Park Systems Beneish M-Score Historical Data
The historical data trend for Park Systems'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.
Park Systems Beneish M-Score Chart
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Park Systems Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.64 |
-2.49 |
-1.91 |
-1.47 |
-2.74 |
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Park Systems 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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-1.47 |
-2.11 |
-1.16 |
-2.04 |
-2.74 |
Competitive Comparison of Park Systems's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Park Systems'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.
Park Systems's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Park Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Park Systems's Beneish M-Score falls into.
Park Systems 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 Park Systems 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 * 0.7978 | + | 0.528 * 1.0253 | + | 0.404 * 0.9206 | + | 0.892 * 1.1629 | + | 0.115 * 1.119 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2754 | + | 4.679 * -0.033428 | - | 0.327 * 1.035 |
| = | -2.74 |
* 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 ₩35,791 Mil.
Revenue was 45469.063 + 32404.476 + 39444.618 + 27488.219 = ₩144,806 Mil.
Gross Profit was 28487.361 + 20617.508 + 25844.621 + 17455.949 = ₩92,405 Mil.
Total Current Assets was ₩148,107 Mil.
Total Assets was ₩201,673 Mil.
Property, Plant and Equipment(Net PPE) was ₩37,193 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,675 Mil.
Selling, General, & Admin. Expense(SGA) was ₩19,585 Mil.
Total Current Liabilities was ₩49,665 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,429 Mil.
Net Income was 7990.976 + 6315.68 + 7623.928 + 2631.89 = ₩24,562 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 15722.502 + 7775.568 + -3750.482 + 11556.475 = ₩31,304 Mil.
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Total Receivables was ₩38,579 Mil.
Revenue was 53217.901 + 36956.547 + 16531.246 + 17816.318 = ₩124,522 Mil.
Gross Profit was 35114.659 + 24633.111 + 10145.699 + 11575.878 = ₩81,469 Mil.
Total Current Assets was ₩126,307 Mil.
Total Assets was ₩167,049 Mil.
Property, Plant and Equipment(Net PPE) was ₩26,010 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,714 Mil.
Selling, General, & Admin. Expense(SGA) was ₩13,205 Mil.
Total Current Liabilities was ₩39,688 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,605 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) |
| = | (35791.396 / 144806.376) | / | (38579.187 / 124522.012) |
| = | 0.247167 | / | 0.309818 |
| | = | 0.7978 |
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) |
| = | (81469.347 / 124522.012) | / | (92405.439 / 144806.376) |
| = | 0.654257 | / | 0.638131 |
| | = | 1.0253 |
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 - (148106.824 + 37192.55) / 201672.528) | / | (1 - (126306.643 + 26010.131) / 167049.139) |
| = | 0.081187 | / | 0.088192 |
| | = | 0.9206 |
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 |
| = | 144806.376 | / | 124522.012 |
| | = | 1.1629 |
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)) |
| = | (3713.822 / (3713.822 + 26010.131)) | / | (4674.615 / (4674.615 + 37192.55)) |
| = | 0.124944 | / | 0.111653 |
| | = | 1.119 |
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) |
| = | (19584.911 / 144806.376) | / | (13204.844 / 124522.012) |
| = | 0.135249 | / | 0.106044 |
| | = | 1.2754 |
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) |
| = | ((4428.873 + 49664.63) / 201672.528) | / | ((3605.336 + 39687.594) / 167049.139) |
| = | 0.268224 | / | 0.259163 |
| | = | 1.035 |
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 |
| = | (24562.474 - 0 | - | 31304.063) | / | 201672.528 |
| | = | -0.033428 |
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.
Park Systems has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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