Vitrocell Co Beneish M-Score Historical Data
The historical data trend for Vitrocell 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.
Vitrocell Co Beneish M-Score Chart
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Vitrocell Co Annual Data
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Mar14 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-3.30 |
-2.58 |
-1.91 |
-1.85 |
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Vitrocell Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar23 |
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Mar24 |
| Beneish M-Score |
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-1.63 |
-2.08 |
-1.79 |
-1.85 |
-2.01 |
Competitive Comparison of Vitrocell Co's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Vitrocell 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.
Vitrocell Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Vitrocell Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vitrocell Co's Beneish M-Score falls into.
Vitrocell 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 Vitrocell 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 * 1.5419 | + | 0.528 * 0.9907 | + | 0.404 * 0.5874 | + | 0.892 * 1.1382 | + | 0.115 * 0.9501 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0077 | + | 4.679 * -0.018695 | - | 0.327 * 0.6626 |
| = | -2.01 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩35,155 Mil.
Revenue was 37570.947 + 45920.466 + 44085.483 + 49811.513 = ₩177,388 Mil.
Gross Profit was 13934.594 + 11224.944 + 10540.986 + 18601.247 = ₩54,302 Mil.
Total Current Assets was ₩190,518 Mil.
Total Assets was ₩275,316 Mil.
Property, Plant and Equipment(Net PPE) was ₩70,601 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩6,089 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,487 Mil.
Total Current Liabilities was ₩34,239 Mil.
Long-Term Debt & Capital Lease Obligation was ₩258 Mil.
Net Income was 11960.248 + 2749.615 + 7366.147 + 17219.013 = ₩39,295 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 13000.157 + 6591.417 + 9968.547 + 14881.828 = ₩44,442 Mil.
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Total Receivables was ₩20,031 Mil.
Revenue was 36403.019 + 52077.86 + 34088.665 + 33283.593 = ₩155,853 Mil.
Gross Profit was 11636.419 + 13442.15 + 12730.455 + 9456.345 = ₩47,265 Mil.
Total Current Assets was ₩145,494 Mil.
Total Assets was ₩237,698 Mil.
Property, Plant and Equipment(Net PPE) was ₩71,337 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,820 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,400 Mil.
Total Current Liabilities was ₩44,825 Mil.
Long-Term Debt & Capital Lease Obligation was ₩127 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) |
| = | (35154.896 / 177388.409) | / | (20031.489 / 155853.137) |
| = | 0.19818 | / | 0.128528 |
| | = | 1.5419 |
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) |
| = | (47265.369 / 155853.137) | / | (54301.771 / 177388.409) |
| = | 0.303269 | / | 0.306118 |
| | = | 0.9907 |
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 - (190518.363 + 70601.103) / 275316.22) | / | (1 - (145493.756 + 71336.693) / 237697.62) |
| = | 0.051565 | / | 0.087789 |
| | = | 0.5874 |
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 |
| = | 177388.409 | / | 155853.137 |
| | = | 1.1382 |
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)) |
| = | (5820.156 / (5820.156 + 71336.693)) | / | (6088.741 / (6088.741 + 70601.103)) |
| = | 0.075433 | / | 0.079394 |
| | = | 0.9501 |
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) |
| = | (8487.312 / 177388.409) | / | (7399.734 / 155853.137) |
| = | 0.047846 | / | 0.047479 |
| | = | 1.0077 |
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) |
| = | ((258.474 + 34238.682) / 275316.22) | / | ((126.787 + 44824.9) / 237697.62) |
| = | 0.1253 | / | 0.189113 |
| | = | 0.6626 |
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 |
| = | (39295.023 - 0 | - | 44441.949) | / | 275316.22 |
| | = | -0.018695 |
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.
Vitrocell Co has a M-score of -2.01 suggests that the company is unlikely to be a manipulator.
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