Ubiquiti Beneish M-Score Historical Data
The historical data trend for Ubiquiti'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.
Ubiquiti Beneish M-Score Chart
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Ubiquiti Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.98 |
-1.98 |
-2.84 |
-0.33 |
-3.07 |
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Ubiquiti Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-0.68 |
-1.02 |
-1.99 |
-3.07 |
-3.53 |
Competitive Comparison of Ubiquiti's Beneish M-Score
For the Communication Equipment subindustry, Ubiquiti'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.
Ubiquiti's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Ubiquiti's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ubiquiti's Beneish M-Score falls into.
Ubiquiti 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 Ubiquiti 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 * 0.978 | + | 0.528 * 1.0387 | + | 0.404 * 1.3866 | + | 0.892 * 1.0579 | + | 0.115 * 0.7912 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1063 | + | 4.679 * -0.274029 | - | 0.327 * 0.7994 |
| = | -3.53 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $175 Mil.
Revenue was 550.344 + 507.461 + 492.997 + 464.954 = $2,016 Mil.
Gross Profit was 231.618 + 204.14 + 174.1 + 177.647 = $788 Mil.
Total Current Assets was $926 Mil.
Total Assets was $1,158 Mil.
Property, Plant and Equipment(Net PPE) was $122 Mil.
Depreciation, Depletion and Amortization(DDA) was $20 Mil.
Selling, General, & Admin. Expense(SGA) was $86 Mil.
Total Current Liabilities was $364 Mil.
Long-Term Debt & Capital Lease Obligation was $562 Mil.
Net Income was 127.988 + 103.804 + 76.29 + 82.116 = $390 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 233.667 + 231.401 + 163.852 + 78.581 = $708 Mil.
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Total Receivables was $169 Mil.
Revenue was 463.078 + 491.085 + 457.773 + 493.571 = $1,906 Mil.
Gross Profit was 183.875 + 203.327 + 188.476 + 197.561 = $773 Mil.
Total Current Assets was $1,154 Mil.
Total Assets was $1,388 Mil.
Property, Plant and Equipment(Net PPE) was $140 Mil.
Depreciation, Depletion and Amortization(DDA) was $18 Mil.
Selling, General, & Admin. Expense(SGA) was $74 Mil.
Total Current Liabilities was $338 Mil.
Long-Term Debt & Capital Lease Obligation was $1,051 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) |
| = | (174.501 / 2015.756) | / | (168.66 / 1905.507) |
| = | 0.086569 | / | 0.088512 |
| | = | 0.978 |
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) |
| = | (773.239 / 1905.507) | / | (787.505 / 2015.756) |
| = | 0.405792 | / | 0.390675 |
| | = | 1.0387 |
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 - (926.497 + 122.325) / 1157.918) | / | (1 - (1153.686 + 140.131) / 1388.135) |
| = | 0.094217 | / | 0.067946 |
| | = | 1.3866 |
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 |
| = | 2015.756 | / | 1905.507 |
| | = | 1.0579 |
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)) |
| = | (17.737 / (17.737 + 140.131)) | / | (20.246 / (20.246 + 122.325)) |
| = | 0.112353 | / | 0.142006 |
| | = | 0.7912 |
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) |
| = | (86.123 / 2015.756) | / | (73.587 / 1905.507) |
| = | 0.042725 | / | 0.038618 |
| | = | 1.1063 |
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) |
| = | ((562.378 + 364.094) / 1157.918) | / | ((1051.269 + 338.115) / 1388.135) |
| = | 0.800119 | / | 1.0009 |
| | = | 0.7994 |
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 |
| = | (390.198 - 0 | - | 707.501) | / | 1157.918 |
| | = | -0.274029 |
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.
Ubiquiti has a M-score of -3.53 suggests that the company is unlikely to be a manipulator.
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