Bistos Co Beneish M-Score Historical Data
The historical data trend for Bistos 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.
Bistos Co Beneish M-Score Chart
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Bistos Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.83 |
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Bistos Co Quarterly Data
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Mar21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.95 |
-2.83 |
-2.93 |
-2.68 |
-2.83 |
Competitive Comparison of Bistos Co's Beneish M-Score
For the Medical Devices subindustry, Bistos 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.
Bistos Co's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Bistos Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bistos Co's Beneish M-Score falls into.
Bistos 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 Bistos 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 * 0.6593 | + | 0.528 * 1.0155 | + | 0.404 * 1.1548 | + | 0.892 * 0.8171 | + | 0.115 * 3.7567 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8532 | + | 4.679 * -0.075362 | - | 0.327 * 0.7827 |
| = | -2.83 |
* 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 ₩1,755 Mil.
Revenue was 3207.377 + 4359.12 + 5816.458 + 6243.014 = ₩19,626 Mil.
Gross Profit was 470.546 + 1320.195 + 1560.378 + 1557.597 = ₩4,909 Mil.
Total Current Assets was ₩12,714 Mil.
Total Assets was ₩20,830 Mil.
Property, Plant and Equipment(Net PPE) was ₩6,487 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩699 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,256 Mil.
Total Current Liabilities was ₩1,661 Mil.
Long-Term Debt & Capital Lease Obligation was ₩124 Mil.
Net Income was -577.891 + 97.972 + 586.945 + 333.159 = ₩440 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -196.214 + 910.773 + 212.515 + 1082.938 = ₩2,010 Mil.
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Total Receivables was ₩3,257 Mil.
Revenue was 5794.982 + 4946.708 + 4320.082 + 8955.856 = ₩24,018 Mil.
Gross Profit was 1555.813 + 1381.289 + 1028.139 + 2134.809 = ₩6,100 Mil.
Total Current Assets was ₩17,996 Mil.
Total Assets was ₩20,664 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,268 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩730 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,802 Mil.
Total Current Liabilities was ₩2,019 Mil.
Long-Term Debt & Capital Lease Obligation was ₩244 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) |
| = | (1754.64 / 19625.969) | / | (3256.703 / 24017.628) |
| = | 0.089404 | / | 0.135596 |
| | = | 0.6593 |
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) |
| = | (6100.05 / 24017.628) | / | (4908.716 / 19625.969) |
| = | 0.253982 | / | 0.250113 |
| | = | 1.0155 |
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 - (12713.628 + 6486.639) / 20830.474) | / | (1 - (17996.13 + 1267.523) / 20664.013) |
| = | 0.078261 | / | 0.067768 |
| | = | 1.1548 |
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 |
| = | 19625.969 | / | 24017.628 |
| | = | 0.8171 |
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)) |
| = | (729.7 / (729.7 + 1267.523)) | / | (698.818 / (698.818 + 6486.639)) |
| = | 0.365357 | / | 0.097254 |
| | = | 3.7567 |
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) |
| = | (1256.002 / 19625.969) | / | (1801.578 / 24017.628) |
| = | 0.063997 | / | 0.075011 |
| | = | 0.8532 |
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) |
| = | ((124.347 + 1660.983) / 20830.474) | / | ((244.026 + 2018.622) / 20664.013) |
| = | 0.085708 | / | 0.109497 |
| | = | 0.7827 |
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 |
| = | (440.185 - 0 | - | 2010.012) | / | 20830.474 |
| | = | -0.075362 |
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.
Bistos Co has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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