ASTech Co Beneish M-Score Historical Data
The historical data trend for ASTech 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.
ASTech Co Beneish M-Score Chart
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ASTech Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-1.04 |
- |
-2.85 |
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ASTech Co Quarterly Data
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Dec20 |
Dec21 |
Jun22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.85 |
Competitive Comparison of ASTech Co's Beneish M-Score
For the Aerospace & Defense subindustry, ASTech 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.
ASTech Co's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, ASTech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ASTech Co's Beneish M-Score falls into.
ASTech 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 ASTech 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 * 0.5502 | + | 0.528 * 0.9095 | + | 0.404 * 1.6314 | + | 0.892 * 0.8993 | + | 0.115 * 1.3836 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5813 | + | 4.679 * -0.032919 | - | 0.327 * 1.1198 |
| = | -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 ₩5,725 Mil.
Revenue was 6225.224 + 9618.257 + 11040.343 + 15687.707 = ₩42,572 Mil.
Gross Profit was 1299.826 + 3052.836 + 4353.753 + 4743.067 = ₩13,449 Mil.
Total Current Assets was ₩27,920 Mil.
Total Assets was ₩89,494 Mil.
Property, Plant and Equipment(Net PPE) was ₩57,169 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,317 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,624 Mil.
Total Current Liabilities was ₩16,739 Mil.
Long-Term Debt & Capital Lease Obligation was ₩16,270 Mil.
Net Income was 1680.914 + 730.554 + 4071.039 + 3002.248 = ₩9,485 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -10721.581 + 13294.663 + 7336.811 + 2520.959 = ₩12,431 Mil.
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Total Receivables was ₩11,572 Mil.
Revenue was 12538.909 + 11039.17 + 12974.202 + 10787.089 = ₩47,339 Mil.
Gross Profit was 3562.936 + 3321.219 + 3909.641 + 2808.403 = ₩13,602 Mil.
Total Current Assets was ₩40,983 Mil.
Total Assets was ₩69,841 Mil.
Property, Plant and Equipment(Net PPE) was ₩26,751 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,524 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,108 Mil.
Total Current Liabilities was ₩20,906 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,099 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) |
| = | (5725.218 / 42571.531) | / | (11572.07 / 47339.37) |
| = | 0.134485 | / | 0.244449 |
| | = | 0.5502 |
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) |
| = | (13602.199 / 47339.37) | / | (13449.482 / 42571.531) |
| = | 0.287334 | / | 0.315927 |
| | = | 0.9095 |
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 - (27919.66 + 57169.177) / 89493.98) | / | (1 - (40982.941 + 26750.758) / 69840.99) |
| = | 0.049223 | / | 0.030173 |
| | = | 1.6314 |
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 |
| = | 42571.531 | / | 47339.37 |
| | = | 0.8993 |
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)) |
| = | (1523.504 / (1523.504 + 26750.758)) | / | (2316.619 / (2316.619 + 57169.177)) |
| = | 0.053883 | / | 0.038944 |
| | = | 1.3836 |
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) |
| = | (1624.314 / 42571.531) | / | (3107.51 / 47339.37) |
| = | 0.038155 | / | 0.065643 |
| | = | 0.5813 |
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) |
| = | ((16269.503 + 16738.705) / 89493.98) | / | ((2099.102 + 20905.645) / 69840.99) |
| = | 0.368832 | / | 0.329387 |
| | = | 1.1198 |
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 |
| = | (9484.755 - 0 | - | 12430.852) | / | 89493.98 |
| | = | -0.032919 |
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.
ASTech Co has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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