Analog Devices Beneish M-Score Historical Data
The historical data trend for Analog Devices'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.
Analog Devices Beneish M-Score Chart
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Analog Devices Annual Data
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| Beneish M-Score |
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-2.59 |
-2.49 |
-1.63 |
-2.30 |
-2.78 |
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Analog Devices Quarterly Data
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| Beneish M-Score |
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-2.67 |
-2.78 |
-2.86 |
-3.04 |
-2.95 |
Competitive Comparison of Analog Devices's Beneish M-Score
For the Semiconductors subindustry, Analog Devices'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.
Analog Devices's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Analog Devices's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Analog Devices's Beneish M-Score falls into.
Analog Devices 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 Analog Devices 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 * 0.9229 | + | 0.528 * 1.1275 | + | 0.404 * 0.9708 | + | 0.892 * 0.7557 | + | 0.115 * 1.154 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0821 | + | 4.679 * -0.044653 | - | 0.327 * 1.0822 |
| = | -2.95 |
* 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 (Jul24) TTM: | Last Year (Jul23) TTM: |
Total Receivables was $1,127 Mil.
Revenue was 2312.209 + 2159.039 + 2512.704 + 2716.484 = $9,700 Mil.
Gross Profit was 1311.239 + 1180.035 + 1473.941 + 1646.716 = $5,612 Mil.
Total Current Assets was $5,443 Mil.
Total Assets was $48,618 Mil.
Property, Plant and Equipment(Net PPE) was $3,396 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,120 Mil.
Selling, General, & Admin. Expense(SGA) was $1,080 Mil.
Total Current Liabilities was $3,227 Mil.
Long-Term Debt & Capital Lease Obligation was $6,656 Mil.
Net Income was 392.232 + 302.242 + 462.727 + 498.43 = $1,656 Mil.
Non Operating Income was -21.863 + -5.663 + -20.714 + -114.163 = $-162 Mil.
Cash Flow from Operations was 855.027 + 807.853 + 1138.832 + 1187.294 = $3,989 Mil.
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Total Receivables was $1,616 Mil.
Revenue was 3076.495 + 3262.93 + 3249.63 + 3247.716 = $12,837 Mil.
Gross Profit was 1961.615 + 2144.546 + 2124.341 + 2142.815 = $8,373 Mil.
Total Current Assets was $4,835 Mil.
Total Assets was $49,347 Mil.
Property, Plant and Equipment(Net PPE) was $2,923 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,330 Mil.
Selling, General, & Admin. Expense(SGA) was $1,321 Mil.
Total Current Liabilities was $2,831 Mil.
Long-Term Debt & Capital Lease Obligation was $6,438 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) |
| = | (1127.158 / 9700.436) | / | (1616.243 / 12836.771) |
| = | 0.116197 | / | 0.125907 |
| | = | 0.9229 |
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) |
| = | (8373.317 / 12836.771) | / | (5611.931 / 9700.436) |
| = | 0.652292 | / | 0.578524 |
| | = | 1.1275 |
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 - (5442.936 + 3395.748) / 48618.374) | / | (1 - (4835.185 + 2922.781) / 49346.739) |
| = | 0.818203 | / | 0.842787 |
| | = | 0.9708 |
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 |
| = | 9700.436 | / | 12836.771 |
| | = | 0.7557 |
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)) |
| = | (2329.6 / (2329.6 + 2922.781)) | / | (2119.972 / (2119.972 + 3395.748)) |
| = | 0.443532 | / | 0.384351 |
| | = | 1.154 |
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) |
| = | (1080.356 / 9700.436) | / | (1321.208 / 12836.771) |
| = | 0.111372 | / | 0.102924 |
| | = | 1.0821 |
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) |
| = | ((6655.723 + 3226.629) / 48618.374) | / | ((6437.65 + 2831.018) / 49346.739) |
| = | 0.203264 | / | 0.187827 |
| | = | 1.0822 |
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 |
| = | (1655.631 - -162.403 | - | 3989.006) | / | 48618.374 |
| | = | -0.044653 |
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.
Analog Devices has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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