BIXOLON Co Beneish M-Score Historical Data
The historical data trend for BIXOLON 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.
BIXOLON Co Beneish M-Score Chart
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BIXOLON Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.04 |
-1.24 |
-2.73 |
-2.52 |
-2.17 |
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BIXOLON Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.52 |
-2.53 |
-2.43 |
-2.24 |
-2.17 |
Competitive Comparison of BIXOLON Co's Beneish M-Score
For the Computer Hardware subindustry, BIXOLON 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.
BIXOLON Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, BIXOLON Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BIXOLON Co's Beneish M-Score falls into.
BIXOLON 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 BIXOLON 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 * 1.3772 | + | 0.528 * 0.9653 | + | 0.404 * 1.0118 | + | 0.892 * 1.0496 | + | 0.115 * 0.8759 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0642 | + | 4.679 * -0.022046 | - | 0.327 * 0.8107 |
| = | -2.17 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₩20,115 Mil.
Revenue was 29249.789 + 28584.14 + 30316.608 + 25341.882 = ₩113,492 Mil.
Gross Profit was 12527.353 + 11440.477 + 12943.642 + 10560.103 = ₩47,472 Mil.
Total Current Assets was ₩118,300 Mil.
Total Assets was ₩237,272 Mil.
Property, Plant and Equipment(Net PPE) was ₩35,888 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩6,221 Mil.
Selling, General, & Admin. Expense(SGA) was ₩13,711 Mil.
Total Current Liabilities was ₩16,139 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,525 Mil.
Net Income was 7401.756 + 1736.711 + 2775.625 + 1427.899 = ₩13,342 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 6772.27 + 6158.25 + 5417.932 + 224.331 = ₩18,573 Mil.
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Total Receivables was ₩13,915 Mil.
Revenue was 26064.197 + 24815.588 + 26382.546 + 30865.736 = ₩108,128 Mil.
Gross Profit was 10112.197 + 9453.525 + 11085.04 + 13007.607 = ₩43,658 Mil.
Total Current Assets was ₩112,980 Mil.
Total Assets was ₩231,770 Mil.
Property, Plant and Equipment(Net PPE) was ₩38,578 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,733 Mil.
Selling, General, & Admin. Expense(SGA) was ₩12,275 Mil.
Total Current Liabilities was ₩18,200 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,083 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) |
| = | (20114.712 / 113492.419) | / | (13915.235 / 108128.067) |
| = | 0.177234 | / | 0.128692 |
| | = | 1.3772 |
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) |
| = | (43658.369 / 108128.067) | / | (47471.575 / 113492.419) |
| = | 0.403765 | / | 0.41828 |
| | = | 0.9653 |
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 - (118299.741 + 35887.955) / 237271.991) | / | (1 - (112979.838 + 38577.79) / 231770.065) |
| = | 0.350165 | / | 0.346086 |
| | = | 1.0118 |
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 |
| = | 113492.419 | / | 108128.067 |
| | = | 1.0496 |
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)) |
| = | (5733.456 / (5733.456 + 38577.79)) | / | (6220.543 / (6220.543 + 35887.955)) |
| = | 0.129391 | / | 0.147727 |
| | = | 0.8759 |
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) |
| = | (13710.62 / 113492.419) | / | (12274.661 / 108128.067) |
| = | 0.120806 | / | 0.11352 |
| | = | 1.0642 |
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) |
| = | ((1525.25 + 16139.464) / 237271.991) | / | ((3082.731 + 18200.211) / 231770.065) |
| = | 0.074449 | / | 0.091828 |
| | = | 0.8107 |
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 |
| = | (13341.991 - 0 | - | 18572.783) | / | 237271.991 |
| | = | -0.022046 |
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.
BIXOLON Co has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.
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