IVIM Technology Beneish M-Score Historical Data
The historical data trend for IVIM Technology'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.
IVIM Technology Beneish M-Score Chart
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IVIM Technology Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-0.78 |
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IVIM Technology Quarterly Data
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Dec21 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-0.78 |
Competitive Comparison of IVIM Technology's Beneish M-Score
For the Medical Devices subindustry, IVIM Technology'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.
IVIM Technology's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, IVIM Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IVIM Technology's Beneish M-Score falls into.
IVIM Technology 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 IVIM Technology 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 * 2.764 | + | 0.528 * 0.8392 | + | 0.404 * 0.6372 | + | 0.892 * 0.7929 | + | 0.115 * 1.0314 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4705 | + | 4.679 * 0.0839 | - | 0.327 * 0.4468 |
| = | -0.78 |
* 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 ₩2,113 Mil.
Revenue was 2059.996 + 596.131 + 808.757 + 99.398 = ₩3,564 Mil.
Gross Profit was 949.012 + 129.836 + 359.421 + -91.878 = ₩1,346 Mil.
Total Current Assets was ₩27,573 Mil.
Total Assets was ₩34,887 Mil.
Property, Plant and Equipment(Net PPE) was ₩6,894 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,376 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,608 Mil.
Total Current Liabilities was ₩1,519 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,739 Mil.
Net Income was -123.896 + -1614.676 + -1007.785 + -1257.081 = ₩-4,003 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -1002.753 + -2171.745 + -1059.225 + -2696.716 = ₩-6,930 Mil.
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Total Receivables was ₩964 Mil.
Revenue was 2250.503 + 722.067 + 967.176 + 555.343 = ₩4,495 Mil.
Gross Profit was 795.358 + 163.911 + 266.429 + 199.346 = ₩1,425 Mil.
Total Current Assets was ₩10,880 Mil.
Total Assets was ₩16,531 Mil.
Property, Plant and Equipment(Net PPE) was ₩5,339 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,106 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,379 Mil.
Total Current Liabilities was ₩1,323 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,132 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) |
| = | (2113.323 / 3564.282) | / | (964.268 / 4495.089) |
| = | 0.592917 | / | 0.214516 |
| | = | 2.764 |
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) |
| = | (1425.044 / 4495.089) | / | (1346.391 / 3564.282) |
| = | 0.317022 | / | 0.377745 |
| | = | 0.8392 |
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 - (27573.029 + 6893.845) / 34886.682) | / | (1 - (10879.583 + 5339.357) / 16531.124) |
| = | 0.012033 | / | 0.018885 |
| | = | 0.6372 |
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 |
| = | 3564.282 | / | 4495.089 |
| | = | 0.7929 |
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)) |
| = | (1106.494 / (1106.494 + 5339.357)) | / | (1376.434 / (1376.434 + 6893.845)) |
| = | 0.17166 | / | 0.166431 |
| | = | 1.0314 |
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) |
| = | (1608.356 / 3564.282) | / | (1379.346 / 4495.089) |
| = | 0.451243 | / | 0.306856 |
| | = | 1.4705 |
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) |
| = | ((1739.304 + 1518.576) / 34886.682) | / | ((2132.199 + 1323.15) / 16531.124) |
| = | 0.093385 | / | 0.209021 |
| | = | 0.4468 |
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 |
| = | (-4003.438 - 0 | - | -6930.439) | / | 34886.682 |
| | = | 0.0839 |
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.
IVIM Technology has a M-score of -0.78 signals that the company is likely to be a manipulator.
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