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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 -3.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Techprecision's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Techprecision was 23.29. The lowest was -5.60. And the median was -2.36.
The historical data trend for Techprecision'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.
Techprecision Annual Data | |||||||||||||||||||||
Trend | Mar15 | Mar16 | Mar17 | Mar18 | Mar19 | Mar20 | Mar21 | Mar22 | Mar23 | Mar24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.34 | -2.62 | -2.12 | -2.93 | -4.07 |
Techprecision 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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-3.08 | -3.31 | -4.07 | -4.04 | -3.88 |
For the Metal Fabrication subindustry, Techprecision'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 Industrial Products industry and Industrials sector, Techprecision's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Techprecision'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 Techprecision 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 * 1.0083 | + | 0.528 * 1.1913 | + | 0.404 * 0.0557 | + | 0.892 * 1.0644 | + | 0.115 * 0.7706 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.4678 | + | 4.679 * -0.219468 | - | 0.327 * 1.1607 | |||||||
= | -3.88 |
* 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 $11.93 Mil. Revenue was 8.946 + 7.986 + 8.6 + 7.65 = $33.18 Mil. Gross Profit was 1.014 + 0.239 + 1.228 + 1.161 = $3.64 Mil. Total Current Assets was $15.88 Mil. Total Assets was $35.01 Mil. Property, Plant and Equipment(Net PPE) was $19.01 Mil. Depreciation, Depletion and Amortization(DDA) was $2.69 Mil. Selling, General, & Admin. Expense(SGA) was $8.93 Mil. Total Current Liabilities was $17.41 Mil. Long-Term Debt & Capital Lease Obligation was $4.03 Mil. Net Income was -0.601 + -1.46 + -5.121 + -0.865 = $-8.05 Mil. Non Operating Income was 0 + 0.013 + 0.002 + 0 = $0.02 Mil. Cash Flow from Operations was -0.532 + 0.107 + 0.125 + -0.078 = $-0.38 Mil. |
Total Receivables was $11.12 Mil. Revenue was 7.97 + 7.371 + 7.505 + 8.327 = $31.17 Mil. Gross Profit was 1.035 + 0.694 + 0.848 + 1.499 = $4.08 Mil. Total Current Assets was $14.51 Mil. Total Assets was $37.98 Mil. Property, Plant and Equipment(Net PPE) was $21.09 Mil. Depreciation, Depletion and Amortization(DDA) was $2.23 Mil. Selling, General, & Admin. Expense(SGA) was $5.71 Mil. Total Current Liabilities was $15.25 Mil. Long-Term Debt & Capital Lease Obligation was $4.78 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) |
= | (11.932 / 33.182) | / | (11.117 / 31.173) | |
= | 0.359593 | / | 0.356623 | |
= | 1.0083 |
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) | |
= | (4.076 / 31.173) | / | (3.642 / 33.182) | |
= | 0.130754 | / | 0.109758 | |
= | 1.1913 |
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 - (15.883 + 19.007) / 35.012) | / | (1 - (14.514 + 21.087) / 37.976) | |
= | 0.003485 | / | 0.062539 | |
= | 0.0557 |
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 | |
= | 33.182 | / | 31.173 | |
= | 1.0644 |
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)) |
= | (2.229 / (2.229 + 21.087)) | / | (2.692 / (2.692 + 19.007)) | |
= | 0.0956 | / | 0.124061 | |
= | 0.7706 |
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) |
= | (8.926 / 33.182) | / | (5.713 / 31.173) | |
= | 0.269001 | / | 0.183268 | |
= | 1.4678 |
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) |
= | ((4.028 + 17.41) / 35.012) | / | ((4.78 + 15.254) / 37.976) | |
= | 0.612304 | / | 0.527544 | |
= | 1.1607 |
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 | |
= | (-8.047 - 0.015 | - | -0.378) | / | 35.012 | |
= | -0.219468 |
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.
Techprecision has a M-score of -3.88 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Techprecision's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Barbara M. Lilley | officer: Chief Financial Officer | C/O TECHPRECISION CORPORATION, 1 BELLA DRIVE, WESTMINISTER MA 01473 |
Andrew A Levy | director | 46 BALDWIN FARM NORTH, GREENWHICH CT 06831 |
Walter Milton Schenker | director | 1130 ROUTE 46, SUITE 22, PARSIPPANY NJ 07054 |
Thomas Sammons | officer: Chief Financial Officer | C/O TECHPRECISION CORPORATION, 992 OLD EAGLE SCHOOL ROAD, SUITE 909, WAYNE PA 19087 |
Alexander Shen | officer: Chief Executive Officer | C/O TECHPRECISION CORPORATION, 3477 CORPORATE PARKWAY, CENTER VALLEY PA 18034 |
Robert A Crisafulli | director | 1 BELLA DRIVE, WESTMINSTER PA 01473 |
Richard Mcgowan | director | C/O CLEVELAND BIOLABS, INC., 73 HIGH STREET, BUFFALO NY 14203 |
Philip A Dur | director | 1600 TECHNOLOGY WAY, P.O. BOX 231, LATROBE PA 15650 |
Robert G Isaman | director | C/O TEREX CORPORATION, 200 NYALA FARM ROAD, WESTPORT CT 06880 |
Robert Francis | other: President & GM of Ranor, Inc. | C/O TECHPRECISION CORPORATION, 3477 CORPORATE PARKWAY, CENTER VALLEY PA 18034 |
Leonard M Anthony | director | MRC GLOBAL INC., 2 HOUSTON CENTER, 909 FANNIN, SUITE 3100, HOUSTON TX 77010 |
James S Molinaro | director, officer: Chief Executive Officer | 6330 WEGEWOOD DR, ALLENTOWN PA 18106 |
Richard F Fitzgerald | officer: Chief Financial Officer | C/O TECHPRECISION CORPORATION, ONE BELLA DRIVE, WESTMINSTER MA 01473 |
Michael R Holly | director | 1729 SWEDESFORD ROAD, MALVERN PA 19355 |
Louis A Winoski | director | C/O TECHPRECISION CORPORATION, ONE BELLA DRIVE, WESTMINSTER MA 01473 |
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