ISC Co Beneish M-Score Historical Data
The historical data trend for ISC 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.
ISC Co Beneish M-Score Chart
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ISC 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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-2.48 |
-2.63 |
-2.69 |
-3.09 |
-2.29 |
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ISC 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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-3.09 |
-2.60 |
-2.80 |
-2.86 |
-2.29 |
Competitive Comparison of ISC Co's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, ISC 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.
ISC Co's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, ISC Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ISC Co's Beneish M-Score falls into.
ISC 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 ISC 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 * 1.3265 | + | 0.528 * 1.1994 | + | 0.404 * 0.9246 | + | 0.892 * 0.7839 | + | 0.115 * 1.0938 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5707 | + | 4.679 * -0.016935 | - | 0.327 * 0.4694 |
| = | -2.29 |
* 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 ₩23,734 Mil.
Revenue was 24945.647 + 32917.976 + 35979.811 + 46378.507 = ₩140,222 Mil.
Gross Profit was 8837.909 + 12475.491 + 14777.674 + 19073.43 = ₩55,165 Mil.
Total Current Assets was ₩361,801 Mil.
Total Assets was ₩541,813 Mil.
Property, Plant and Equipment(Net PPE) was ₩95,209 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩8,697 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,384 Mil.
Total Current Liabilities was ₩58,252 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,542 Mil.
Net Income was 2075.385 + -4781.742 + 4868.401 + 11040.946 = ₩13,203 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 8323.86 + 15553.623 + 7772.466 + -9271.325 = ₩22,379 Mil.
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Total Receivables was ₩22,825 Mil.
Revenue was 33410.862 + 49027.574 + 54713.09 + 41719.739 = ₩178,871 Mil.
Gross Profit was 7401.12 + 23505.507 + 31753.512 + 21738.661 = ₩84,399 Mil.
Total Current Assets was ₩161,743 Mil.
Total Assets was ₩358,432 Mil.
Property, Plant and Equipment(Net PPE) was ₩136,014 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩13,707 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,809 Mil.
Total Current Liabilities was ₩81,386 Mil.
Long-Term Debt & Capital Lease Obligation was ₩5,700 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) |
| = | (23734.296 / 140221.941) | / | (22824.928 / 178871.265) |
| = | 0.169262 | / | 0.127605 |
| | = | 1.3265 |
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) |
| = | (84398.8 / 178871.265) | / | (55164.504 / 140221.941) |
| = | 0.471841 | / | 0.393409 |
| | = | 1.1994 |
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 - (361800.587 + 95208.79) / 541813.16) | / | (1 - (161742.958 + 136013.92) / 358432.438) |
| = | 0.156518 | / | 0.16928 |
| | = | 0.9246 |
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 |
| = | 140221.941 | / | 178871.265 |
| | = | 0.7839 |
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)) |
| = | (13706.986 / (13706.986 + 136013.92)) | / | (8696.608 / (8696.608 + 95208.79)) |
| = | 0.09155 | / | 0.083697 |
| | = | 1.0938 |
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) |
| = | (8383.834 / 140221.941) | / | (6808.979 / 178871.265) |
| = | 0.05979 | / | 0.038066 |
| | = | 1.5707 |
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) |
| = | ((3541.573 + 58252.322) / 541813.16) | / | ((5699.911 + 81385.857) / 358432.438) |
| = | 0.11405 | / | 0.242963 |
| | = | 0.4694 |
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 |
| = | (13202.99 - 0 | - | 22378.624) | / | 541813.16 |
| | = | -0.016935 |
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.
ISC Co has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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