Binex Co Beneish M-Score Historical Data
The historical data trend for Binex 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.
Binex Co Beneish M-Score Chart
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Binex 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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-2.23 |
-2.71 |
-2.66 |
-2.37 |
-2.59 |
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Binex Co 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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-2.37 |
-2.01 |
-2.73 |
-2.74 |
-2.59 |
Competitive Comparison of Binex Co's Beneish M-Score
For the Biotechnology subindustry, Binex 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.
Binex Co's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Binex Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Binex Co's Beneish M-Score falls into.
Binex 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 Binex 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 * 0.7487 | + | 0.528 * 1.2234 | + | 0.404 * 0.9364 | + | 0.892 * 0.9882 | + | 0.115 * 0.8941 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0873 | + | 4.679 * 0.003474 | - | 0.327 * 0.8496 |
| = | -2.59 |
* 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 ₩30,608 Mil.
Revenue was 35521.301 + 31599.296 + 39503.834 + 48200.345 = ₩154,825 Mil.
Gross Profit was 9820.46 + 8876.044 + 15007.146 + 23244.154 = ₩56,948 Mil.
Total Current Assets was ₩73,694 Mil.
Total Assets was ₩257,011 Mil.
Property, Plant and Equipment(Net PPE) was ₩128,788 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩9,892 Mil.
Selling, General, & Admin. Expense(SGA) was ₩40,875 Mil.
Total Current Liabilities was ₩67,443 Mil.
Long-Term Debt & Capital Lease Obligation was ₩5,578 Mil.
Net Income was 1743.994 + -5497.911 + 1360.518 + 7064.147 = ₩4,671 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -416.047 + -6531.968 + 8463.14 + 2262.651 = ₩3,778 Mil.
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Total Receivables was ₩41,369 Mil.
Revenue was 41481.03 + 39529.632 + 40355.015 + 35311.348 = ₩156,677 Mil.
Gross Profit was 16901.46 + 18476.271 + 20805.153 + 14320.03 = ₩70,503 Mil.
Total Current Assets was ₩108,952 Mil.
Total Assets was ₩298,410 Mil.
Property, Plant and Equipment(Net PPE) was ₩121,844 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩8,301 Mil.
Selling, General, & Admin. Expense(SGA) was ₩38,044 Mil.
Total Current Liabilities was ₩98,264 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,533 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) |
| = | (30608.429 / 154824.776) | / | (41368.958 / 156677.025) |
| = | 0.197697 | / | 0.26404 |
| | = | 0.7487 |
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) |
| = | (70502.914 / 156677.025) | / | (56947.804 / 154824.776) |
| = | 0.449989 | / | 0.367821 |
| | = | 1.2234 |
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 - (73694.186 + 128787.601) / 257011.436) | / | (1 - (108951.867 + 121843.957) / 298409.939) |
| = | 0.212168 | / | 0.226581 |
| | = | 0.9364 |
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 |
| = | 154824.776 | / | 156677.025 |
| | = | 0.9882 |
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)) |
| = | (8300.914 / (8300.914 + 121843.957)) | / | (9892.4 / (9892.4 + 128787.601)) |
| = | 0.063782 | / | 0.071333 |
| | = | 0.8941 |
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) |
| = | (40874.772 / 154824.776) | / | (38043.851 / 156677.025) |
| = | 0.264007 | / | 0.242817 |
| | = | 1.0873 |
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) |
| = | ((5578.355 + 67443.063) / 257011.436) | / | ((1532.544 + 98263.804) / 298409.939) |
| = | 0.284117 | / | 0.334427 |
| | = | 0.8496 |
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 |
| = | (4670.748 - 0 | - | 3777.776) | / | 257011.436 |
| | = | 0.003474 |
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.
Binex Co has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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