TFE Co Beneish M-Score Historical Data
The historical data trend for TFE 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.
TFE Co Beneish M-Score Chart
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TFE Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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TFE Co Quarterly Data
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Mar21 |
Jun21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.81 |
Competitive Comparison of TFE Co's Beneish M-Score
For the Semiconductors subindustry, TFE 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.
TFE Co's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, TFE Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TFE Co's Beneish M-Score falls into.
TFE 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 TFE 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 * 0.5861 | + | 0.528 * 0.9946 | + | 0.404 * 1.0339 | + | 0.892 * 1.2601 | + | 0.115 * 0.9052 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.919 | + | 4.679 * -0.055223 | - | 0.327 * 0.8195 |
| = | -2.81 |
* 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 ₩5,289 Mil.
Revenue was 24669.196 + 20972.312 + 19723.206 + 14960.53 = ₩80,325 Mil.
Gross Profit was 8103.77 + 7240.547 + 5700.407 + 5669.145 = ₩26,714 Mil.
Total Current Assets was ₩53,468 Mil.
Total Assets was ₩91,439 Mil.
Property, Plant and Equipment(Net PPE) was ₩28,910 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,557 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,529 Mil.
Total Current Liabilities was ₩14,372 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,885 Mil.
Net Income was 4743.1 + 2483.89 + 1827.32 + 2056.418 = ₩11,111 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 10682.211 + 2928.28 + 1069.323 + 1480.443 = ₩16,160 Mil.
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Total Receivables was ₩7,161 Mil.
Revenue was 17375.673 + 13142.319 + 16785.849 + 16442.885 = ₩63,747 Mil.
Gross Profit was 5219.04 + 4063.243 + 6265.541 + 5537.932 = ₩21,086 Mil.
Total Current Assets was ₩54,503 Mil.
Total Assets was ₩82,875 Mil.
Property, Plant and Equipment(Net PPE) was ₩20,429 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,622 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,047 Mil.
Total Current Liabilities was ₩16,068 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,912 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) |
| = | (5288.691 / 80325.244) | / | (7160.985 / 63746.726) |
| = | 0.065841 | / | 0.112335 |
| | = | 0.5861 |
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) |
| = | (21085.756 / 63746.726) | / | (26713.869 / 80325.244) |
| = | 0.330774 | / | 0.332571 |
| | = | 0.9946 |
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 - (53468.249 + 28910.252) / 91438.776) | / | (1 - (54503.039 + 20429.489) / 82874.995) |
| = | 0.099086 | / | 0.095837 |
| | = | 1.0339 |
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 |
| = | 80325.244 | / | 63746.726 |
| | = | 1.2601 |
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)) |
| = | (1622.281 / (1622.281 + 20429.489)) | / | (2557.353 / (2557.353 + 28910.252)) |
| = | 0.073567 | / | 0.081269 |
| | = | 0.9052 |
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) |
| = | (3528.573 / 80325.244) | / | (3047.231 / 63746.726) |
| = | 0.043929 | / | 0.047802 |
| | = | 0.919 |
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) |
| = | ((1885.279 + 14371.602) / 91438.776) | / | ((1911.881 + 16068.281) / 82874.995) |
| = | 0.17779 | / | 0.216955 |
| | = | 0.8195 |
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 |
| = | (11110.728 - 0 | - | 16160.257) | / | 91438.776 |
| | = | -0.055223 |
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.
TFE Co has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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