Virnect Co Beneish M-Score Historical Data
The historical data trend for Virnect 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.
Virnect Co Beneish M-Score Chart
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Virnect Co Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.46 |
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Virnect Co Quarterly Data
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Dec21 |
Mar22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
-2.73 |
- |
0.50 |
-2.46 |
Competitive Comparison of Virnect Co's Beneish M-Score
For the Software - Application subindustry, Virnect 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.
Virnect Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Virnect Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Virnect Co's Beneish M-Score falls into.
Virnect 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 Virnect 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 * 1.0445 | + | 0.528 * 1.1512 | + | 0.404 * 2.1262 | + | 0.892 * 0.7074 | + | 0.115 * 1.2352 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4768 | + | 4.679 * -0.03886 | - | 0.327 * 1.1848 |
| = | -2.46 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₩1,576 Mil.
Revenue was 2030.79 + 919.23 + 692.799 + 956.38 = ₩4,599 Mil.
Gross Profit was 1305.973 + 753.965 + 543.122 + 658.324 = ₩3,261 Mil.
Total Current Assets was ₩25,430 Mil.
Total Assets was ₩43,766 Mil.
Property, Plant and Equipment(Net PPE) was ₩16,538 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩916 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,826 Mil.
Total Current Liabilities was ₩8,349 Mil.
Long-Term Debt & Capital Lease Obligation was ₩964 Mil.
Net Income was -2769.535 + -3200.495 + -3116.559 + -3554.635 = ₩-12,641 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -2010.388 + -2454.091 + -3439.92 + -3036.056 = ₩-10,940 Mil.
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Total Receivables was ₩2,133 Mil.
Revenue was 3764.442 + 887.092 + 651.728 + 1198.701 = ₩6,502 Mil.
Gross Profit was 2781.963 + 862.815 + 608.575 + 1054.666 = ₩5,308 Mil.
Total Current Assets was ₩38,941 Mil.
Total Assets was ₩56,827 Mil.
Property, Plant and Equipment(Net PPE) was ₩16,788 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,164 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,705 Mil.
Total Current Liabilities was ₩4,425 Mil.
Long-Term Debt & Capital Lease Obligation was ₩5,782 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) |
| = | (1576.01 / 4599.199) | / | (2133.116 / 6501.963) |
| = | 0.342671 | / | 0.328073 |
| | = | 1.0445 |
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) |
| = | (5308.019 / 6501.963) | / | (3261.384 / 4599.199) |
| = | 0.816372 | / | 0.70912 |
| | = | 1.1512 |
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 - (25430.013 + 16537.573) / 43766.338) | / | (1 - (38940.859 + 16787.9) / 56827.235) |
| = | 0.041099 | / | 0.01933 |
| | = | 2.1262 |
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 |
| = | 4599.199 | / | 6501.963 |
| | = | 0.7074 |
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)) |
| = | (1163.78 / (1163.78 + 16787.9)) | / | (916.044 / (916.044 + 16537.573)) |
| = | 0.064828 | / | 0.052484 |
| | = | 1.2352 |
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) |
| = | (2826.129 / 4599.199) | / | (2705.367 / 6501.963) |
| = | 0.614483 | / | 0.416085 |
| | = | 1.4768 |
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) |
| = | ((964.367 + 8349.471) / 43766.338) | / | ((5781.642 + 4425.3) / 56827.235) |
| = | 0.212808 | / | 0.179614 |
| | = | 1.1848 |
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 |
| = | (-12641.224 - 0 | - | -10940.455) | / | 43766.338 |
| | = | -0.03886 |
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.
Virnect Co has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
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