Picogram Co Beneish M-Score Historical Data
The historical data trend for Picogram 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.
Picogram Co Beneish M-Score Chart
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Picogram Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.75 |
-2.39 |
-1.41 |
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Picogram Co Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.39 |
-2.02 |
-1.84 |
-2.23 |
-1.41 |
Competitive Comparison of Picogram Co's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, Picogram 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.
Picogram Co's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Picogram Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Picogram Co's Beneish M-Score falls into.
Picogram 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 Picogram 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 * 1.7216 | + | 0.528 * 0.9429 | + | 0.404 * 1.0705 | + | 0.892 * 1.1567 | + | 0.115 * 0.4385 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0115 | + | 4.679 * 0.065346 | - | 0.327 * 0.9201 |
| = | -1.41 |
* 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 (Dec23) TTM: |
Total Receivables was ₩5,774 Mil.
Revenue was 9245.662 + 6802.929 + 8583.054 + 7512.659 = ₩32,144 Mil.
Gross Profit was 3733.013 + 2322.237 + 3540.081 + 2782.824 = ₩12,378 Mil.
Total Current Assets was ₩47,179 Mil.
Total Assets was ₩78,093 Mil.
Property, Plant and Equipment(Net PPE) was ₩24,026 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩861 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,486 Mil.
Total Current Liabilities was ₩34,377 Mil.
Long-Term Debt & Capital Lease Obligation was ₩21 Mil.
Net Income was 4335.569 + -1075.089 + 2856.024 + 1010.884 = ₩7,127 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 805.885 + -340.494 + 863.768 + 695.186 = ₩2,024 Mil.
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Total Receivables was ₩2,899 Mil.
Revenue was 6724.569 + 7567.769 + 6768.676 + 6728.409 = ₩27,789 Mil.
Gross Profit was 2557.098 + 2777.346 + 2438.551 + 2317.582 = ₩10,091 Mil.
Total Current Assets was ₩39,399 Mil.
Total Assets was ₩68,902 Mil.
Property, Plant and Equipment(Net PPE) was ₩23,826 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩367 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,834 Mil.
Total Current Liabilities was ₩32,932 Mil.
Long-Term Debt & Capital Lease Obligation was ₩54 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) |
| = | (5773.949 / 32144.304) | / | (2899.479 / 27789.423) |
| = | 0.179626 | / | 0.104338 |
| | = | 1.7216 |
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) |
| = | (10090.577 / 27789.423) | / | (12378.155 / 32144.304) |
| = | 0.363109 | / | 0.385081 |
| | = | 0.9429 |
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 - (47178.915 + 24025.984) / 78092.647) | / | (1 - (39398.957 + 23826.238) / 68902.37) |
| = | 0.0882 | / | 0.082394 |
| | = | 1.0705 |
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 |
| = | 32144.304 | / | 27789.423 |
| | = | 1.1567 |
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)) |
| = | (366.906 / (366.906 + 23826.238)) | / | (860.836 / (860.836 + 24025.984)) |
| = | 0.015166 | / | 0.03459 |
| | = | 0.4385 |
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) |
| = | (4486.445 / 32144.304) | / | (3834.419 / 27789.423) |
| = | 0.139572 | / | 0.137981 |
| | = | 1.0115 |
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) |
| = | ((20.878 + 34376.833) / 78092.647) | / | ((54.169 + 32932.401) / 68902.37) |
| = | 0.440473 | / | 0.478744 |
| | = | 0.9201 |
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 |
| = | (7127.388 - 0 | - | 2024.345) | / | 78092.647 |
| | = | 0.065346 |
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.
Picogram Co has a M-score of -1.41 signals that the company is likely to be a manipulator.
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