Infineon Technologies AG Beneish M-Score Historical Data
The historical data trend for Infineon Technologies AG'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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Infineon Technologies AG Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.48 |
-2.39 |
-2.76 |
-2.55 |
-2.56 |
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Infineon Technologies AG Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.51 |
-2.47 |
-2.56 |
-2.47 |
Competitive Comparison
For the Semiconductors subindustry, Infineon Technologies AG'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.
Infineon Technologies AG Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Infineon Technologies AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Infineon Technologies AG's Beneish M-Score falls into.
Infineon Technologies AG 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 Infineon Technologies AG 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 * 0.9321 | + | 0.528 * 1.0009 | + | 0.404 * 0.9378 | + | 0.892 * 1.07 | + | 0.115 * 1.1535 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9 | + | 4.679 * -0.006626 | - | 0.327 * 0.9083 |
| = | -2.47 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €1,859 Mil.
Revenue was 3702 + 4149 + 4089 + 4120 = €16,060 Mil.
Gross Profit was 1599 + 1807 + 1821 + 1920 = €7,147 Mil.
Total Current Assets was €9,943 Mil.
Total Assets was €28,373 Mil.
Property, Plant and Equipment(Net PPE) was €7,701 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,782 Mil.
Selling, General, & Admin. Expense(SGA) was €1,584 Mil.
Total Current Liabilities was €5,397 Mil.
Long-Term Debt & Capital Lease Obligation was €4,633 Mil.
Net Income was 587 + 753 + 831 + 825 = €2,996 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -147 + 1652 + 1033 + 646 = €3,184 Mil.
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Total Receivables was €1,864 Mil.
Revenue was 3951 + 4143 + 3618 + 3298 = €15,010 Mil.
Gross Profit was 1866 + 1840 + 1564 + 1416 = €6,686 Mil.
Total Current Assets was €9,553 Mil.
Total Assets was €26,294 Mil.
Property, Plant and Equipment(Net PPE) was €6,139 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,699 Mil.
Selling, General, & Admin. Expense(SGA) was €1,645 Mil.
Total Current Liabilities was €5,230 Mil.
Long-Term Debt & Capital Lease Obligation was €5,003 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) |
| = | (1859 / 16060) | / | (1864 / 15010) |
| = | 0.115753 | / | 0.124184 |
| | = | 0.9321 |
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) |
| = | (6686 / 15010) | / | (7147 / 16060) |
| = | 0.445436 | / | 0.445019 |
| | = | 1.0009 |
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 - (9943 + 7701) / 28373) | / | (1 - (9553 + 6139) / 26294) |
| = | 0.378141 | / | 0.40321 |
| | = | 0.9378 |
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 |
| = | 16060 | / | 15010 |
| | = | 1.07 |
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)) |
| = | (1699 / (1699 + 6139)) | / | (1782 / (1782 + 7701)) |
| = | 0.216764 | / | 0.187915 |
| | = | 1.1535 |
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) |
| = | (1584 / 16060) | / | (1645 / 15010) |
| = | 0.09863 | / | 0.109594 |
| | = | 0.9 |
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) |
| = | ((4633 + 5397) / 28373) | / | ((5003 + 5230) / 26294) |
| = | 0.353505 | / | 0.389176 |
| | = | 0.9083 |
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 |
| = | (2996 - 0 | - | 3184) | / | 28373 |
| | = | -0.006626 |
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.
Infineon Technologies AG has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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