Orbitech Co Beneish M-Score Historical Data
The historical data trend for Orbitech Co'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.
Orbitech Co Beneish M-Score Chart
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Orbitech Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.21 |
-8.23 |
-1.55 |
-42.19 |
-3.67 |
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Orbitech Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.11 |
-3.67 |
-3.39 |
-2.21 |
-2.15 |
Competitive Comparison of Orbitech Co's Beneish M-Score
For the Consulting Services subindustry, Orbitech Co'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.
Orbitech Co's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Orbitech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Orbitech Co's Beneish M-Score falls into.
Orbitech Co 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 Orbitech Co 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 * 1.4249 | + | 0.528 * 0.498 | + | 0.404 * 1.4828 | + | 0.892 * 1.0853 | + | 0.115 * 0.8779 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1526 | + | 4.679 * -0.001211 | - | 0.327 * 1.0492 |
| = | -2.15 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₩26,354 Mil.
Revenue was 17733.867 + 15942.78 + 17041.716 + 20766.857 = ₩71,485 Mil.
Gross Profit was 3684.283 + 1666.029 + 3150.615 + 4149.602 = ₩12,651 Mil.
Total Current Assets was ₩50,431 Mil.
Total Assets was ₩108,512 Mil.
Property, Plant and Equipment(Net PPE) was ₩24,867 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,936 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,992 Mil.
Total Current Liabilities was ₩37,962 Mil.
Long-Term Debt & Capital Lease Obligation was ₩7,421 Mil.
Net Income was 1660.626 + -729.605 + 536.17 + -3325.588 = ₩-1,858 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -3979.625 + -405.482 + 2090.725 + 567.34 = ₩-1,727 Mil.
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Total Receivables was ₩17,041 Mil.
Revenue was 13274.744 + 15180.14 + 14789.191 + 22621.293 = ₩65,865 Mil.
Gross Profit was 202.997 + 1803.466 + 1883.86 + 1914.847 = ₩5,805 Mil.
Total Current Assets was ₩53,924 Mil.
Total Assets was ₩103,477 Mil.
Property, Plant and Equipment(Net PPE) was ₩28,193 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,843 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,990 Mil.
Total Current Liabilities was ₩34,421 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,826 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) |
| = | (26354.233 / 71485.22) | / | (17040.935 / 65865.368) |
| = | 0.368667 | / | 0.258724 |
| | = | 1.4249 |
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) |
| = | (5805.17 / 65865.368) | / | (12650.529 / 71485.22) |
| = | 0.088137 | / | 0.176967 |
| | = | 0.498 |
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 - (50430.993 + 24867.17) / 108512.316) | / | (1 - (53923.828 + 28192.902) / 103477.361) |
| = | 0.306086 | / | 0.206428 |
| | = | 1.4828 |
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 |
| = | 71485.22 | / | 65865.368 |
| | = | 1.0853 |
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)) |
| = | (3842.921 / (3842.921 + 28192.902)) | / | (3935.566 / (3935.566 + 24867.17)) |
| = | 0.119957 | / | 0.136639 |
| | = | 0.8779 |
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) |
| = | (4991.8 / 71485.22) | / | (3990.293 / 65865.368) |
| = | 0.06983 | / | 0.060583 |
| | = | 1.1526 |
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) |
| = | ((7421.443 + 37961.834) / 108512.316) | / | ((6825.526 + 34421.239) / 103477.361) |
| = | 0.418232 | / | 0.398607 |
| | = | 1.0492 |
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 |
| = | (-1858.397 - 0 | - | -1727.042) | / | 108512.316 |
| | = | -0.001211 |
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.
Orbitech Co has a M-score of -2.15 suggests that the company is unlikely to be a manipulator.
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