ToolGen Beneish M-Score Historical Data
The historical data trend for ToolGen'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.
ToolGen Beneish M-Score Chart
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ToolGen Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.27 |
- |
- |
-2.49 |
-7.80 |
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ToolGen Quarterly Data
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.05 |
-7.80 |
-13.59 |
-14.85 |
-14.00 |
Competitive Comparison of ToolGen's Beneish M-Score
For the Biotechnology subindustry, ToolGen'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.
ToolGen's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, ToolGen's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ToolGen's Beneish M-Score falls into.
ToolGen 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 ToolGen 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 * 0.5539 | + | 0.528 * 1.0654 | + | 0.404 * 1.0443 | + | 0.892 * 0.9954 | + | 0.115 * 0.7486 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4397 | + | 4.679 * -0.40423 | - | 0.327 * 29.0143 |
| = | -14.00 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₩1,998.7 Mil.
Revenue was 441.102 + 159.141 + 121.121 + 277.211 = ₩998.6 Mil.
Gross Profit was 389.362 + 109.615 + 65.104 + 233.789 = ₩797.9 Mil.
Total Current Assets was ₩56,481.4 Mil.
Total Assets was ₩81,775.1 Mil.
Property, Plant and Equipment(Net PPE) was ₩16,697.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,769.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,375.6 Mil.
Total Current Liabilities was ₩3,105.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₩62,539.0 Mil.
Net Income was -5162.022 + -6179.722 + -4957.007 + -31461.884 = ₩-47,760.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0.0 Mil.
Cash Flow from Operations was -3508.335 + -4426.648 + -3629.147 + -3140.524 = ₩-14,704.7 Mil.
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Total Receivables was ₩3,625.1 Mil.
Revenue was 512.724 + 165.433 + 148.041 + 176.943 = ₩1,003.1 Mil.
Gross Profit was 465.146 + 128.638 + 107.391 + 152.75 = ₩853.9 Mil.
Total Current Assets was ₩39,379.9 Mil.
Total Assets was ₩64,598.4 Mil.
Property, Plant and Equipment(Net PPE) was ₩18,715.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,446.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,844.3 Mil.
Total Current Liabilities was ₩1,774.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₩13.0 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) |
| = | (1998.684 / 998.575) | / | (3625.078 / 1003.141) |
| = | 2.001536 | / | 3.613727 |
| | = | 0.5539 |
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) |
| = | (853.925 / 1003.141) | / | (797.87 / 998.575) |
| = | 0.851251 | / | 0.799009 |
| | = | 1.0654 |
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 - (56481.413 + 16697.174) / 81775.079) | / | (1 - (39379.857 + 18715.488) / 64598.387) |
| = | 0.105124 | / | 0.100669 |
| | = | 1.0443 |
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 |
| = | 998.575 | / | 1003.141 |
| | = | 0.9954 |
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)) |
| = | (1446.219 / (1446.219 + 18715.488)) | / | (1769.587 / (1769.587 + 16697.174)) |
| = | 0.071731 | / | 0.095826 |
| | = | 0.7486 |
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) |
| = | (8375.568 / 998.575) | / | (5844.302 / 1003.141) |
| = | 8.38752 | / | 5.826003 |
| | = | 1.4397 |
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) |
| = | ((62539.018 + 3105.078) / 81775.079) | / | ((12.95 + 1774.269) / 64598.387) |
| = | 0.80274 | / | 0.027667 |
| | = | 29.0143 |
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 |
| = | (-47760.635 - 0 | - | -14704.654) | / | 81775.079 |
| | = | -0.40423 |
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.
ToolGen has a M-score of -14.00 suggests that the company is unlikely to be a manipulator.
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