OptiCore Beneish M-Score Historical Data
The historical data trend for OptiCore'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.
OptiCore Beneish M-Score Chart
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OptiCore Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.90 |
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OptiCore Quarterly Data
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Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
-1.90 |
0.38 |
Competitive Comparison of OptiCore's Beneish M-Score
For the Computer Hardware subindustry, OptiCore'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.
OptiCore's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, OptiCore's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where OptiCore's Beneish M-Score falls into.
OptiCore 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 OptiCore 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 * 0.9384 | + | 0.528 * 7.7726 | + | 0.404 * 1.1631 | + | 0.892 * 1.0451 | + | 0.115 * 0.6879 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1973 | + | 4.679 * -0.115538 | - | 0.327 * 1.4726 |
| = | 0.38 |
* 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 ₩4,912 Mil.
Revenue was 4373.74 + 9000.835 + 7079.201 + 4650.046 = ₩25,104 Mil.
Gross Profit was -292.01 + -750.034 + 1269.876 + 182.512 = ₩410 Mil.
Total Current Assets was ₩28,332 Mil.
Total Assets was ₩42,121 Mil.
Property, Plant and Equipment(Net PPE) was ₩12,511 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩903 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,402 Mil.
Total Current Liabilities was ₩19,153 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,956 Mil.
Net Income was -2316.804 + -2222.732 + 64.846 + -1632.498 = ₩-6,107 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -1588.065 + 445.597 + 2466.335 + -2564.431 = ₩-1,241 Mil.
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Total Receivables was ₩5,009 Mil.
Revenue was 5602.359 + 6844.123 + 4007.148 + 7565.962 = ₩24,020 Mil.
Gross Profit was 1153.983 + 881.51 + -496.379 + 1512.588 = ₩3,052 Mil.
Total Current Assets was ₩22,242 Mil.
Total Assets was ₩34,584 Mil.
Property, Plant and Equipment(Net PPE) was ₩11,439 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩556 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,120 Mil.
Total Current Liabilities was ₩7,170 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,272 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) |
| = | (4912.043 / 25103.822) | / | (5008.669 / 24019.592) |
| = | 0.195669 | / | 0.208524 |
| | = | 0.9384 |
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) |
| = | (3051.702 / 24019.592) | / | (410.344 / 25103.822) |
| = | 0.127051 | / | 0.016346 |
| | = | 7.7726 |
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 - (28332.122 + 12510.58) / 42121.271) | / | (1 - (22241.995 + 11439.499) / 34584.078) |
| = | 0.030354 | / | 0.026098 |
| | = | 1.1631 |
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 |
| = | 25103.822 | / | 24019.592 |
| | = | 1.0451 |
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)) |
| = | (555.749 / (555.749 + 11439.499)) | / | (903.434 / (903.434 + 12510.58)) |
| = | 0.046331 | / | 0.06735 |
| | = | 0.6879 |
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) |
| = | (1401.768 / 25103.822) | / | (1120.212 / 24019.592) |
| = | 0.055839 | / | 0.046637 |
| | = | 1.1973 |
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) |
| = | ((4956.35 + 19153.217) / 42121.271) | / | ((6271.927 + 7170.172) / 34584.078) |
| = | 0.572385 | / | 0.388679 |
| | = | 1.4726 |
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 |
| = | (-6107.188 - 0 | - | -1240.564) | / | 42121.271 |
| | = | -0.115538 |
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.
OptiCore has a M-score of 0.38 signals that the company is likely to be a manipulator.
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