INNOX Beneish M-Score Historical Data
The historical data trend for INNOX'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.
INNOX Beneish M-Score Chart
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INNOX Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.49 |
-1.94 |
-1.24 |
-2.15 |
-1.90 |
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INNOX Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.01 |
-2.82 |
-2.25 |
-1.90 |
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Competitive Comparison of INNOX's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, INNOX'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.
INNOX's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, INNOX's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where INNOX's Beneish M-Score falls into.
INNOX 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 INNOX 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 | + | 0.528 * 0.8021 | + | 0.404 * 0.9506 | + | 0.892 * 0.7887 | + | 0.115 * 0.0585 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 6.4361 | + | 4.679 * -0.068183 | - | 0.327 * 0.8015 |
| = | -5.01 |
* 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 ₩0 Mil.
Revenue was 15237.782 + 5016.098 + 23274.497 + 16802.006 = ₩60,330 Mil.
Gross Profit was 15237.782 + 3.366 + 9639.938 + 8345.57 = ₩33,227 Mil.
Total Current Assets was ₩101,027 Mil.
Total Assets was ₩336,306 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,291 Mil.
Selling, General, & Admin. Expense(SGA) was ₩18,312 Mil.
Total Current Liabilities was ₩51,601 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 1283.908 + -21291.059 + 3753.952 + 1591.12 = ₩-14,662 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + 5554.843 + 2330.469 + 382.923 = ₩8,268 Mil.
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Total Receivables was ₩12,304 Mil.
Revenue was 16604.531 + 7675.533 + 22652.277 + 29565.037 = ₩76,497 Mil.
Gross Profit was 6486.318 + 1939.492 + 11016.653 + 14351.463 = ₩33,794 Mil.
Total Current Assets was ₩62,223 Mil.
Total Assets was ₩304,156 Mil.
Property, Plant and Equipment(Net PPE) was ₩18,092 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,124 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,608 Mil.
Total Current Liabilities was ₩57,983 Mil.
Long-Term Debt & Capital Lease Obligation was ₩242 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) |
| = | (0 / 60330.383) | / | (12303.919 / 76497.378) |
| = | 0 | / | 0.160841 |
| | = | 0 |
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) |
| = | (33793.926 / 76497.378) | / | (33226.656 / 60330.383) |
| = | 0.441766 | / | 0.550745 |
| | = | 0.8021 |
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 - (101027.062 + 0) / 336305.658) | / | (1 - (62222.932 + 18092.418) / 304156.286) |
| = | 0.699597 | / | 0.735941 |
| | = | 0.9506 |
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 |
| = | 60330.383 | / | 76497.378 |
| | = | 0.7887 |
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)) |
| = | (1124.478 / (1124.478 + 18092.418)) | / | (1291.421 / (1291.421 + 0)) |
| = | 0.058515 | / | 1 |
| | = | 0.0585 |
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) |
| = | (18311.545 / 60330.383) | / | (3607.572 / 76497.378) |
| = | 0.303521 | / | 0.047159 |
| | = | 6.4361 |
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) |
| = | ((0 + 51600.961) / 336305.658) | / | ((241.8 + 57983.103) / 304156.286) |
| = | 0.153435 | / | 0.191431 |
| | = | 0.8015 |
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 |
| = | (-14662.079 - 0 | - | 8268.235) | / | 336305.658 |
| | = | -0.068183 |
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.
INNOX has a M-score of -5.01 suggests that the company is unlikely to be a manipulator.
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