Philoptics Co Beneish M-Score Historical Data
The historical data trend for Philoptics 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.
Philoptics Co Beneish M-Score Chart
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Philoptics 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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-2.27 |
-2.71 |
-0.24 |
-1.78 |
-4.30 |
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Philoptics 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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-1.78 |
-1.09 |
-3.25 |
-3.33 |
-4.30 |
Competitive Comparison of Philoptics Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Philoptics 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.
Philoptics Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Philoptics Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Philoptics Co's Beneish M-Score falls into.
Philoptics 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 Philoptics 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 * 0.2374 | + | 0.528 * 1.2441 | + | 0.404 * 0.8352 | + | 0.892 * 0.9869 | + | 0.115 * 1.2103 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0139 | + | 4.679 * -0.271199 | - | 0.327 * 0.7709 |
| = | -4.30 |
* 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 ₩15,108 Mil.
Revenue was 73718.946 + 22043.975 + 67157.114 + 137081.032 = ₩300,001 Mil.
Gross Profit was 7800.807 + 3310.051 + 11762.811 + 20769.668 = ₩43,643 Mil.
Total Current Assets was ₩296,218 Mil.
Total Assets was ₩450,911 Mil.
Property, Plant and Equipment(Net PPE) was ₩130,719 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,615 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,603 Mil.
Total Current Liabilities was ₩207,355 Mil.
Long-Term Debt & Capital Lease Obligation was ₩11,144 Mil.
Net Income was 5941.572 + -7853.289 + -15005.101 + 5723.887 = ₩-11,193 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 63989.387 + -28092.318 + 83301.849 + -8105.01 = ₩111,094 Mil.
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Total Receivables was ₩64,495 Mil.
Revenue was 95586.393 + 56358.249 + 91962.175 + 60080.911 = ₩303,988 Mil.
Gross Profit was 17691.661 + 9670.288 + 16745.984 + 10908.894 = ₩55,017 Mil.
Total Current Assets was ₩196,767 Mil.
Total Assets was ₩323,349 Mil.
Property, Plant and Equipment(Net PPE) was ₩105,998 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,561 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,598 Mil.
Total Current Liabilities was ₩173,617 Mil.
Long-Term Debt & Capital Lease Obligation was ₩29,639 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) |
| = | (15108.22 / 300001.067) | / | (64495.38 / 303987.728) |
| = | 0.050361 | / | 0.212164 |
| | = | 0.2374 |
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) |
| = | (55016.827 / 303987.728) | / | (43643.337 / 300001.067) |
| = | 0.180984 | / | 0.145477 |
| | = | 1.2441 |
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 - (296218.126 + 130719.335) / 450911.37) | / | (1 - (196766.879 + 105997.995) / 323348.556) |
| = | 0.053168 | / | 0.063658 |
| | = | 0.8352 |
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 |
| = | 300001.067 | / | 303987.728 |
| | = | 0.9869 |
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)) |
| = | (5561.105 / (5561.105 + 105997.995)) | / | (5615.142 / (5615.142 + 130719.335)) |
| = | 0.049849 | / | 0.041187 |
| | = | 1.2103 |
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) |
| = | (7602.63 / 300001.067) | / | (7598.289 / 303987.728) |
| = | 0.025342 | / | 0.024995 |
| | = | 1.0139 |
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) |
| = | ((11143.898 + 207355.2) / 450911.37) | / | ((29638.797 + 173617.476) / 323348.556) |
| = | 0.484572 | / | 0.628598 |
| | = | 0.7709 |
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 |
| = | (-11192.931 - 0 | - | 111093.908) | / | 450911.37 |
| | = | -0.271199 |
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.
Philoptics Co has a M-score of -4.30 suggests that the company is unlikely to be a manipulator.
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