Axgate Co Beneish M-Score Historical Data
The historical data trend for Axgate 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.
Axgate Co Beneish M-Score Chart
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Axgate Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-3.04 |
- |
- |
-2.44 |
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Axgate Co Quarterly Data
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Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
-2.44 |
-2.28 |
Competitive Comparison of Axgate Co's Beneish M-Score
For the Software - Application subindustry, Axgate 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.
Axgate Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Axgate Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Axgate Co's Beneish M-Score falls into.
Axgate 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 Axgate 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 * 0.7579 | + | 0.528 * 1.0021 | + | 0.404 * 1.788 | + | 0.892 * 1.1768 | + | 0.115 * 1.3083 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1189 | + | 4.679 * -0.052878 | - | 0.327 * 0.4556 |
| = | -2.28 |
* 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 ₩5,086 Mil.
Revenue was 7709.709 + 18781.288 + 7726.185 + 10332.784 = ₩44,550 Mil.
Gross Profit was 4686.157 + 11785.234 + 4864.549 + 6713.318 = ₩28,049 Mil.
Total Current Assets was ₩34,428 Mil.
Total Assets was ₩45,812 Mil.
Property, Plant and Equipment(Net PPE) was ₩8,249 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩757 Mil.
Selling, General, & Admin. Expense(SGA) was ₩10,644 Mil.
Total Current Liabilities was ₩3,455 Mil.
Long-Term Debt & Capital Lease Obligation was ₩785 Mil.
Net Income was 189.174 + 4982.62 + -304.032 + 1698.124 = ₩6,566 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 4455.821 + 4074.326 + -1726.134 + 2184.285 = ₩8,988 Mil.
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Total Receivables was ₩5,702 Mil.
Revenue was 5980.428 + 15991.907 + 5342.719 + 10540.515 = ₩37,856 Mil.
Gross Profit was 3321.148 + 10489.505 + 2804.219 + 7268.767 = ₩23,884 Mil.
Total Current Assets was ₩35,406 Mil.
Total Assets was ₩41,512 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,518 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩558 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,083 Mil.
Total Current Liabilities was ₩6,259 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,175 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) |
| = | (5085.742 / 44549.966) | / | (5701.826 / 37855.569) |
| = | 0.114158 | / | 0.150621 |
| | = | 0.7579 |
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) |
| = | (23883.639 / 37855.569) | / | (28049.258 / 44549.966) |
| = | 0.630915 | / | 0.629613 |
| | = | 1.0021 |
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 - (34428.141 + 8249.093) / 45811.706) | / | (1 - (35405.893 + 4517.791) / 41512.192) |
| = | 0.068421 | / | 0.038266 |
| | = | 1.788 |
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 |
| = | 44549.966 | / | 37855.569 |
| | = | 1.1768 |
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)) |
| = | (558.357 / (558.357 + 4517.791)) | / | (757.188 / (757.188 + 8249.093)) |
| = | 0.109996 | / | 0.084073 |
| | = | 1.3083 |
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) |
| = | (10643.715 / 44549.966) | / | (8082.873 / 37855.569) |
| = | 0.238916 | / | 0.213519 |
| | = | 1.1189 |
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) |
| = | ((785.446 + 3455.19) / 45811.706) | / | ((2175.041 + 6258.808) / 41512.192) |
| = | 0.092567 | / | 0.203166 |
| | = | 0.4556 |
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 |
| = | (6565.886 - 0 | - | 8988.298) | / | 45811.706 |
| | = | -0.052878 |
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.
Axgate Co has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
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