Goertek Beneish M-Score Historical Data
The historical data trend for Goertek'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.
Goertek Beneish M-Score Chart
|
Goertek Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-1.81 |
-2.91 |
-2.52 |
-2.75 |
-2.46 |
|
Goertek Quarterly Data
|
|
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.26 |
-3.21 |
-3.07 |
-2.46 |
-2.66 |
Competitive Comparison of Goertek's Beneish M-Score
For the Consumer Electronics subindustry, Goertek'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.
Goertek's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Goertek's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Goertek's Beneish M-Score falls into.
Goertek 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 Goertek 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 * 1.1308 | + | 0.528 * 0.8138 | + | 0.404 * 1.1043 | + | 0.892 * 1.0446 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4522 | + | 4.679 * -0.043914 | - | 0.327 * 1.0137 |
| = | -2.66 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ¥8,824 Mil.
Revenue was 16304.934 + 31307.982 + 29263.553 + 21070.445 = ¥97,947 Mil.
Gross Profit was 2022.869 + 3223.604 + 3323.109 + 2872.024 = ¥11,442 Mil.
Total Current Assets was ¥44,002 Mil.
Total Assets was ¥78,519 Mil.
Property, Plant and Equipment(Net PPE) was ¥24,146 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥935 Mil.
Total Current Liabilities was ¥39,366 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2,956 Mil.
Net Income was 468.854 + 319.83 + 1120.143 + 845.526 = ¥2,754 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1536.48 + 3540.503 + 185.997 + 939.435 = ¥6,202 Mil.
|
Total Receivables was ¥7,470 Mil.
Revenue was 19311.868 + 24626.075 + 28775.25 + 21050.325 = ¥93,764 Mil.
Gross Profit was 1775.724 + 2606.449 + 2919.364 + 1612.154 = ¥8,914 Mil.
Total Current Assets was ¥37,839 Mil.
Total Assets was ¥70,649 Mil.
Property, Plant and Equipment(Net PPE) was ¥24,360 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥616 Mil.
Total Current Liabilities was ¥30,959 Mil.
Long-Term Debt & Capital Lease Obligation was ¥6,605 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) |
| = | (8824.196 / 97946.914) | / | (7470.19 / 93763.518) |
| = | 0.090092 | / | 0.079671 |
| | = | 1.1308 |
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) |
| = | (8913.691 / 93763.518) | / | (11441.606 / 97946.914) |
| = | 0.095066 | / | 0.116814 |
| | = | 0.8138 |
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 - (44001.603 + 24145.857) / 78518.771) | / | (1 - (37838.9 + 24360.085) / 70649.314) |
| = | 0.132087 | / | 0.119609 |
| | = | 1.1043 |
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 |
| = | 97946.914 | / | 93763.518 |
| | = | 1.0446 |
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 + 24360.085)) | / | (0 / (0 + 24145.857)) |
| = | 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) |
| = | (934.895 / 97946.914) | / | (616.319 / 93763.518) |
| = | 0.009545 | / | 0.006573 |
| | = | 1.4522 |
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) |
| = | ((2956.209 + 39366.488) / 78518.771) | / | ((6605.269 + 30959.456) / 70649.314) |
| = | 0.539014 | / | 0.531707 |
| | = | 1.0137 |
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 |
| = | (2754.353 - 0 | - | 6202.415) | / | 78518.771 |
| | = | -0.043914 |
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.
Goertek has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
SZSE:002241 has been successfully added to your