Doosan Robotics Beneish M-Score Historical Data
The historical data trend for Doosan Robotics'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.
Doosan Robotics Beneish M-Score Chart
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Doosan Robotics Annual Data
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Doosan Robotics Quarterly Data
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-0.92 |
0.35 |
Competitive Comparison of Doosan Robotics's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Doosan Robotics'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.
Doosan Robotics's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Doosan Robotics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Doosan Robotics's Beneish M-Score falls into.
Doosan Robotics 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 Doosan Robotics 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 * 1.9944 | + | 0.528 * 0.8802 | + | 0.404 * 5.1 | + | 0.892 * 1.0372 | + | 0.115 * 0.9056 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.694 | + | 4.679 * 0.063007 | - | 0.327 * 0.6075 |
| = | 0.35 |
* 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 ₩31,507 Mil.
Revenue was 10034.333 + 14423.531 + 10881.802 + 16875.98 = ₩52,216 Mil.
Gross Profit was 2889.335 + 4104.482 + 3189.79 + 5525.126 = ₩15,709 Mil.
Total Current Assets was ₩359,677 Mil.
Total Assets was ₩445,283 Mil.
Property, Plant and Equipment(Net PPE) was ₩13,036 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,237 Mil.
Selling, General, & Admin. Expense(SGA) was ₩17,426 Mil.
Total Current Liabilities was ₩15,761 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,749 Mil.
Net Income was -6881.961 + -3705.67 + -2846.757 + -83.995 = ₩-13,518 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -9689.252 + -9815.71 + -8687.753 + -13381.536 = ₩-41,574 Mil.
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Total Receivables was ₩15,231 Mil.
Revenue was 12510.812 + 13095.218 + 10556.363 + 14180.754 = ₩50,343 Mil.
Gross Profit was 3142.036 + 3271.352 + 2721.698 + 4195.857 = ₩13,331 Mil.
Total Current Assets was ₩447,199 Mil.
Total Assets was ₩475,062 Mil.
Property, Plant and Equipment(Net PPE) was ₩12,682 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,445 Mil.
Selling, General, & Admin. Expense(SGA) was ₩9,918 Mil.
Total Current Liabilities was ₩26,735 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,018 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) |
| = | (31506.724 / 52215.646) | / | (15230.761 / 50343.147) |
| = | 0.603396 | / | 0.302539 |
| | = | 1.9944 |
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) |
| = | (13330.943 / 50343.147) | / | (15708.733 / 52215.646) |
| = | 0.264802 | / | 0.300843 |
| | = | 0.8802 |
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 - (359677.287 + 13035.824) / 445283.027) | / | (1 - (447198.613 + 12682.489) / 475062.191) |
| = | 0.162975 | / | 0.031956 |
| | = | 5.1 |
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 |
| = | 52215.646 | / | 50343.147 |
| | = | 1.0372 |
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)) |
| = | (4445.194 / (4445.194 + 12682.489)) | / | (5237.037 / (5237.037 + 13035.824)) |
| = | 0.259533 | / | 0.286602 |
| | = | 0.9056 |
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) |
| = | (17425.529 / 52215.646) | / | (9917.565 / 50343.147) |
| = | 0.333722 | / | 0.196999 |
| | = | 1.694 |
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) |
| = | ((1748.985 + 15761.386) / 445283.027) | / | ((4018.129 + 26735.227) / 475062.191) |
| = | 0.039324 | / | 0.064735 |
| | = | 0.6075 |
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 |
| = | (-13518.383 - 0 | - | -41574.251) | / | 445283.027 |
| | = | 0.063007 |
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.
Doosan Robotics has a M-score of 0.35 signals that the company is likely to be a manipulator.
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