IMT Co Beneish M-Score Historical Data
The historical data trend for IMT 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.
IMT Co Beneish M-Score Chart
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IMT Co Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.85 |
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IMT Co Quarterly Data
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Dec21 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-0.95 |
-2.85 |
Competitive Comparison of IMT Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, IMT 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.
IMT Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, IMT Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IMT Co's Beneish M-Score falls into.
IMT 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 IMT 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 * 1.3542 | + | 0.528 * 1.0869 | + | 0.404 * 1.3952 | + | 0.892 * 2.0967 | + | 0.115 * 2.3138 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5974 | + | 4.679 * -0.035084 | - | 0.327 * 6.923 |
| = | -2.85 |
* 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 ₩3,128 Mil.
Revenue was 5460.396 + 4730.708 + 1647.431 + 1726.909 = ₩13,565 Mil.
Gross Profit was 1345.527 + 1909.545 + 567.585 + 537.396 = ₩4,360 Mil.
Total Current Assets was ₩34,308 Mil.
Total Assets was ₩54,687 Mil.
Property, Plant and Equipment(Net PPE) was ₩14,603 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,533 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,462 Mil.
Total Current Liabilities was ₩3,007 Mil.
Long-Term Debt & Capital Lease Obligation was ₩10,358 Mil.
Net Income was -1864.798 + -478.83 + -874.897 + -398.598 = ₩-3,617 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 92.528 + 115.895 + -899.697 + -1007.222 = ₩-1,698 Mil.
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Total Receivables was ₩1,101 Mil.
Revenue was 1202.423 + 1153.679 + 1963.486 + 2150.217 = ₩6,470 Mil.
Gross Profit was 372.999 + 272.991 + 875.072 + 739.07 = ₩2,260 Mil.
Total Current Assets was ₩24,521 Mil.
Total Assets was ₩30,275 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,463 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩976 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,168 Mil.
Total Current Liabilities was ₩1,038 Mil.
Long-Term Debt & Capital Lease Obligation was ₩31 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) |
| = | (3127.642 / 13565.444) | / | (1101.498 / 6469.805) |
| = | 0.23056 | / | 0.170252 |
| | = | 1.3542 |
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) |
| = | (2260.132 / 6469.805) | / | (4360.053 / 13565.444) |
| = | 0.349335 | / | 0.321409 |
| | = | 1.0869 |
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 - (34308.405 + 14603.467) / 54687.095) | / | (1 - (24520.648 + 3463.186) / 30275.458) |
| = | 0.105605 | / | 0.075692 |
| | = | 1.3952 |
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 |
| = | 13565.444 | / | 6469.805 |
| | = | 2.0967 |
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)) |
| = | (975.677 / (975.677 + 3463.186)) | / | (1532.872 / (1532.872 + 14603.467)) |
| = | 0.219803 | / | 0.094995 |
| | = | 2.3138 |
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) |
| = | (1462.36 / 13565.444) | / | (1167.531 / 6469.805) |
| = | 0.1078 | / | 0.180458 |
| | = | 0.5974 |
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) |
| = | ((10358.136 + 3006.749) / 54687.095) | / | ((30.801 + 1037.942) / 30275.458) |
| = | 0.244388 | / | 0.035301 |
| | = | 6.923 |
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 |
| = | (-3617.123 - 0 | - | -1698.496) | / | 54687.095 |
| | = | -0.035084 |
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.
IMT Co has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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