Inzisoft Co Beneish M-Score Historical Data
The historical data trend for Inzisoft 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.
Inzisoft Co Beneish M-Score Chart
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Inzisoft 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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-3.54 |
-2.27 |
-2.18 |
-3.12 |
-1.87 |
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Inzisoft 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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-3.88 |
-3.18 |
-3.08 |
-1.87 |
-3.25 |
Competitive Comparison of Inzisoft Co's Beneish M-Score
For the Software - Application subindustry, Inzisoft 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.
Inzisoft Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Inzisoft Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Inzisoft Co's Beneish M-Score falls into.
Inzisoft 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 Inzisoft 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 * 0.3938 | + | 0.528 * 1.1549 | + | 0.404 * 0.6948 | + | 0.892 * 0.9763 | + | 0.115 * 0.6967 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8663 | + | 4.679 * -0.040793 | - | 0.327 * 0.8292 |
| = | -3.25 |
* 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 ₩2,283 Mil.
Revenue was 4743.788 + 6621.112 + 5885.098 + 6277.114 = ₩23,527 Mil.
Gross Profit was 1579.631 + 3084.455 + 2491.825 + 2548.06 = ₩9,704 Mil.
Total Current Assets was ₩41,121 Mil.
Total Assets was ₩62,677 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,259 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,102 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,011 Mil.
Total Current Liabilities was ₩8,636 Mil.
Long-Term Debt & Capital Lease Obligation was ₩73 Mil.
Net Income was 2213.803 + -1088.893 + 3391.203 + 1504.104 = ₩6,020 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 2957.334 + 2567.15 + 3595.472 + -542.979 = ₩8,577 Mil.
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Total Receivables was ₩5,939 Mil.
Revenue was 5421.781 + 7087.447 + 6467.414 + 5121.824 = ₩24,098 Mil.
Gross Profit was 2307.199 + 3612.068 + 3126.8 + 2433.5 = ₩11,480 Mil.
Total Current Assets was ₩29,989 Mil.
Total Assets was ₩60,406 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,260 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,090 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,195 Mil.
Total Current Liabilities was ₩8,909 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,213 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) |
| = | (2283.131 / 23527.112) | / | (5938.769 / 24098.466) |
| = | 0.097043 | / | 0.246438 |
| | = | 0.3938 |
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) |
| = | (11479.567 / 24098.466) | / | (9703.971 / 23527.112) |
| = | 0.476361 | / | 0.412459 |
| | = | 1.1549 |
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 - (41121.037 + 1258.611) / 62677.18) | / | (1 - (29989.13 + 2260.153) / 60405.799) |
| = | 0.323842 | / | 0.466123 |
| | = | 0.6948 |
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 |
| = | 23527.112 | / | 24098.466 |
| | = | 0.9763 |
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)) |
| = | (1089.666 / (1089.666 + 2260.153)) | / | (1102.306 / (1102.306 + 1258.611)) |
| = | 0.325291 | / | 0.466897 |
| | = | 0.6967 |
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) |
| = | (1010.979 / 23527.112) | / | (1195.336 / 24098.466) |
| = | 0.042971 | / | 0.049602 |
| | = | 0.8663 |
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) |
| = | ((72.797 + 8636.038) / 62677.18) | / | ((1212.596 + 8909.254) / 60405.799) |
| = | 0.138947 | / | 0.167564 |
| | = | 0.8292 |
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 |
| = | (6020.217 - 0 | - | 8576.977) | / | 62677.18 |
| | = | -0.040793 |
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.
Inzisoft Co has a M-score of -3.25 suggests that the company is unlikely to be a manipulator.
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