Innospace Co Beneish M-Score Historical Data
The historical data trend for Innospace 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.
Innospace Co Beneish M-Score Chart
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Innospace Co Annual Data
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Trend |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
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Innospace Co Quarterly Data
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Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
4.58 |
-0.12 |
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Competitive Comparison of Innospace Co's Beneish M-Score
For the Aerospace & Defense subindustry, Innospace 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.
Innospace Co's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Innospace Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Innospace Co's Beneish M-Score falls into.
Innospace 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 Innospace 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 ₩26.64 Mil.
Revenue was 0 + 0 + 0 + 0 = ₩0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = ₩0.00 Mil.
Total Current Assets was ₩31,667.08 Mil.
Total Assets was ₩55,913.91 Mil.
Property, Plant and Equipment(Net PPE) was ₩21,393.97 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,207.41 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,925.04 Mil.
Total Current Liabilities was ₩8,145.50 Mil.
Long-Term Debt & Capital Lease Obligation was ₩597.23 Mil.
Net Income was -15406.389 + -7173.827 + -6171.304 + -4594.98 = ₩-33,346.50 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0.00 Mil.
Cash Flow from Operations was -11354.844 + -14787.214 + -2178.546 + -4682.827 = ₩-33,003.43 Mil.
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Total Receivables was ₩157.07 Mil.
Revenue was 161.025 + 18.093 + 52.307 + 0 = ₩231.43 Mil.
Gross Profit was 70.731 + 4.793 + 2.13 + 0 = ₩77.65 Mil.
Total Current Assets was ₩13,656.24 Mil.
Total Assets was ₩24,041.39 Mil.
Property, Plant and Equipment(Net PPE) was ₩8,613.04 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,972.37 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,962.75 Mil.
Total Current Liabilities was ₩2,333.20 Mil.
Long-Term Debt & Capital Lease Obligation was ₩261.54 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) |
| = | (26.636 / 0) | / | (157.066 / 231.425) |
| = | | / | 0.678691 |
| | = | |
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) |
| = | (77.654 / 231.425) | / | (0 / 0) |
| = | 0.335547 | / | |
| | = | |
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 - (31667.084 + 21393.97) / 55913.913) | / | (1 - (13656.241 + 8613.042) / 24041.388) |
| = | 0.051022 | / | 0.073711 |
| | = | |
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 |
| = | 0 | / | 231.425 |
| | = | |
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)) |
| = | (1972.373 / (1972.373 + 8613.042)) | / | (3207.411 / (3207.411 + 21393.97)) |
| = | 0.186329 | / | 0.130375 |
| | = | |
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) |
| = | (3925.043 / 0) | / | (1962.749 / 231.425) |
| = | | / | 8.481145 |
| | = | |
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) |
| = | ((597.225 + 8145.497) / 55913.913) | / | ((261.542 + 2333.201) / 24041.388) |
| = | 0.15636 | / | 0.107928 |
| | = | |
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 |
| = | (-33346.5 - 0 | - | -33003.431) | / | 55913.913 |
| | = | -0.006136 |
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.
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