TPI Composites Beneish M-Score Historical Data
The historical data trend for TPI Composites'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.
TPI Composites Beneish M-Score Chart
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TPI Composites Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-5.16 |
-2.73 |
-4.40 |
-4.09 |
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TPI Composites Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-4.40 |
-4.73 |
-2.22 |
-3.05 |
-4.09 |
Competitive Comparison of TPI Composites's Beneish M-Score
For the Specialty Industrial Machinery subindustry, TPI Composites'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.
TPI Composites's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, TPI Composites's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TPI Composites's Beneish M-Score falls into.
TPI Composites 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 TPI Composites 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 * 0.6974 | + | 0.528 * -0.1599 | + | 0.404 * 1.5493 | + | 0.892 * 0.9556 | + | 0.115 * 1.0623 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5893 | + | 4.679 * -0.112811 | - | 0.327 * 1.8588 |
| = | -4.09 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $284 Mil.
Revenue was 296.986 + 372.86 + 381.271 + 404.066 = $1,455 Mil.
Gross Profit was -31.704 + -11.176 + -47.373 + 2.705 = $-88 Mil.
Total Current Assets was $503 Mil.
Total Assets was $804 Mil.
Property, Plant and Equipment(Net PPE) was $265 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $49 Mil.
Total Current Liabilities was $386 Mil.
Long-Term Debt & Capital Lease Obligation was $532 Mil.
Net Income was -57.6 + -56.815 + -65.237 + -22.127 = $-202 Mil.
Non Operating Income was -9.607 + -7.21 + -8.852 + -4.429 = $-30 Mil.
Cash Flow from Operations was 4.936 + -11.654 + 9.607 + -83.861 = $-81 Mil.
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Total Receivables was $426 Mil.
Revenue was 402.276 + 384.438 + 392.502 + 343.525 = $1,523 Mil.
Gross Profit was 15.965 + -1.112 + -1.235 + 1.027 = $15 Mil.
Total Current Assets was $645 Mil.
Total Assets was $962 Mil.
Property, Plant and Equipment(Net PPE) was $289 Mil.
Depreciation, Depletion and Amortization(DDA) was $45 Mil.
Selling, General, & Admin. Expense(SGA) was $32 Mil.
Total Current Liabilities was $457 Mil.
Long-Term Debt & Capital Lease Obligation was $135 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) |
| = | (283.957 / 1455.183) | / | (426.079 / 1522.741) |
| = | 0.195135 | / | 0.279811 |
| | = | 0.6974 |
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) |
| = | (14.645 / 1522.741) | / | (-87.548 / 1455.183) |
| = | 0.009618 | / | -0.060163 |
| | = | -0.1599 |
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 - (503.075 + 264.932) / 804.08) | / | (1 - (645.162 + 289.153) / 962.176) |
| = | 0.044862 | / | 0.028956 |
| | = | 1.5493 |
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 |
| = | 1455.183 | / | 1522.741 |
| | = | 0.9556 |
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)) |
| = | (45.48 / (45.48 + 289.153)) | / | (38.869 / (38.869 + 264.932)) |
| = | 0.13591 | / | 0.127942 |
| | = | 1.0623 |
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) |
| = | (49.133 / 1455.183) | / | (32.349 / 1522.741) |
| = | 0.033764 | / | 0.021244 |
| | = | 1.5893 |
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) |
| = | ((531.861 + 386.421) / 804.08) | / | ((134.561 + 456.581) / 962.176) |
| = | 1.142028 | / | 0.61438 |
| | = | 1.8588 |
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 |
| = | (-201.779 - -30.098 | - | -80.972) | / | 804.08 |
| | = | -0.112811 |
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.
TPI Composites has a M-score of -4.09 suggests that the company is unlikely to be a manipulator.
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