SK Hynix Beneish M-Score Historical Data
The historical data trend for SK Hynix'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.
SK Hynix Beneish M-Score Chart
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SK Hynix Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-2.80 |
-2.64 |
-3.48 |
-14.57 |
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SK Hynix 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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-3.48 |
-3.00 |
3.02 |
-6.42 |
-14.57 |
Competitive Comparison of SK Hynix's Beneish M-Score
For the Semiconductors subindustry, SK Hynix'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.
SK Hynix's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, SK Hynix's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SK Hynix's Beneish M-Score falls into.
SK Hynix 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 SK Hynix 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 * 1.7408 | + | 0.528 * -21.5116 | + | 0.404 * 1.1404 | + | 0.892 * 0.7343 | + | 0.115 * 0.9386 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0443 | + | 4.679 * -0.133466 | - | 0.327 * 1.2059 |
| = | -14.57 |
* 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 ₩7,094,892 Mil.
Revenue was 11305505 + 9066171 + 7305933 + 5088111 = ₩32,765,720 Mil.
Gross Profit was 2225553 + 64126 + -1177828 + -1645299 = ₩-533,448 Mil.
Total Current Assets was ₩30,468,100 Mil.
Total Assets was ₩100,330,165 Mil.
Property, Plant and Equipment(Net PPE) was ₩55,399,697 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩13,673,676 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,687,940 Mil.
Total Current Liabilities was ₩21,007,810 Mil.
Long-Term Debt & Capital Lease Obligation was ₩22,009,820 Mil.
Net Income was -1357105 + -2183733 + -2991181 + -2580409 = ₩-9,112,428 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 3952908 + 1019332 + 1311439 + -2005488 = ₩4,278,191 Mil.
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Total Receivables was ₩5,550,471 Mil.
Revenue was 7672031 + 10982883 + 13811001 + 12155653 = ₩44,621,568 Mil.
Gross Profit was 23418 + 3865580 + 6337661 + 5401196 = ₩15,627,855 Mil.
Total Current Assets was ₩28,733,332 Mil.
Total Assets was ₩103,871,512 Mil.
Property, Plant and Equipment(Net PPE) was ₩62,008,513 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩14,151,470 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,201,082 Mil.
Total Current Liabilities was ₩19,843,696 Mil.
Long-Term Debt & Capital Lease Obligation was ₩17,087,565 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) |
| = | (7094892 / 32765720) | / | (5550471 / 44621568) |
| = | 0.216534 | / | 0.12439 |
| | = | 1.7408 |
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) |
| = | (15627855 / 44621568) | / | (-533448 / 32765720) |
| = | 0.350231 | / | -0.016281 |
| | = | -21.5116 |
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 - (30468100 + 55399697) / 100330165) | / | (1 - (28733332 + 62008513) / 103871512) |
| = | 0.144148 | / | 0.126403 |
| | = | 1.1404 |
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 |
| = | 32765720 | / | 44621568 |
| | = | 0.7343 |
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)) |
| = | (14151470 / (14151470 + 62008513)) | / | (13673676 / (13673676 + 55399697)) |
| = | 0.185812 | / | 0.197959 |
| | = | 0.9386 |
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) |
| = | (1687940 / 32765720) | / | (2201082 / 44621568) |
| = | 0.051515 | / | 0.049328 |
| | = | 1.0443 |
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) |
| = | ((22009820 + 21007810) / 100330165) | / | ((17087565 + 19843696) / 103871512) |
| = | 0.428761 | / | 0.355548 |
| | = | 1.2059 |
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 |
| = | (-9112428 - 0 | - | 4278191) | / | 100330165 |
| | = | -0.133466 |
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.
SK Hynix has a M-score of -14.57 suggests that the company is unlikely to be a manipulator.
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