Psomagen Beneish M-Score Historical Data
The historical data trend for Psomagen'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.
Psomagen Beneish M-Score Chart
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Psomagen Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.50 |
-2.50 |
-3.32 |
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Psomagen Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.71 |
-3.26 |
-2.95 |
-3.32 |
-3.70 |
Competitive Comparison of Psomagen's Beneish M-Score
For the Diagnostics & Research subindustry, Psomagen'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.
Psomagen's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Psomagen's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Psomagen's Beneish M-Score falls into.
Psomagen 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 Psomagen 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 * 1.1136 | + | 0.528 * 1.3588 | + | 0.404 * 0.9333 | + | 0.892 * 0.7871 | + | 0.115 * 1.0188 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 4.1687 | + | 4.679 * -0.154933 | - | 0.327 * 1.0942 |
| = | -3.70 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩6,402 Mil.
Revenue was 9360.202 + 8320.516 + 7636.658 + 7803.535 = ₩33,121 Mil.
Gross Profit was 1576.366 + 1811.129 + 1612.987 + 1915.883 = ₩6,916 Mil.
Total Current Assets was ₩22,731 Mil.
Total Assets was ₩44,124 Mil.
Property, Plant and Equipment(Net PPE) was ₩11,535 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,216 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,128 Mil.
Total Current Liabilities was ₩8,889 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,304 Mil.
Net Income was -1723.75 + -1673.628 + -1344.444 + -1270.047 = ₩-6,012 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -108.606 + 662.617 + -350.624 + 620.957 = ₩824 Mil.
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Total Receivables was ₩7,304 Mil.
Revenue was 8320.342 + 11264.442 + 12405.836 + 10089.228 = ₩42,080 Mil.
Gross Profit was 2075.582 + 3396.042 + 3592.544 + 2876.291 = ₩11,940 Mil.
Total Current Assets was ₩27,027 Mil.
Total Assets was ₩49,043 Mil.
Property, Plant and Equipment(Net PPE) was ₩10,278 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,853 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,258 Mil.
Total Current Liabilities was ₩8,727 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,660 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) |
| = | (6401.956 / 33120.911) | / | (7303.932 / 42079.848) |
| = | 0.19329 | / | 0.173573 |
| | = | 1.1136 |
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) |
| = | (11940.459 / 42079.848) | / | (6916.365 / 33120.911) |
| = | 0.283757 | / | 0.208822 |
| | = | 1.3588 |
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 - (22731.161 + 11535.28) / 44123.588) | / | (1 - (27026.76 + 10277.744) / 49043.347) |
| = | 0.223399 | / | 0.239356 |
| | = | 0.9333 |
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 |
| = | 33120.911 | / | 42079.848 |
| | = | 0.7871 |
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)) |
| = | (3853.113 / (3853.113 + 10277.744)) | / | (4215.588 / (4215.588 + 11535.28)) |
| = | 0.272674 | / | 0.267642 |
| | = | 1.0188 |
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) |
| = | (4128.346 / 33120.911) | / | (1258.17 / 42079.848) |
| = | 0.124645 | / | 0.0299 |
| | = | 4.1687 |
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) |
| = | ((3304.398 + 8889.223) / 44123.588) | / | ((3659.588 + 8726.508) / 49043.347) |
| = | 0.276352 | / | 0.252554 |
| | = | 1.0942 |
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 |
| = | (-6011.869 - 0 | - | 824.344) | / | 44123.588 |
| | = | -0.154933 |
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.
Psomagen has a M-score of -3.70 suggests that the company is unlikely to be a manipulator.
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