Vishay Intertechnology Beneish M-Score Historical Data
The historical data trend for Vishay Intertechnology'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.
Vishay Intertechnology Beneish M-Score Chart
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Vishay Intertechnology Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.60 |
-2.59 |
-2.50 |
-2.50 |
-2.49 |
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Vishay Intertechnology Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.50 |
-2.54 |
-2.37 |
-2.25 |
-2.49 |
Competitive Comparison of Vishay Intertechnology's Beneish M-Score
For the Semiconductors subindustry, Vishay Intertechnology'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.
Vishay Intertechnology's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Vishay Intertechnology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vishay Intertechnology's Beneish M-Score falls into.
Vishay Intertechnology 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 Vishay Intertechnology 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 * 1.0909 | + | 0.528 * 1.3435 | + | 0.404 * 1.0516 | + | 0.892 * 0.8635 | + | 0.115 * 1.0216 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2179 | + | 4.679 * -0.022316 | - | 0.327 * 1.092 |
| = | -2.49 |
* 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 $402 Mil.
Revenue was 714.716 + 735.353 + 741.239 + 746.279 = $2,938 Mil.
Gross Profit was 142.132 + 150.883 + 162.87 + 170.407 = $626 Mil.
Total Current Assets was $1,916 Mil.
Total Assets was $4,111 Mil.
Property, Plant and Equipment(Net PPE) was $1,664 Mil.
Depreciation, Depletion and Amortization(DDA) was $211 Mil.
Selling, General, & Admin. Expense(SGA) was $514 Mil.
Total Current Liabilities was $708 Mil.
Long-Term Debt & Capital Lease Obligation was $999 Mil.
Net Income was -66.308 + -19.299 + 23.533 + 30.924 = $-31 Mil.
Non Operating Income was -65.457 + -45.041 + -1.652 + -0.966 = $-113 Mil.
Cash Flow from Operations was 67.656 + 50.565 + -24.73 + 80.211 = $174 Mil.
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Total Receivables was $427 Mil.
Revenue was 785.236 + 853.653 + 892.11 + 871.046 = $3,402 Mil.
Gross Profit was 200.664 + 237.643 + 257.473 + 278.713 = $974 Mil.
Total Current Assets was $2,297 Mil.
Total Assets was $4,240 Mil.
Property, Plant and Equipment(Net PPE) was $1,421 Mil.
Depreciation, Depletion and Amortization(DDA) was $184 Mil.
Selling, General, & Admin. Expense(SGA) was $488 Mil.
Total Current Liabilities was $692 Mil.
Long-Term Debt & Capital Lease Obligation was $921 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) |
| = | (401.901 / 2937.587) | / | (426.674 / 3402.045) |
| = | 0.136813 | / | 0.125417 |
| | = | 1.0909 |
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) |
| = | (974.493 / 3402.045) | / | (626.292 / 2937.587) |
| = | 0.286443 | / | 0.213199 |
| | = | 1.3435 |
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 - (1915.507 + 1663.691) / 4110.696) | / | (1 - (2297.164 + 1421.475) / 4239.923) |
| = | 0.129296 | / | 0.122947 |
| | = | 1.0516 |
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 |
| = | 2937.587 | / | 3402.045 |
| | = | 0.8635 |
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)) |
| = | (184.373 / (184.373 + 1421.475)) | / | (210.645 / (210.645 + 1663.691)) |
| = | 0.114813 | / | 0.112384 |
| | = | 1.0216 |
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) |
| = | (513.564 / 2937.587) | / | (488.349 / 3402.045) |
| = | 0.174825 | / | 0.143546 |
| | = | 1.2179 |
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) |
| = | ((999.237 + 708.348) / 4110.696) | / | ((921.018 + 691.875) / 4239.923) |
| = | 0.4154 | / | 0.380406 |
| | = | 1.092 |
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 |
| = | (-31.15 - -113.116 | - | 173.702) | / | 4110.696 |
| | = | -0.022316 |
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.
Vishay Intertechnology has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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