Flex Beneish M-Score Historical Data
The historical data trend for Flex'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.
Flex Beneish M-Score Chart
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Flex Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-1.91 |
-1.98 |
-2.56 |
-2.40 |
-2.78 |
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Flex Quarterly Data
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Jun19 |
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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-2.40 |
-2.44 |
-2.52 |
-2.55 |
-2.78 |
Competitive Comparison of Flex's Beneish M-Score
For the Electronic Components subindustry, Flex'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.
Flex's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Flex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Flex's Beneish M-Score falls into.
Flex 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 Flex 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 * 0.9731 | + | 0.528 * 0.9832 | + | 0.404 * 1.1571 | + | 0.892 * 0.8923 | + | 0.115 * 0.9387 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1375 | + | 4.679 * -0.014527 | - | 0.327 * 0.9662 |
| = | -2.63 |
* 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 €3,019 Mil.
Revenue was 4144.6 + 6513.451 + 7000.327 + 6771.128 = €24,430 Mil.
Gross Profit was -26.68 + 588.714 + 623.105 + 541.801 = €1,727 Mil.
Total Current Assets was €11,953 Mil.
Total Assets was €16,796 Mil.
Property, Plant and Equipment(Net PPE) was €2,640 Mil.
Depreciation, Depletion and Amortization(DDA) was €496 Mil.
Selling, General, & Admin. Expense(SGA) was €853 Mil.
Total Current Liabilities was €7,856 Mil.
Long-Term Debt & Capital Lease Obligation was €3,451 Mil.
Net Income was 363.4 + 180.649 + 213.636 + 171.678 = €929 Mil.
Non Operating Income was -4.6 + -16.506 + -14.992 + -15.691 = €-52 Mil.
Cash Flow from Operations was 624.68 + 260.428 + 334.509 + 5.538 = €1,225 Mil.
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Total Receivables was €3,477 Mil.
Revenue was 5261.222 + 7321.664 + 7843.66 + 6950.262 = €27,377 Mil.
Gross Profit was 249.378 + 550.352 + 596.91 + 506.11 = €1,903 Mil.
Total Current Assets was €14,975 Mil.
Total Assets was €19,994 Mil.
Property, Plant and Equipment(Net PPE) was €2,752 Mil.
Depreciation, Depletion and Amortization(DDA) was €480 Mil.
Selling, General, & Admin. Expense(SGA) was €840 Mil.
Total Current Liabilities was €10,150 Mil.
Long-Term Debt & Capital Lease Obligation was €3,781 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) |
| = | (3019.44 / 24429.506) | / | (3477.282 / 27376.808) |
| = | 0.123598 | / | 0.127016 |
| | = | 0.9731 |
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) |
| = | (1902.75 / 27376.808) | / | (1726.94 / 24429.506) |
| = | 0.069502 | / | 0.070691 |
| | = | 0.9832 |
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 - (11952.64 + 2640.4) / 16796.44) | / | (1 - (14974.822 + 2752.498) / 19994.138) |
| = | 0.131183 | / | 0.113374 |
| | = | 1.1571 |
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 |
| = | 24429.506 | / | 27376.808 |
| | = | 0.8923 |
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)) |
| = | (480.01 / (480.01 + 2752.498)) | / | (496.208 / (496.208 + 2640.4)) |
| = | 0.148495 | / | 0.158199 |
| | = | 0.9387 |
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) |
| = | (852.882 / 24429.506) | / | (840.258 / 27376.808) |
| = | 0.034912 | / | 0.030692 |
| | = | 1.1375 |
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) |
| = | ((3450.92 + 7855.88) / 16796.44) | / | ((3780.832 + 10149.778) / 19994.138) |
| = | 0.673166 | / | 0.696735 |
| | = | 0.9662 |
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 |
| = | (929.363 - -51.789 | - | 1225.155) | / | 16796.44 |
| | = | -0.014527 |
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.
Flex has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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