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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.
Good Sign:
Beneish M-Score -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Vishay Intertechnology's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Vishay Intertechnology was -2.24. The lowest was -2.91. And the median was -2.60.
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 Annual Data | |||||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.60 | -2.59 | -2.50 | -2.50 | -2.49 |
Vishay Intertechnology Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.50 | -2.54 | -2.37 | -2.25 | -2.49 |
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.
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.
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. |
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. |
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.
Thank you for viewing the detailed overview of Vishay Intertechnology's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Marc Zandman | director, officer: ExecChairman & Chief Bus Dev | C/O VISHAY INTERTECHNOLOGY, INC., 63 LINCOLN HIGHWAY, MALVERN PA 19355 |
Michael J Cody | director | EMC CORPORATION, 176 SOUTH STREET, HOPKINTON MA 01748 |
Raanan Zilberman | director | 63 LANCASTER AVE, MALVERN PA 19355 |
Abraham Ludomirski | director | SUITE 190, 7 GREAT VALLEY PARKWAY, MALVERN PA 19355 |
Joel Smejkal | director, officer: President and CEO | 63 LANCASTER AVE, MALVERN PA 19355 |
Roy Shoshani | officer: EVP & Chief Technical Officer | 63 LANCASTER AVE, MALVERN PA 19355 |
Peter Henrici | officer: EVP - Corporate Development | 63 LANCASTER AVE, MALVERN PA 19355 |
Lori Lipcaman | officer: EVP & Chief Financial Officer | C/O VISHAY INTERTECHNOLOGY, INC., 63 LANCASTER AVENUE, MALVERN PA 19355 |
Jeffrey Allen Webster | officer: EVP & Chief Operating Officer | 63 LANCASTER AVE, MALVERN PA 19355 |
Andreas Randebrock | officer: EVP - Global Human Resources | 63 LANCASTER AVE, MALVERN PA 19355 |
Gerald Paul | director, officer: President and CEO | |
Michiko Kurahashi | director | 63 LANCASTER AVE, MALVERN PA 19355 |
Renee B Booth | director | C/O VISHAY INTERTECHNOLOGY, INC., 63 LANCASTER AVE, MALVERN PA 19355 |
Ziv Shoshani | director, officer: Exec. VP and COO | C/O VISHAY INTERTECHNOLOGY, INC., 63 LANCASTER AVE, MALVERN PA 19355 |
Ruta Zandman | director |
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