MeganTop Co., Beneish M-Score Historical Data
The historical data trend for MeganTop 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.
MeganTop Co., Beneish M-Score Chart
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MeganTop Co., Annual Data
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MeganTop Co., Quarterly Data
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Competitive Comparison of MeganTop Co.,'s Beneish M-Score
For the Medical Instruments & Supplies subindustry, MeganTop 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.
MeganTop Co.,'s Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, MeganTop Co.,'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MeganTop Co.,'s Beneish M-Score falls into.
MeganTop 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 MeganTop 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 * 1.0457 | + | 0.528 * 1.012 | + | 0.404 * 1.0003 | + | 0.892 * 1.0663 | + | 0.115 * 0.9599 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7373 | + | 4.679 * -0.00277 | - | 0.327 * 0.7671 |
| = | -2.27 |
* 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 (Mar13) TTM: | Last Year (Mar12) TTM: |
Total Receivables was 円2,276 Mil.
Revenue was 17079.434 + 16540.621 + 17587.915 + 16455.849 = 円67,664 Mil.
Gross Profit was 11534.677 + 11098.644 + 11939.498 + 11203.296 = 円45,776 Mil.
Total Current Assets was 円15,049 Mil.
Total Assets was 円35,709 Mil.
Property, Plant and Equipment(Net PPE) was 円11,207 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,335 Mil.
Selling, General, & Admin. Expense(SGA) was 円27,212 Mil.
Total Current Liabilities was 円9,919 Mil.
Long-Term Debt & Capital Lease Obligation was 円345 Mil.
Net Income was 1357.709 + 1178.653 + 1744.723 + 1299.923 = 円5,581 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 3650.047 + 0 + 2029.876 + 0 = 円5,680 Mil.
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Total Receivables was 円2,041 Mil.
Revenue was 15866.68 + 15465.903 + 17016.676 + 15106.174 = 円63,455 Mil.
Gross Profit was 10789.538 + 10562.535 + 11662.185 + 10428.474 = 円43,443 Mil.
Total Current Assets was 円14,508 Mil.
Total Assets was 円34,376 Mil.
Property, Plant and Equipment(Net PPE) was 円10,771 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,226 Mil.
Selling, General, & Admin. Expense(SGA) was 円34,613 Mil.
Total Current Liabilities was 円10,987 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,894 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) |
| = | (2275.633 / 67663.819) | / | (2040.823 / 63455.433) |
| = | 0.033631 | / | 0.032162 |
| | = | 1.0457 |
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) |
| = | (43442.732 / 63455.433) | / | (45776.115 / 67663.819) |
| = | 0.684618 | / | 0.676523 |
| | = | 1.012 |
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 - (15048.933 + 11207.363) / 35709.249) | / | (1 - (14508.466 + 10770.954) / 34376.399) |
| = | 0.26472 | / | 0.264629 |
| | = | 1.0003 |
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 |
| = | 67663.819 | / | 63455.433 |
| | = | 1.0663 |
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)) |
| = | (1225.573 / (1225.573 + 10770.954)) | / | (1334.803 / (1334.803 + 11207.363)) |
| = | 0.102161 | / | 0.106425 |
| | = | 0.9599 |
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) |
| = | (27212.345 / 67663.819) | / | (34612.609 / 63455.433) |
| = | 0.40217 | / | 0.545463 |
| | = | 0.7373 |
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) |
| = | ((345.089 + 9919.163) / 35709.249) | / | ((1893.992 + 10987.309) / 34376.399) |
| = | 0.28744 | / | 0.374714 |
| | = | 0.7671 |
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 |
| = | (5581.008 - 0 | - | 5679.923) | / | 35709.249 |
| | = | -0.00277 |
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.
MeganTop Co., has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
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