Innorules Co Beneish M-Score Historical Data
The historical data trend for Innorules 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.
Innorules Co Beneish M-Score Chart
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Innorules Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.61 |
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Innorules Co Quarterly Data
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Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
-2.11 |
-1.64 |
-2.61 |
-2.65 |
Competitive Comparison of Innorules Co's Beneish M-Score
For the Software - Application subindustry, Innorules 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.
Innorules Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Innorules Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Innorules Co's Beneish M-Score falls into.
Innorules 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 Innorules 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 * 1.207 | + | 0.528 * 1.1336 | + | 0.404 * 0.6901 | + | 0.892 * 1.0434 | + | 0.115 * 0.6865 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8196 | + | 4.679 * -0.029169 | - | 0.327 * 1.6247 |
| = | -2.65 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩5,055 Mil.
Revenue was 4799.227 + 3783.72 + 3880.607 + 4052.516 = ₩16,516 Mil.
Gross Profit was 2494.776 + 1703.486 + 1811.523 + 2025.166 = ₩8,035 Mil.
Total Current Assets was ₩25,118 Mil.
Total Assets was ₩35,688 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,887 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩387 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,795 Mil.
Total Current Liabilities was ₩4,482 Mil.
Long-Term Debt & Capital Lease Obligation was ₩370 Mil.
Net Income was 575.055 + 156.402 + -25.84 + 189.596 = ₩895 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 902.806 + 896.673 + 137.751 + -1.046 = ₩1,936 Mil.
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Total Receivables was ₩4,014 Mil.
Revenue was 3794.021 + 4165.167 + 3955.248 + 3914.838 = ₩15,829 Mil.
Gross Profit was 1754 + 2269.397 + 2269.788 + 2436.44 = ₩8,730 Mil.
Total Current Assets was ₩20,558 Mil.
Total Assets was ₩33,894 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,139 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩274 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,099 Mil.
Total Current Liabilities was ₩2,758 Mil.
Long-Term Debt & Capital Lease Obligation was ₩79 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) |
| = | (5054.741 / 16516.07) | / | (4013.769 / 15829.274) |
| = | 0.30605 | / | 0.253566 |
| | = | 1.207 |
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) |
| = | (8729.625 / 15829.274) | / | (8034.951 / 16516.07) |
| = | 0.551486 | / | 0.486493 |
| | = | 1.1336 |
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 - (25118.204 + 3887.298) / 35687.86) | / | (1 - (20558.314 + 4138.938) / 33893.969) |
| = | 0.187245 | / | 0.271338 |
| | = | 0.6901 |
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 |
| = | 16516.07 | / | 15829.274 |
| | = | 1.0434 |
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)) |
| = | (274.005 / (274.005 + 4138.938)) | / | (386.534 / (386.534 + 3887.298)) |
| = | 0.062091 | / | 0.090442 |
| | = | 0.6865 |
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) |
| = | (1794.967 / 16516.07) | / | (2099.095 / 15829.274) |
| = | 0.10868 | / | 0.132608 |
| | = | 0.8196 |
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) |
| = | ((370.473 + 4482.35) / 35687.86) | / | ((79.119 + 2757.701) / 33893.969) |
| = | 0.13598 | / | 0.083697 |
| | = | 1.6247 |
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 |
| = | (895.213 - 0 | - | 1936.184) | / | 35687.86 |
| | = | -0.029169 |
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.
Innorules Co has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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