VECTr Systems (VECTr Systems) Beneish M-Score : 0.00 (As of May. 12, 2024)

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What is VECTr Systems Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for VECTr Systems's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of VECTr Systems was 0.00. The lowest was 0.00. And the median was 0.00.

VECTr Systems Beneish M-Score Historical Data

The historical data trend for VECTr Systems'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.

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VECTr Systems Beneish M-Score Chart

VECTr Systems Annual Data

Trend

Dec04

Dec05

Dec06

Beneish M-Score

VECTr Systems Quarterly Data
	Mar05	Jun05	Sep05	Dec05	Mar06	Jun06	Sep06	Dec06	Mar07	Jun07	Sep07
Beneish M-Score	Get a 7-Day Free Trial						-	-	-	-	-

Competitive Comparison of VECTr Systems's Beneish M-Score

For the Aerospace & Defense subindustry, VECTr Systems'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.

VECTr Systems's Beneish M-Score Distribution in the Aerospace & Defense Industry

For the Aerospace & Defense industry and Industrials sector, VECTr Systems's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where VECTr Systems's Beneish M-Score falls into.

VECTr Systems 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 VECTr Systems for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0

0.528 * 4.4334

0.404 * -0.006

0.892 * 1.2819

0.115 * 1.298

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 4.8157

4.679 * -15.544503

0.327 * 1.1093

-75.13

This Year (Sep07) TTM:

Last Year (Sep06) TTM:

Total Receivables was $0.00 Mil.
Revenue was 0.004 + 0.103 + 0.145 + 0.039 = $0.29 Mil.
Gross Profit was 0.001 + 0.042 + -0.003 + -0.016 = $0.02 Mil.
Total Current Assets was $0.79 Mil.
Total Assets was $0.96 Mil.
Property, Plant and Equipment(Net PPE) was $0.17 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.21 Mil.
Selling, General, & Admin. Expense(SGA) was $15.98 Mil.
Total Current Liabilities was $4.75 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -11.626 + -27.093 + -5.781 + -0.758 = $-45.26 Mil.
Non Operating Income was -0.003 + -23.647 + -4.904 + -0.012 = $-28.57 Mil.
Cash Flow from Operations was -0.43 + -0.862 + -0.555 + 0 = $-1.85 Mil.

Total Receivables was $0.01 Mil.
Revenue was 0.011 + 0.149 + 0.075 + -0.008 = $0.23 Mil.
Gross Profit was -0.008 + 0.024 + 0.075 + -0.008 = $0.08 Mil.
Total Current Assets was $0.49 Mil.
Total Assets was $0.88 Mil.
Property, Plant and Equipment(Net PPE) was $0.24 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.63 Mil.
Selling, General, & Admin. Expense(SGA) was $2.59 Mil.
Total Current Liabilities was $3.73 Mil.
Long-Term Debt & Capital Lease Obligation was $0.23 Mil.

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)
	=	(0 / 0.291)	/	(0.013 / 0.227)
	=	0	/	0.057269
	=	0

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)
	=	(0.083 / 0.227)	/	(0.024 / 0.291)
	=	0.365639	/	0.082474
	=	4.4334

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 - (0.786 + 0.17) / 0.955)	/	(1 - (0.488 + 0.242) / 0.884)
	=	-0.001047	/	0.174208
	=	-0.006

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
	=	0.291	/	0.227
	=	1.2819

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))
	=	(0.628 / (0.628 + 0.242))	/	(0.213 / (0.213 + 0.17))
	=	0.721839	/	0.556136
	=	1.298

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)
	=	(15.983 / 0.291)	/	(2.589 / 0.227)
	=	54.924399	/	11.405286
	=	4.8157

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 + 4.747) / 0.955)	/	((0.229 + 3.732) / 0.884)
	=	4.970681	/	4.480769
	=	1.1093

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
	=	(-45.258 - -28.566	-	-1.847)	/	0.955
	=	-15.544503

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.

VECTr Systems has a M-score of -75.13 suggests that the company is unlikely to be a manipulator.

VECTr Systems Beneish M-Score Related Terms

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