Xavi Technologies Beneish M-Score Historical Data
The historical data trend for Xavi 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.
Xavi Technologies Beneish M-Score Chart
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Xavi Technologies Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.47 |
-4.58 |
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Xavi Technologies Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
-4.28 |
-4.38 |
-4.58 |
-3.06 |
Competitive Comparison of Xavi Technologies's Beneish M-Score
For the Communication Equipment subindustry, Xavi 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.
Xavi Technologies's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Xavi Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xavi Technologies's Beneish M-Score falls into.
Xavi 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 Xavi 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 * 1.6066 | + | 0.528 * 2.457 | + | 0.404 * 1.2564 | + | 0.892 * 0.3462 | + | 0.115 * 0.9327 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5934 | + | 4.679 * -0.289979 | - | 0.327 * 0.8946 |
| = | -3.06 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was NT$564 Mil.
Revenue was 417.033 + 446.307 + 511.207 + 761.511 = NT$2,136 Mil.
Gross Profit was 32.816 + -30.553 + 26.727 + 78.174 = NT$107 Mil.
Total Current Assets was NT$2,234 Mil.
Total Assets was NT$2,524 Mil.
Property, Plant and Equipment(Net PPE) was NT$272 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$94 Mil.
Selling, General, & Admin. Expense(SGA) was NT$148 Mil.
Total Current Liabilities was NT$1,436 Mil.
Long-Term Debt & Capital Lease Obligation was NT$13 Mil.
Net Income was -27.262 + -104.402 + -13.42 + -3.407 = NT$-148 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 111.264 + 62.687 + 194.747 + 214.851 = NT$584 Mil.
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Total Receivables was NT$1,014 Mil.
Revenue was 1149.653 + 1659.721 + 1803.371 + 1557.388 = NT$6,170 Mil.
Gross Profit was 155.434 + 215.324 + 211.291 + 178.525 = NT$761 Mil.
Total Current Assets was NT$3,050 Mil.
Total Assets was NT$3,367 Mil.
Property, Plant and Equipment(Net PPE) was NT$297 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$94 Mil.
Selling, General, & Admin. Expense(SGA) was NT$269 Mil.
Total Current Liabilities was NT$2,151 Mil.
Long-Term Debt & Capital Lease Obligation was NT$10 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) |
| = | (564.09 / 2136.058) | / | (1014.229 / 6170.133) |
| = | 0.26408 | / | 0.164377 |
| | = | 1.6066 |
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) |
| = | (760.574 / 6170.133) | / | (107.164 / 2136.058) |
| = | 0.123267 | / | 0.050169 |
| | = | 2.457 |
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 - (2234.13 + 271.949) / 2524.461) | / | (1 - (3049.944 + 297.232) / 3366.691) |
| = | 0.007282 | / | 0.005796 |
| | = | 1.2564 |
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 |
| = | 2136.058 | / | 6170.133 |
| | = | 0.3462 |
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)) |
| = | (94.077 / (94.077 + 297.232)) | / | (94.438 / (94.438 + 271.949)) |
| = | 0.240416 | / | 0.257755 |
| | = | 0.9327 |
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) |
| = | (148.408 / 2136.058) | / | (269.036 / 6170.133) |
| = | 0.069478 | / | 0.043603 |
| | = | 1.5934 |
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) |
| = | ((13.051 + 1436.381) / 2524.461) | / | ((9.557 + 2151.13) / 3366.691) |
| = | 0.574155 | / | 0.641784 |
| | = | 0.8946 |
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 |
| = | (-148.491 - 0 | - | 583.549) | / | 2524.461 |
| | = | -0.289979 |
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.
Xavi Technologies has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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