SD System Co Beneish M-Score Historical Data
The historical data trend for SD System 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.
SD System Co Beneish M-Score Chart
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SD System 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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-6.51 |
0.06 |
-3.11 |
-1.80 |
-2.83 |
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SD System 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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-1.80 |
-2.47 |
-1.88 |
-2.42 |
-2.83 |
Competitive Comparison of SD System Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, SD System 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.
SD System Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, SD System Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SD System Co's Beneish M-Score falls into.
SD System 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 SD System 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 * 1.9258 | + | 0.528 * 1.8 | + | 0.404 * 0.8226 | + | 0.892 * 0.8482 | + | 0.115 * 1.0327 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.983 | + | 4.679 * -0.216983 | - | 0.327 * 2.252 |
| = | -2.83 |
* 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 ₩2,969 Mil.
Revenue was 4669.086 + 3386.814 + 4958.58 + 5049.186 = ₩18,064 Mil.
Gross Profit was 204.277 + 291.957 + 401.263 + 595.476 = ₩1,493 Mil.
Total Current Assets was ₩12,868 Mil.
Total Assets was ₩17,695 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,261 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩212 Mil.
Selling, General, & Admin. Expense(SGA) was ₩578 Mil.
Total Current Liabilities was ₩6,855 Mil.
Long-Term Debt & Capital Lease Obligation was ₩10 Mil.
Net Income was -1320.211 + -345.262 + -104.146 + -57.611 = ₩-1,827 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 4395.275 + -476.173 + -1171.779 + -734.991 = ₩2,012 Mil.
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Total Receivables was ₩1,817 Mil.
Revenue was 4506.662 + 4780.348 + 7633.03 + 4375.219 = ₩21,295 Mil.
Gross Profit was 701.224 + 897.632 + 1005.661 + 563.613 = ₩3,168 Mil.
Total Current Assets was ₩9,705 Mil.
Total Assets was ₩14,611 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,331 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩226 Mil.
Selling, General, & Admin. Expense(SGA) was ₩693 Mil.
Total Current Liabilities was ₩2,514 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3 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) |
| = | (2968.954 / 18063.666) | / | (1817.467 / 21295.259) |
| = | 0.164361 | / | 0.085346 |
| | = | 1.9258 |
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) |
| = | (3168.13 / 21295.259) | / | (1492.973 / 18063.666) |
| = | 0.148772 | / | 0.082651 |
| | = | 1.8 |
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 - (12868.46 + 2260.601) / 17695.232) | / | (1 - (9704.533 + 2330.612) / 14611.073) |
| = | 0.14502 | / | 0.1763 |
| | = | 0.8226 |
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 |
| = | 18063.666 | / | 21295.259 |
| | = | 0.8482 |
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)) |
| = | (226.022 / (226.022 + 2330.612)) | / | (211.63 / (211.63 + 2260.601)) |
| = | 0.088406 | / | 0.085603 |
| | = | 1.0327 |
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) |
| = | (578.085 / 18063.666) | / | (693.328 / 21295.259) |
| = | 0.032003 | / | 0.032558 |
| | = | 0.983 |
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) |
| = | ((10.385 + 6855.06) / 17695.232) | / | ((3.44 + 2513.751) / 14611.073) |
| = | 0.387983 | / | 0.17228 |
| | = | 2.252 |
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 |
| = | (-1827.23 - 0 | - | 2012.332) | / | 17695.232 |
| | = | -0.216983 |
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.
SD System Co has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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