WingArc1st Beneish M-Score Historical Data
The historical data trend for WingArc1st'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.
WingArc1st Beneish M-Score Chart
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WingArc1st Annual Data
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Feb17 |
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Feb20 |
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Feb24 |
| Beneish M-Score |
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-2.58 |
-2.71 |
-2.68 |
-2.50 |
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WingArc1st Quarterly Data
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Feb20 |
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Nov20 |
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Nov24 |
| Beneish M-Score |
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-2.55 |
-2.50 |
-2.71 |
-2.08 |
-2.41 |
Competitive Comparison of WingArc1st's Beneish M-Score
For the Software - Application subindustry, WingArc1st'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.
WingArc1st's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, WingArc1st's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where WingArc1st's Beneish M-Score falls into.
WingArc1st 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 WingArc1st 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 * 1.1112 | + | 0.528 * 1 | + | 0.404 * 0.9712 | + | 0.892 * 1.1065 | + | 0.115 * 0.89 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7569 | + | 4.679 * -0.033645 | - | 0.327 * 0.9484 |
| = | -2.41 |
* 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 (Nov24) TTM: | Last Year (Nov23) TTM: |
Total Receivables was 円2,357 Mil.
Revenue was 6735.561 + 7754.95 + 7120.388 + 6067.977 = 円27,679 Mil.
Gross Profit was 6735.561 + 7754.95 + 7120.388 + 6067.977 = 円27,679 Mil.
Total Current Assets was 円17,122 Mil.
Total Assets was 円67,370 Mil.
Property, Plant and Equipment(Net PPE) was 円1,732 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,739 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,003 Mil.
Total Current Liabilities was 円14,004 Mil.
Long-Term Debt & Capital Lease Obligation was 円7,815 Mil.
Net Income was 1105.146 + 1848.85 + 1748.56 + 911.874 = 円5,614 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 2135.215 + 1666.222 + 2221.701 + 1857.935 = 円7,881 Mil.
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Total Receivables was 円1,917 Mil.
Revenue was 6186.218 + 6576.806 + 6921.955 + 5329.166 = 円25,014 Mil.
Gross Profit was 6186.218 + 6576.806 + 6921.955 + 5329.166 = 円25,014 Mil.
Total Current Assets was 円15,267 Mil.
Total Assets was 円66,557 Mil.
Property, Plant and Equipment(Net PPE) was 円1,939 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,560 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,197 Mil.
Total Current Liabilities was 円13,499 Mil.
Long-Term Debt & Capital Lease Obligation was 円9,230 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) |
| = | (2356.757 / 27678.876) | / | (1916.661 / 25014.145) |
| = | 0.085146 | / | 0.076623 |
| | = | 1.1112 |
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) |
| = | (25014.145 / 25014.145) | / | (27678.876 / 27678.876) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (17121.718 + 1731.844) / 67370.12) | / | (1 - (15267.134 + 1938.587) / 66557.052) |
| = | 0.720149 | / | 0.741489 |
| | = | 0.9712 |
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 |
| = | 27678.876 | / | 25014.145 |
| | = | 1.1065 |
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)) |
| = | (1560.343 / (1560.343 + 1938.587)) | / | (1739.163 / (1739.163 + 1731.844)) |
| = | 0.445949 | / | 0.501054 |
| | = | 0.89 |
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) |
| = | (1002.573 / 27678.876) | / | (1197.048 / 25014.145) |
| = | 0.036222 | / | 0.047855 |
| | = | 0.7569 |
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) |
| = | ((7815.319 + 14004.081) / 67370.12) | / | ((9229.52 + 13499.309) / 66557.052) |
| = | 0.323874 | / | 0.341494 |
| | = | 0.9484 |
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 |
| = | (5614.43 - 0 | - | 7881.073) | / | 67370.12 |
| | = | -0.033645 |
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.
WingArc1st has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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