TS Tech Co Beneish M-Score Historical Data
The historical data trend for TS Tech Co'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.
TS Tech Co Beneish M-Score Chart
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TS Tech Co Annual Data
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Mar15 |
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Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.20 |
-1.92 |
-2.47 |
-2.51 |
-2.81 |
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TS Tech Co Quarterly Data
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Mar20 |
Jun20 |
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Dec20 |
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Dec24 |
| Beneish M-Score |
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-2.33 |
-2.81 |
-2.85 |
-2.90 |
-2.71 |
Competitive Comparison of TS Tech Co's Beneish M-Score
For the Auto Parts subindustry, TS Tech Co'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.
TS Tech Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, TS Tech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TS Tech Co's Beneish M-Score falls into.
TS Tech Co 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 TS Tech Co 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 * 0.8613 | + | 0.528 * 1.0833 | + | 0.404 * 1.127 | + | 0.892 * 1.0358 | + | 0.115 * 0.9893 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0545 | + | 4.679 * -0.046675 | - | 0.327 * 0.9985 |
| = | -2.71 |
* 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 円66,944 Mil.
Revenue was 116914 + 110189 + 112516 + 112216 = 円451,835 Mil.
Gross Profit was 15811 + 14561 + 14222 + 13686 = 円58,280 Mil.
Total Current Assets was 円258,182 Mil.
Total Assets was 円437,347 Mil.
Property, Plant and Equipment(Net PPE) was 円96,136 Mil.
Depreciation, Depletion and Amortization(DDA) was 円13,978 Mil.
Selling, General, & Admin. Expense(SGA) was 円46,536 Mil.
Total Current Liabilities was 円88,356 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 3580 + 2059 + 2473 + 851 = 円8,963 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 3204 + 6179 + 10104 + 9889 = 円29,376 Mil.
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Total Receivables was 円75,041 Mil.
Revenue was 127184 + 109122 + 93190 + 106727 = 円436,223 Mil.
Gross Profit was 20323 + 15801 + 10041 + 14786 = 円60,951 Mil.
Total Current Assets was 円272,426 Mil.
Total Assets was 円431,064 Mil.
Property, Plant and Equipment(Net PPE) was 円86,024 Mil.
Depreciation, Depletion and Amortization(DDA) was 円12,355 Mil.
Selling, General, & Admin. Expense(SGA) was 円42,607 Mil.
Total Current Liabilities was 円87,214 Mil.
Long-Term Debt & Capital Lease Obligation was 円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) |
| = | (66944 / 451835) | / | (75041 / 436223) |
| = | 0.14816 | / | 0.172024 |
| | = | 0.8613 |
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) |
| = | (60951 / 436223) | / | (58280 / 451835) |
| = | 0.139724 | / | 0.128985 |
| | = | 1.0833 |
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 - (258182 + 96136) / 437347) | / | (1 - (272426 + 86024) / 431064) |
| = | 0.189847 | / | 0.168453 |
| | = | 1.127 |
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 |
| = | 451835 | / | 436223 |
| | = | 1.0358 |
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)) |
| = | (12355 / (12355 + 86024)) | / | (13978 / (13978 + 96136)) |
| = | 0.125586 | / | 0.126941 |
| | = | 0.9893 |
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) |
| = | (46536 / 451835) | / | (42607 / 436223) |
| = | 0.102993 | / | 0.097673 |
| | = | 1.0545 |
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 + 88356) / 437347) | / | ((0 + 87214) / 431064) |
| = | 0.202027 | / | 0.202323 |
| | = | 0.9985 |
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 |
| = | (8963 - 0 | - | 29376) | / | 437347 |
| | = | -0.046675 |
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.
TS Tech Co has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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