G.I. Tech Co Beneish M-Score Historical Data
The historical data trend for G.I. Tech 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.
G.I. Tech Co Beneish M-Score Chart
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G.I. Tech Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.72 |
-2.08 |
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G.I. Tech Co Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-0.72 |
-2.01 |
-2.76 |
-2.59 |
-2.08 |
Competitive Comparison of G.I. Tech Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, G.I. Tech 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.
G.I. Tech Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, G.I. Tech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where G.I. Tech Co's Beneish M-Score falls into.
G.I. Tech 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 G.I. Tech 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 * 1.0908 | + | 0.528 * 1.1142 | + | 0.404 * 1.2786 | + | 0.892 * 0.9237 | + | 0.115 * 1.1479 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2915 | + | 4.679 * 0.032251 | - | 0.327 * 0.702 |
| = | -2.08 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₩20,181 Mil.
Revenue was 15629.691 + 9548.072 + 4935.66 + 6508.589 = ₩36,622 Mil.
Gross Profit was 4867.831 + 3996.725 + 1391.691 + 2108.733 = ₩12,365 Mil.
Total Current Assets was ₩68,031 Mil.
Total Assets was ₩113,673 Mil.
Property, Plant and Equipment(Net PPE) was ₩37,015 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,149 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,898 Mil.
Total Current Liabilities was ₩11,947 Mil.
Long-Term Debt & Capital Lease Obligation was ₩10,182 Mil.
Net Income was 2628.097 + 2499.479 + 596.576 + 1488.604 = ₩7,213 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 509.533 + -3470.664 + 984.533 + 5523.238 = ₩3,547 Mil.
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Total Receivables was ₩20,030 Mil.
Revenue was 11644.306 + 9369.291 + 11577.777 + 7055.644 = ₩39,647 Mil.
Gross Profit was 4572.583 + 4195.153 + 4083.738 + 2063.632 = ₩14,915 Mil.
Total Current Assets was ₩42,195 Mil.
Total Assets was ₩76,289 Mil.
Property, Plant and Equipment(Net PPE) was ₩29,566 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,987 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,591 Mil.
Total Current Liabilities was ₩12,641 Mil.
Long-Term Debt & Capital Lease Obligation was ₩8,516 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) |
| = | (20181.385 / 36622.012) | / | (20029.916 / 39647.018) |
| = | 0.551073 | / | 0.505206 |
| | = | 1.0908 |
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) |
| = | (14915.106 / 39647.018) | / | (12364.98 / 36622.012) |
| = | 0.376197 | / | 0.337638 |
| | = | 1.1142 |
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 - (68030.907 + 37015.167) / 113673.286) | / | (1 - (42194.503 + 29566.43) / 76289.354) |
| = | 0.075895 | / | 0.059358 |
| | = | 1.2786 |
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 |
| = | 36622.012 | / | 39647.018 |
| | = | 0.9237 |
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)) |
| = | (1987.35 / (1987.35 + 29566.43)) | / | (2148.754 / (2148.754 + 37015.167)) |
| = | 0.062983 | / | 0.054866 |
| | = | 1.1479 |
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) |
| = | (1897.52 / 36622.012) | / | (1590.56 / 39647.018) |
| = | 0.051814 | / | 0.040118 |
| | = | 1.2915 |
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) |
| = | ((10181.806 + 11947.158) / 113673.286) | / | ((8516.239 + 12640.977) / 76289.354) |
| = | 0.194672 | / | 0.277329 |
| | = | 0.702 |
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 |
| = | (7212.756 - 0 | - | 3546.64) | / | 113673.286 |
| | = | 0.032251 |
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.
G.I. Tech Co has a M-score of -2.08 suggests that the company is unlikely to be a manipulator.
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