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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 -5.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Trans-Lux's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Trans-Lux was -0.37. The lowest was -7.86. And the median was -2.81.
The historical data trend for Trans-Lux'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.
Trans-Lux Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-0.94 | -7.86 | -4.92 | -2.20 | -2.39 |
Trans-Lux Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-1.89 | -2.39 | -2.39 | -4.52 | -5.14 |
For the Electronic Components subindustry, Trans-Lux'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 Hardware industry and Technology sector, Trans-Lux's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Trans-Lux'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 Trans-Lux 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 * 0.8071 | + | 0.528 * 2.0914 | + | 0.404 * 1.2693 | + | 0.892 * 0.7379 | + | 0.115 * 0.9884 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.7134 | + | 4.679 * -0.569289 | - | 0.327 * 1.4366 | |||||||
= | -5.14 |
* 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 $1.46 Mil. Revenue was 2.665 + 3.463 + 2.624 + 4.075 = $12.83 Mil. Gross Profit was 0.251 + 0.385 + 0.004 + -0.025 = $0.62 Mil. Total Current Assets was $4.36 Mil. Total Assets was $7.95 Mil. Property, Plant and Equipment(Net PPE) was $3.35 Mil. Depreciation, Depletion and Amortization(DDA) was $0.69 Mil. Selling, General, & Admin. Expense(SGA) was $4.53 Mil. Total Current Liabilities was $21.34 Mil. Long-Term Debt & Capital Lease Obligation was $1.87 Mil. Net Income was -0.95 + -0.858 + -1.269 + -1.48 = $-4.56 Mil. Non Operating Income was 0.051 + -0.026 + 0.131 + -0.276 = $-0.12 Mil. Cash Flow from Operations was -0.092 + 0.076 + -0.083 + 0.185 = $0.09 Mil. |
Total Receivables was $2.44 Mil. Revenue was 4.142 + 2.986 + 4.349 + 5.905 = $17.38 Mil. Gross Profit was 0.333 + 0.254 + 0.441 + 0.715 = $1.74 Mil. Total Current Assets was $5.87 Mil. Total Assets was $10.09 Mil. Property, Plant and Equipment(Net PPE) was $3.99 Mil. Depreciation, Depletion and Amortization(DDA) was $0.81 Mil. Selling, General, & Admin. Expense(SGA) was $3.59 Mil. Total Current Liabilities was $18.41 Mil. Long-Term Debt & Capital Lease Obligation was $2.10 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) |
= | (1.455 / 12.827) | / | (2.443 / 17.382) | |
= | 0.113433 | / | 0.140548 | |
= | 0.8071 |
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) | |
= | (1.743 / 17.382) | / | (0.615 / 12.827) | |
= | 0.100276 | / | 0.047946 | |
= | 2.0914 |
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 - (4.363 + 3.348) / 7.945) | / | (1 - (5.866 + 3.985) / 10.085) | |
= | 0.029452 | / | 0.023203 | |
= | 1.2693 |
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 | |
= | 12.827 | / | 17.382 | |
= | 0.7379 |
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)) |
= | (0.811 / (0.811 + 3.985)) | / | (0.691 / (0.691 + 3.348)) | |
= | 0.169099 | / | 0.171082 | |
= | 0.9884 |
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) |
= | (4.534 / 12.827) | / | (3.586 / 17.382) | |
= | 0.353473 | / | 0.206305 | |
= | 1.7134 |
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) |
= | ((1.874 + 21.343) / 7.945) | / | ((2.1 + 18.414) / 10.085) | |
= | 2.922215 | / | 2.03411 | |
= | 1.4366 |
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 | |
= | (-4.557 - -0.12 | - | 0.086) | / | 7.945 | |
= | -0.569289 |
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.
Trans-Lux has a M-score of -5.14 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Trans-Lux's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Durkin Thomas E Iii | officer: EVP & General Counsel | |
Yantao Yu | director | C/O TRANS-LUX CORPORATION, 135 EAST 57TH STREET, 14TH FLOOR, NEW YORK NY 10022 |
Nicholas J Fazio | director, 10 percent owner | C/O TRANS-LUX CORPORATION, 135 EAST 57TH STREET, 14TH FLOOR, NEW YORK NY 10022 |
Unilumin North America, Inc. | 10 percent owner | C/O UNILUMIN LED TECHNOLOGY FL LLC, 254 WEST 31ST STREET, NEW YORK NY 10001 |
Trans Lux Corp | officer: Vice President | 135 EAST 57TH STREET, 14TH FLOOR, NEW YORK NY 10022 |
Todd Dupee | officer: Vice President | 216 EAST 36TH ST, APT 2R, NEW YORK NY 10016 |
George W Schiele | director | 19 HILL ROAD, GREENWICH CT 06830 |
David Pavlik | officer: President of TL Energy | 3301 N HAMILTON AVE, CHICAGO IL 60618 |
Marco M Elser | director | VIA SISTINA 121, ROME L6 00187 |
Ryan J. Morris | director | 531 E. STATE ST., ITHACA NY 14850 |
Yaozhong Shi | director | 950 THIRD AVENUE, SUITE 2804, NEW YORK NY 10022 |
David Joseph Osher | officer: Chief Operating Officer | 950 THIRD AVE SUITE 2804, NEW YORK NY 10022 |
Robert J Conologue | officer: Chief Financial Officer | 216 LEROY AVENUE, DARIEN CT 06820 |
Alberto Shaio | director | |
Alan K Greene | director |
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