Calth Beneish M-Score Historical Data
The historical data trend for Calth'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.
Calth Beneish M-Score Chart
|
Calth Annual Data
|
|
Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-5.22 |
|
Calth Semi-Annual Data
|
|
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
- |
- |
-5.22 |
Competitive Comparison of Calth's Beneish M-Score
For the Medical Devices subindustry, Calth'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.
Calth's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Calth's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Calth's Beneish M-Score falls into.
Calth 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 Calth 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 * 1.5406 | + | 0.528 * -0.8491 | + | 0.404 * 2.0374 | + | 0.892 * 0.2383 | + | 0.115 * 0.7017 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 3.1135 | + | 4.679 * -0.234537 | - | 0.327 * 2.5308 |
| = | -5.22 |
* 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 ₩425 Mil.
Revenue was ₩2,989 Mil.
Gross Profit was ₩-987 Mil.
Total Current Assets was ₩4,791 Mil.
Total Assets was ₩12,500 Mil.
Property, Plant and Equipment(Net PPE) was ₩7,052 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,439 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,018 Mil.
Total Current Liabilities was ₩24,545 Mil.
Long-Term Debt & Capital Lease Obligation was ₩818 Mil.
Net Income was ₩-4,677 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩-1,746 Mil.
|
Total Receivables was ₩1,158 Mil.
Revenue was ₩12,547 Mil.
Gross Profit was ₩3,517 Mil.
Total Current Assets was ₩8,720 Mil.
Total Assets was ₩17,094 Mil.
Property, Plant and Equipment(Net PPE) was ₩7,932 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,070 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,372 Mil.
Total Current Liabilities was ₩12,955 Mil.
Long-Term Debt & Capital Lease Obligation was ₩750 Mil.
|
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) |
| = | (425.14 / 2989.459) | / | (1158.171 / 12546.511) |
| = | 0.142213 | / | 0.09231 |
| | = | 1.5406 |
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) |
| = | (3516.895 / 12546.511) | / | (-986.905 / 2989.459) |
| = | 0.280309 | / | -0.330128 |
| | = | -0.8491 |
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 - (4791.299 + 7051.606) / 12499.692) | / | (1 - (8720.239 + 7932.457) / 17093.544) |
| = | 0.052544 | / | 0.02579 |
| | = | 2.0374 |
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 |
| = | 2989.459 | / | 12546.511 |
| | = | 0.2383 |
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)) |
| = | (1070.498 / (1070.498 + 7932.457)) | / | (1438.762 / (1438.762 + 7051.606)) |
| = | 0.118905 | / | 0.169458 |
| | = | 0.7017 |
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) |
| = | (1017.695 / 2989.459) | / | (1371.853 / 12546.511) |
| = | 0.340428 | / | 0.109341 |
| | = | 3.1135 |
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) |
| = | ((817.905 + 24544.879) / 12499.692) | / | ((749.979 + 12954.671) / 17093.544) |
| = | 2.029073 | / | 0.801744 |
| | = | 2.5308 |
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 |
| = | (-4677.228 - 0 | - | -1745.592) | / | 12499.692 |
| | = | -0.234537 |
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.
Calth has a M-score of -5.22 suggests that the company is unlikely to be a manipulator.
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