VC Beneish M-Score Historical Data
The historical data trend for VC'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.
VC Beneish M-Score Chart
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VC Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.35 |
-3.57 |
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VC 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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-1.61 |
-3.57 |
-3.43 |
-3.32 |
-3.47 |
Competitive Comparison of VC's Beneish M-Score
For the Leisure subindustry, VC'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.
VC's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, VC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VC's Beneish M-Score falls into.
VC 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 VC 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 * 0.6595 | + | 0.528 * 1.0696 | + | 0.404 * 1.0687 | + | 0.892 * 0.8671 | + | 0.115 * 1.0246 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0024 | + | 4.679 * -0.129817 | - | 0.327 * 1.0466 |
| = | -3.47 |
* 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 ₩4,517 Mil.
Revenue was 11084.718 + 13758.806 + 8944.145 + 4695.136 = ₩38,483 Mil.
Gross Profit was 6171.297 + 6986.098 + 4177.856 + 1125.272 = ₩18,461 Mil.
Total Current Assets was ₩31,111 Mil.
Total Assets was ₩85,121 Mil.
Property, Plant and Equipment(Net PPE) was ₩30,821 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,946 Mil.
Selling, General, & Admin. Expense(SGA) was ₩18,102 Mil.
Total Current Liabilities was ₩41,784 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,187 Mil.
Net Income was -1830.607 + 1200.936 + -2494.55 + -5455.048 = ₩-8,579 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 3409.426 + 3065.774 + -3477.349 + -526.945 = ₩2,471 Mil.
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Total Receivables was ₩7,899 Mil.
Revenue was 11126.82 + 13353.415 + 8049.023 + 11853.553 = ₩44,383 Mil.
Gross Profit was 5377.091 + 6514.651 + 4421.803 + 6458.65 = ₩22,772 Mil.
Total Current Assets was ₩35,295 Mil.
Total Assets was ₩95,905 Mil.
Property, Plant and Equipment(Net PPE) was ₩36,162 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,759 Mil.
Selling, General, & Admin. Expense(SGA) was ₩20,827 Mil.
Total Current Liabilities was ₩26,947 Mil.
Long-Term Debt & Capital Lease Obligation was ₩20,388 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) |
| = | (4517.155 / 38482.805) | / | (7899.134 / 44382.811) |
| = | 0.117381 | / | 0.177977 |
| | = | 0.6595 |
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) |
| = | (22772.195 / 44382.811) | / | (18460.523 / 38482.805) |
| = | 0.513086 | / | 0.479708 |
| | = | 1.0696 |
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 - (31111.153 + 30820.635) / 85121.24) | / | (1 - (35295.337 + 36162.409) / 95905.432) |
| = | 0.272429 | / | 0.254915 |
| | = | 1.0687 |
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 |
| = | 38482.805 | / | 44382.811 |
| | = | 0.8671 |
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)) |
| = | (4759.218 / (4759.218 + 36162.409)) | / | (3946.308 / (3946.308 + 30820.635)) |
| = | 0.116301 | / | 0.113507 |
| | = | 1.0246 |
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) |
| = | (18101.571 / 38482.805) | / | (20827.063 / 44382.811) |
| = | 0.470381 | / | 0.46926 |
| | = | 1.0024 |
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) |
| = | ((2186.935 + 41784.238) / 85121.24) | / | ((20388.07 + 26947.163) / 95905.432) |
| = | 0.516571 | / | 0.493562 |
| | = | 1.0466 |
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 |
| = | (-8579.269 - 0 | - | 2470.906) | / | 85121.24 |
| | = | -0.129817 |
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.
VC has a M-score of -3.47 suggests that the company is unlikely to be a manipulator.
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