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Avermedia Technologies (TPE:2417) Beneish M-Score : -2.71 (As of Mar. 28, 2025)


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What is Avermedia Technologies Beneish M-Score?

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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Avermedia Technologies's Beneish M-Score or its related term are showing as below:

TPE:2417' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38   Med: -2.68   Max: -1.31
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Avermedia Technologies was -1.31. The lowest was -3.38. And the median was -2.68.


Avermedia Technologies Beneish M-Score Historical Data

The historical data trend for Avermedia Technologies'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.

* Premium members only.

Avermedia Technologies Beneish M-Score Chart

Avermedia Technologies Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.31 -3.38 -3.03 -3.09 -2.71

Avermedia Technologies 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.09 -2.73 -2.80 -2.81 -2.71

Competitive Comparison of Avermedia Technologies's Beneish M-Score

For the Computer Hardware subindustry, Avermedia Technologies'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.


Avermedia Technologies's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Avermedia Technologies's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Avermedia Technologies's Beneish M-Score falls into.


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Avermedia Technologies 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 Avermedia Technologies 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 * 0.984+0.528 * 0.9682+0.404 * 1.4117+0.892 * 1.0098+0.115 * 1.0172
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0203+4.679 * -0.078698-0.327 * 1.0046
=-2.71

* 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 NT$378 Mil.
Revenue was 743.712 + 884.158 + 881.33 + 762.654 = NT$3,272 Mil.
Gross Profit was 423.184 + 490.441 + 538.971 + 412.902 = NT$1,865 Mil.
Total Current Assets was NT$3,569 Mil.
Total Assets was NT$5,824 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,526 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$178 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,293 Mil.
Total Current Liabilities was NT$1,452 Mil.
Long-Term Debt & Capital Lease Obligation was NT$125 Mil.
Net Income was -8.372 + -25.105 + -14.871 + -2.983 = NT$-51 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 226.963 + 24.895 + 127.355 + 27.772 = NT$407 Mil.
Total Receivables was NT$381 Mil.
Revenue was 780.365 + 863.762 + 892.354 + 703.755 = NT$3,240 Mil.
Gross Profit was 457.778 + 480.063 + 483.433 + 367.373 = NT$1,789 Mil.
Total Current Assets was NT$3,739 Mil.
Total Assets was NT$5,888 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,628 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$194 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,255 Mil.
Total Current Liabilities was NT$1,516 Mil.
Long-Term Debt & Capital Lease Obligation was NT$71 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)
=(378.489 / 3271.854) / (380.936 / 3240.236)
=0.11568 / 0.117564
=0.984

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)
=(1788.647 / 3240.236) / (1865.498 / 3271.854)
=0.552011 / 0.570165
=0.9682

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 - (3568.899 + 1526.172) / 5823.755) / (1 - (3738.744 + 1627.84) / 5888.498)
=0.125123 / 0.088633
=1.4117

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
=3271.854 / 3240.236
=1.0098

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))
=(193.777 / (193.777 + 1627.84)) / (178.246 / (178.246 + 1526.172))
=0.106376 / 0.104579
=1.0172

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)
=(1293.188 / 3271.854) / (1255.236 / 3240.236)
=0.395246 / 0.38739
=1.0203

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)
=((125.069 + 1452.383) / 5823.755) / ((71.457 + 1516.158) / 5888.498)
=0.270865 / 0.269613
=1.0046

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
=(-51.331 - 0 - 406.985) / 5823.755
=-0.078698

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.

Avermedia Technologies has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.


Avermedia Technologies Beneish M-Score Related Terms

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Avermedia Technologies Business Description

Traded in Other Exchanges
N/A
Address
Number 135, Jian-Yi 1st Road, Zhonghe District, New Taipei City, TWN, 23585
Avermedia Technologies Inc operates in the computer and peripheral equipment industry. It is mainly engaged in the designing, manufacturing, and marketing of computer system facilities, multimedia, internet TV and consumer electronic products. The company earns revenue from sales of goods comes from computer related equipment, multimedia equipment, computer system equipment, and presentation and video conference system products.

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