Sea Mechanics Co Beneish M-Score Historical Data
The historical data trend for Sea Mechanics 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.
Sea Mechanics Co Beneish M-Score Chart
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Sea Mechanics Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.24 |
-2.46 |
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Sea Mechanics Co 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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-2.49 |
-2.46 |
-1.93 |
-1.79 |
-2.31 |
Competitive Comparison of Sea Mechanics Co's Beneish M-Score
For the Auto Parts subindustry, Sea Mechanics 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.
Sea Mechanics Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Sea Mechanics Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sea Mechanics Co's Beneish M-Score falls into.
Sea Mechanics 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 Sea Mechanics 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 * 0.895 | + | 0.528 * 1.222 | + | 0.404 * 1.6524 | + | 0.892 * 1.081 | + | 0.115 * 0.8345 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9859 | + | 4.679 * -0.013605 | - | 0.327 * 1.324 |
| = | -2.31 |
* 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 ₩17,788 Mil.
Revenue was 24468.044 + 22313.735 + 23557.508 + 22197.682 = ₩92,537 Mil.
Gross Profit was 1826.774 + 2506.488 + 2468.991 + 2327.205 = ₩9,129 Mil.
Total Current Assets was ₩63,727 Mil.
Total Assets was ₩132,214 Mil.
Property, Plant and Equipment(Net PPE) was ₩57,780 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,328 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,380 Mil.
Total Current Liabilities was ₩61,392 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was -559.509 + 512.026 + 638.818 + 3598.757 = ₩4,190 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 2993.897 + -430.716 + -1449.292 + 4874.919 = ₩5,989 Mil.
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Total Receivables was ₩18,385 Mil.
Revenue was 26101.508 + 20885.882 + 17592.603 + 21019.639 = ₩85,600 Mil.
Gross Profit was 3995.102 + 2361.149 + 1682.368 + 2280.825 = ₩10,319 Mil.
Total Current Assets was ₩42,914 Mil.
Total Assets was ₩103,549 Mil.
Property, Plant and Equipment(Net PPE) was ₩55,560 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,211 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,234 Mil.
Total Current Liabilities was ₩36,007 Mil.
Long-Term Debt & Capital Lease Obligation was ₩308 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) |
| = | (17788.401 / 92536.969) | / | (18385.437 / 85599.632) |
| = | 0.19223 | / | 0.214784 |
| | = | 0.895 |
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) |
| = | (10319.444 / 85599.632) | / | (9129.458 / 92536.969) |
| = | 0.120555 | / | 0.098657 |
| | = | 1.222 |
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 - (63726.645 + 57779.984) / 132213.848) | / | (1 - (42914.054 + 55559.596) / 103548.727) |
| = | 0.080984 | / | 0.049011 |
| | = | 1.6524 |
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 |
| = | 92536.969 | / | 85599.632 |
| | = | 1.081 |
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)) |
| = | (4211.018 / (4211.018 + 55559.596)) | / | (5327.632 / (5327.632 + 57779.984)) |
| = | 0.070453 | / | 0.084421 |
| | = | 0.8345 |
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) |
| = | (2380.438 / 92536.969) | / | (2233.563 / 85599.632) |
| = | 0.025724 | / | 0.026093 |
| | = | 0.9859 |
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) |
| = | ((0 + 61392.416) / 132213.848) | / | ((307.877 + 36007.381) / 103548.727) |
| = | 0.464342 | / | 0.350707 |
| | = | 1.324 |
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 |
| = | (4190.092 - 0 | - | 5988.808) | / | 132213.848 |
| | = | -0.013605 |
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.
Sea Mechanics Co has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
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