VAIV Company Beneish M-Score Historical Data
The historical data trend for VAIV Company'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.
VAIV Company Beneish M-Score Chart
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VAIV Company Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.96 |
- |
- |
-2.46 |
-1.39 |
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VAIV Company Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.51 |
-1.65 |
-2.14 |
-1.39 |
-1.39 |
Competitive Comparison of VAIV Company's Beneish M-Score
For the Software - Application subindustry, VAIV Company'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.
VAIV Company's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, VAIV Company's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VAIV Company's Beneish M-Score falls into.
VAIV Company 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 VAIV Company 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 * 0.1167 | + | 0.528 * 0.523 | + | 0.404 * 1.7631 | + | 0.892 * 0.9624 | + | 0.115 * 0.9 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6104 | + | 4.679 * 0.39264 | - | 0.327 * 0.5123 |
| = | -1.39 |
* 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 ₩2,328 Mil.
Revenue was 5510.694 + 11054.338 + 7404.556 + 5620.683 = ₩29,590 Mil.
Gross Profit was 2099.991 + 4338.811 + 1755.472 + 1244.319 = ₩9,439 Mil.
Total Current Assets was ₩11,571 Mil.
Total Assets was ₩110,899 Mil.
Property, Plant and Equipment(Net PPE) was ₩38,801 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,288 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,557 Mil.
Total Current Liabilities was ₩21,865 Mil.
Long-Term Debt & Capital Lease Obligation was ₩17,298 Mil.
Net Income was -3509.22 + 664.667 + -2724.766 + 39373.655 = ₩33,804 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -2947.635 + -15272.283 + -1068.687 + 9549.642 = ₩-9,739 Mil.
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Total Receivables was ₩20,729 Mil.
Revenue was 5897.542 + 7269.78 + 8970.138 + 8609.196 = ₩30,747 Mil.
Gross Profit was 916.367 + -87.832 + 2289.977 + 2010.368 = ₩5,129 Mil.
Total Current Assets was ₩33,710 Mil.
Total Assets was ₩94,707 Mil.
Property, Plant and Equipment(Net PPE) was ₩31,681 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,671 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,941 Mil.
Total Current Liabilities was ₩53,967 Mil.
Long-Term Debt & Capital Lease Obligation was ₩11,316 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) |
| = | (2328.096 / 29590.271) | / | (20729.27 / 30746.656) |
| = | 0.078678 | / | 0.674196 |
| | = | 0.1167 |
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) |
| = | (5128.88 / 30746.656) | / | (9438.593 / 29590.271) |
| = | 0.166811 | / | 0.318976 |
| | = | 0.523 |
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 - (11571.135 + 38801.219) / 110898.731) | / | (1 - (33709.631 + 31680.603) / 94706.911) |
| = | 0.545781 | / | 0.309552 |
| | = | 1.7631 |
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 |
| = | 29590.271 | / | 30746.656 |
| | = | 0.9624 |
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)) |
| = | (1671.265 / (1671.265 + 31680.603)) | / | (2287.766 / (2287.766 + 38801.219)) |
| = | 0.05011 | / | 0.055678 |
| | = | 0.9 |
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) |
| = | (4557.45 / 29590.271) | / | (2940.664 / 30746.656) |
| = | 0.154019 | / | 0.095642 |
| | = | 1.6104 |
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) |
| = | ((17297.668 + 21864.916) / 110898.731) | / | ((11316.099 + 53966.841) / 94706.911) |
| = | 0.353138 | / | 0.689315 |
| | = | 0.5123 |
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 |
| = | (33804.336 - 0 | - | -9738.963) | / | 110898.731 |
| | = | 0.39264 |
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.
VAIV Company has a M-score of -1.39 signals that the company is likely to be a manipulator.
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