Acer Gadget Beneish M-Score Historical Data
The historical data trend for Acer Gadget'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.
Acer Gadget Beneish M-Score Chart
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Acer Gadget Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-1.75 |
-3.10 |
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Acer Gadget Quarterly Data
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Dec19 |
Dec20 |
Jun21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.75 |
-2.48 |
-2.94 |
-2.92 |
-3.10 |
Competitive Comparison of Acer Gadget's Beneish M-Score
For the Computer Hardware subindustry, Acer Gadget'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.
Acer Gadget's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Acer Gadget's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Acer Gadget's Beneish M-Score falls into.
Acer Gadget 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 Acer Gadget 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 * 0.6065 | + | 0.528 * 1.1799 | + | 0.404 * 0.7143 | + | 0.892 * 1.2491 | + | 0.115 * 1.9034 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9478 | + | 4.679 * -0.117461 | - | 0.327 * 1.069 |
| = | -3.10 |
* 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$333 Mil.
Revenue was 726.343 + 709.689 + 596.548 + 572.903 = NT$2,605 Mil.
Gross Profit was 105.703 + 91.887 + 80.685 + 66.142 = NT$344 Mil.
Total Current Assets was NT$1,591 Mil.
Total Assets was NT$1,867 Mil.
Property, Plant and Equipment(Net PPE) was NT$19 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$9 Mil.
Selling, General, & Admin. Expense(SGA) was NT$184 Mil.
Total Current Liabilities was NT$609 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0 Mil.
Net Income was 44.52 + 26.312 + 30.697 + 14.5 = NT$116 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 61.536 + 27.079 + 238.464 + 8.266 = NT$335 Mil.
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Total Receivables was NT$439 Mil.
Revenue was 596.341 + 570.893 + 503.398 + 415.234 = NT$2,086 Mil.
Gross Profit was 111.866 + 75.984 + 75.51 + 61.959 = NT$325 Mil.
Total Current Assets was NT$1,498 Mil.
Total Assets was NT$1,861 Mil.
Property, Plant and Equipment(Net PPE) was NT$4 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$6 Mil.
Selling, General, & Admin. Expense(SGA) was NT$155 Mil.
Total Current Liabilities was NT$567 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0 Mil.
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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) |
| = | (332.93 / 2605.483) | / | (439.494 / 2085.866) |
| = | 0.127781 | / | 0.210701 |
| | = | 0.6065 |
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) |
| = | (325.319 / 2085.866) | / | (344.417 / 2605.483) |
| = | 0.155964 | / | 0.132189 |
| | = | 1.1799 |
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 - (1590.613 + 19.126) / 1867.138) | / | (1 - (1497.542 + 4.072) / 1860.718) |
| = | 0.137858 | / | 0.192992 |
| | = | 0.7143 |
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 |
| = | 2605.483 | / | 2085.866 |
| | = | 1.2491 |
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)) |
| = | (6.332 / (6.332 + 4.072)) | / | (8.99 / (8.99 + 19.126)) |
| = | 0.608612 | / | 0.319747 |
| | = | 1.9034 |
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) |
| = | (183.723 / 2605.483) | / | (155.176 / 2085.866) |
| = | 0.070514 | / | 0.074394 |
| | = | 0.9478 |
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 + 608.636) / 1867.138) | / | ((0.427 + 566.986) / 1860.718) |
| = | 0.325973 | / | 0.304943 |
| | = | 1.069 |
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 |
| = | (116.029 - 0 | - | 335.345) | / | 1867.138 |
| | = | -0.117461 |
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.
Acer Gadget has a M-score of -3.10 suggests that the company is unlikely to be a manipulator.
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