TILON Co Beneish M-Score Historical Data
The historical data trend for TILON 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.
TILON Co Beneish M-Score Chart
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TILON Co Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-4.20 |
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TILON Co Quarterly Data
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Sep21 |
Dec21 |
Mar22 |
Sep22 |
Dec22 |
Mar23 |
Dec23 |
Mar24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-4.20 |
Competitive Comparison of TILON Co's Beneish M-Score
For the Software - Infrastructure subindustry, TILON 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.
TILON Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, TILON Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TILON Co's Beneish M-Score falls into.
TILON 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 TILON 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 * 0.1809 | + | 0.528 * 1.0821 | + | 0.404 * 1.0201 | + | 0.892 * 0.442 | + | 0.115 * 1.798 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7383 | + | 4.679 * -0.123521 | - | 0.327 * 1.2465 |
| = | -4.20 |
* 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 (Dec22) TTM: |
Total Receivables was ₩286 Mil.
Revenue was 0 + 3010.456 + 0 + 1042.684 = ₩4,053 Mil.
Gross Profit was 0 + 2582.182 + 0 + 356.835 = ₩2,939 Mil.
Total Current Assets was ₩1,034 Mil.
Total Assets was ₩32,189 Mil.
Property, Plant and Equipment(Net PPE) was ₩29,024 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩698 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,410 Mil.
Total Current Liabilities was ₩27,560 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,485 Mil.
Net Income was 0 + 391.203 + 0 + -3505.236 = ₩-3,114 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + 1535.894 + 0 + -673.887 = ₩862 Mil.
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Total Receivables was ₩3,577 Mil.
Revenue was 2280.082 + 803.088 + 1894.164 + 4192.58 = ₩9,170 Mil.
Gross Profit was 2045.183 + 508.3 + 1322.376 + 3319.171 = ₩7,195 Mil.
Total Current Assets was ₩6,054 Mil.
Total Assets was ₩34,807 Mil.
Property, Plant and Equipment(Net PPE) was ₩26,494 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,169 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,322 Mil.
Total Current Liabilities was ₩21,713 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,351 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) |
| = | (285.92 / 4053.14) | / | (3576.689 / 9169.914) |
| = | 0.070543 | / | 0.390046 |
| | = | 0.1809 |
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) |
| = | (7195.03 / 9169.914) | / | (2939.017 / 4053.14) |
| = | 0.784634 | / | 0.725121 |
| | = | 1.0821 |
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 - (1034.079 + 29023.746) / 32189.288) | / | (1 - (6053.876 + 26494.161) / 34807.483) |
| = | 0.066217 | / | 0.064913 |
| | = | 1.0201 |
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 |
| = | 4053.14 | / | 9169.914 |
| | = | 0.442 |
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)) |
| = | (1168.722 / (1168.722 + 26494.161)) | / | (698.414 / (698.414 + 29023.746)) |
| = | 0.042249 | / | 0.023498 |
| | = | 1.798 |
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) |
| = | (1410.313 / 4053.14) | / | (4321.535 / 9169.914) |
| = | 0.347956 | / | 0.471273 |
| | = | 0.7383 |
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) |
| = | ((2484.768 + 27560.049) / 32189.288) | / | ((4350.734 + 21712.957) / 34807.483) |
| = | 0.933379 | / | 0.748796 |
| | = | 1.2465 |
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 |
| = | (-3114.033 - 0 | - | 862.007) | / | 32189.288 |
| | = | -0.123521 |
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.
TILON Co has a M-score of -4.20 suggests that the company is unlikely to be a manipulator.
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