Em Tech Co Beneish M-Score Historical Data
The historical data trend for Em Tech 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.
Em Tech Co Beneish M-Score Chart
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Em Tech 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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-2.45 |
0.73 |
-2.41 |
-2.59 |
-1.71 |
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Em Tech Co 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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-3.14 |
-3.44 |
-2.89 |
-1.71 |
-2.53 |
Competitive Comparison of Em Tech Co's Beneish M-Score
For the Communication Equipment subindustry, Em Tech 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.
Em Tech Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Em Tech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Em Tech Co's Beneish M-Score falls into.
Em Tech 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 Em Tech 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 * 1.5068 | + | 0.528 * 1.5132 | + | 0.404 * 1.1283 | + | 0.892 * 0.6277 | + | 0.115 * 0.9981 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.142 | + | 4.679 * -0.096105 | - | 0.327 * 1.1031 |
| = | -2.53 |
* 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 ₩34,517 Mil.
Revenue was 61966.668 + 67996.684 + 59985.166 + 48699.656 = ₩238,648 Mil.
Gross Profit was 12333.682 + 9911.639 + 8335.037 + 1659.062 = ₩32,239 Mil.
Total Current Assets was ₩180,869 Mil.
Total Assets was ₩397,830 Mil.
Property, Plant and Equipment(Net PPE) was ₩160,086 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,794 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,524 Mil.
Total Current Liabilities was ₩56,983 Mil.
Long-Term Debt & Capital Lease Obligation was ₩96,871 Mil.
Net Income was 663.427 + -4054.235 + -4611.896 + -6396.696 = ₩-14,399 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 15006.909 + 5568.238 + 281.276 + 2977.46 = ₩23,834 Mil.
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Total Receivables was ₩36,496 Mil.
Revenue was 86769.289 + 73762.127 + 104601.574 + 115085.89 = ₩380,219 Mil.
Gross Profit was 14693.939 + 15193.715 + 21401.068 + 26436.389 = ₩77,725 Mil.
Total Current Assets was ₩191,048 Mil.
Total Assets was ₩422,659 Mil.
Property, Plant and Equipment(Net PPE) was ₩178,057 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,991 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,708 Mil.
Total Current Liabilities was ₩64,113 Mil.
Long-Term Debt & Capital Lease Obligation was ₩84,069 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) |
| = | (34516.999 / 238648.174) | / | (36495.742 / 380218.88) |
| = | 0.144636 | / | 0.095986 |
| | = | 1.5068 |
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) |
| = | (77725.111 / 380218.88) | / | (32239.42 / 238648.174) |
| = | 0.204422 | / | 0.135092 |
| | = | 1.5132 |
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 - (180868.727 + 160085.683) / 397830.264) | / | (1 - (191048.406 + 178056.572) / 422658.512) |
| = | 0.142965 | / | 0.126706 |
| | = | 1.1283 |
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 |
| = | 238648.174 | / | 380218.88 |
| | = | 0.6277 |
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)) |
| = | (1991.245 / (1991.245 + 178056.572)) | / | (1793.818 / (1793.818 + 160085.683)) |
| = | 0.01106 | / | 0.011081 |
| | = | 0.9981 |
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) |
| = | (5524.463 / 238648.174) | / | (7707.6 / 380218.88) |
| = | 0.023149 | / | 0.020271 |
| | = | 1.142 |
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) |
| = | ((96870.833 + 56982.994) / 397830.264) | / | ((84068.673 + 64112.868) / 422658.512) |
| = | 0.386732 | / | 0.350594 |
| | = | 1.1031 |
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 |
| = | (-14399.4 - 0 | - | 23833.883) | / | 397830.264 |
| | = | -0.096105 |
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.
Em Tech Co has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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