Arch Meter Beneish M-Score Historical Data
The historical data trend for Arch Meter'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.
Arch Meter Beneish M-Score Chart
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Arch Meter Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.12 |
-2.38 |
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Arch Meter Quarterly Data
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Dec19 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.12 |
- |
-2.35 |
-3.49 |
-2.38 |
Competitive Comparison of Arch Meter's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Arch Meter'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.
Arch Meter's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Arch Meter's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arch Meter's Beneish M-Score falls into.
Arch Meter 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 Arch Meter 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 * 1.5334 | + | 0.528 * 0.8547 | + | 0.404 * 0.9763 | + | 0.892 * 1.0327 | + | 0.115 * 0.7787 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1894 | + | 4.679 * -0.072575 | - | 0.327 * 0.8034 |
| = | -2.38 |
* 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$215 Mil.
Revenue was 326.311 + 250.886 + 249.842 + 243.866 = NT$1,071 Mil.
Gross Profit was 113.906 + 79.173 + 103.651 + 79.169 = NT$376 Mil.
Total Current Assets was NT$956 Mil.
Total Assets was NT$1,970 Mil.
Property, Plant and Equipment(Net PPE) was NT$867 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$29 Mil.
Selling, General, & Admin. Expense(SGA) was NT$87 Mil.
Total Current Liabilities was NT$425 Mil.
Long-Term Debt & Capital Lease Obligation was NT$622 Mil.
Net Income was 62.305 + 36.065 + 55.305 + 26.091 = NT$180 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 67.365 + 165.64 + 16.805 + 72.895 = NT$323 Mil.
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Total Receivables was NT$136 Mil.
Revenue was 206.32 + 244.581 + 331.766 + 254.292 = NT$1,037 Mil.
Gross Profit was 71.178 + 74.621 + 112.967 + 52.313 = NT$311 Mil.
Total Current Assets was NT$908 Mil.
Total Assets was NT$1,875 Mil.
Property, Plant and Equipment(Net PPE) was NT$824 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$21 Mil.
Selling, General, & Admin. Expense(SGA) was NT$70 Mil.
Total Current Liabilities was NT$639 Mil.
Long-Term Debt & Capital Lease Obligation was NT$601 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) |
| = | (215.348 / 1070.905) | / | (135.984 / 1036.959) |
| = | 0.20109 | / | 0.131137 |
| | = | 1.5334 |
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) |
| = | (311.079 / 1036.959) | / | (375.899 / 1070.905) |
| = | 0.299992 | / | 0.351011 |
| | = | 0.8547 |
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 - (955.555 + 867.005) / 1969.548) | / | (1 - (907.557 + 824.093) / 1874.971) |
| = | 0.07463 | / | 0.076439 |
| | = | 0.9763 |
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 |
| = | 1070.905 | / | 1036.959 |
| | = | 1.0327 |
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)) |
| = | (21.294 / (21.294 + 824.093)) | / | (28.982 / (28.982 + 867.005)) |
| = | 0.025188 | / | 0.032346 |
| | = | 0.7787 |
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) |
| = | (86.51 / 1070.905) | / | (70.426 / 1036.959) |
| = | 0.080782 | / | 0.067916 |
| | = | 1.1894 |
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) |
| = | ((622.289 + 424.733) / 1969.548) | / | ((601.117 + 639.468) / 1874.971) |
| = | 0.531605 | / | 0.661656 |
| | = | 0.8034 |
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 |
| = | (179.766 - 0 | - | 322.705) | / | 1969.548 |
| | = | -0.072575 |
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.
Arch Meter has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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