 |
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) |
| = | (5.283 / 18.589) | / | (5.086 / 16.399) |
| = | 0.2842 | / | 0.310141 |
| | = | 0.9164 |
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) |
| = | ((0 + 6.616) / 22.682) | / | ((0 + 4.799) / 19.484) |
| = | 0.291685 | / | 0.246305 |
| | = | 1.1842 |
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 |
| = | (1.347 - 0.038 | - | 1.773) | / | 22.682 |
| | = | -0.020457 |
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.
Sono-Tek has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.
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