Semtech Beneish M-Score Historical Data
The historical data trend for Semtech'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.
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Semtech Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-3.10 |
-2.51 |
-2.73 |
-1.79 |
-3.20 |
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Semtech Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-1.79 |
-1.71 |
-1.88 |
-1.74 |
-3.20 |
Competitive Comparison
For the Semiconductors subindustry, Semtech'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.
Semtech Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Semtech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Semtech's Beneish M-Score falls into.
Semtech 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 Semtech 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 * 0.7234 | + | 0.528 * 1.855 | + | 0.404 * 0.7648 | + | 0.892 * 1.1483 | + | 0.115 * 0.5044 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8754 | + | 4.679 * -0.143091 | - | 0.327 * 1.7539 |
| = | -3.20 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $134.3 Mil.
Revenue was 192.948 + 200.899 + 238.372 + 236.539 = $868.8 Mil.
Gross Profit was -0.39 + 92.966 + 100.728 + 102.946 = $296.3 Mil.
Total Current Assets was $534.2 Mil.
Total Assets was $1,373.7 Mil.
Property, Plant and Equipment(Net PPE) was $153.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $84.5 Mil.
Selling, General, & Admin. Expense(SGA) was $226.0 Mil.
Total Current Liabilities was $217.2 Mil.
Long-Term Debt & Capital Lease Obligation was $1,371.0 Mil.
Net Income was -642.363 + -38.25 + -382.002 + -29.415 = $-1,092.0 Mil.
Non Operating Income was -519.015 + -5.262 + -278.903 + 1.639 = $-801.5 Mil.
Cash Flow from Operations was 13.919 + -5.847 + -12.005 + -89.987 = $-93.9 Mil.
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Total Receivables was $161.7 Mil.
Revenue was 167.512 + 177.618 + 209.254 + 202.149 = $756.5 Mil.
Gross Profit was 100.013 + 114.569 + 134.771 + 129.205 = $478.6 Mil.
Total Current Assets was $722.8 Mil.
Total Assets was $2,569.6 Mil.
Property, Plant and Equipment(Net PPE) was $169.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $36.9 Mil.
Selling, General, & Admin. Expense(SGA) was $224.8 Mil.
Total Current Liabilities was $396.9 Mil.
Long-Term Debt & Capital Lease Obligation was $1,297.0 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) |
| = | (134.322 / 868.758) | / | (161.695 / 756.533) |
| = | 0.154614 | / | 0.213732 |
| | = | 0.7234 |
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) |
| = | (478.558 / 756.533) | / | (296.25 / 868.758) |
| = | 0.632567 | / | 0.341004 |
| | = | 1.855 |
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 - (534.197 + 153.618) / 1373.735) | / | (1 - (722.786 + 169.293) / 2569.628) |
| = | 0.49931 | / | 0.652837 |
| | = | 0.7648 |
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 |
| = | 868.758 | / | 756.533 |
| | = | 1.1483 |
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)) |
| = | (36.893 / (36.893 + 169.293)) | / | (84.452 / (84.452 + 153.618)) |
| = | 0.178931 | / | 0.354736 |
| | = | 0.5044 |
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) |
| = | (226.002 / 868.758) | / | (224.812 / 756.533) |
| = | 0.260144 | / | 0.297161 |
| | = | 0.8754 |
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) |
| = | ((1371.039 + 217.156) / 1373.735) | / | ((1296.966 + 396.855) / 2569.628) |
| = | 1.156115 | / | 0.65917 |
| | = | 1.7539 |
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 |
| = | (-1092.03 - -801.541 | - | -93.92) | / | 1373.735 |
| | = | -0.143091 |
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.
Semtech has a M-score of -3.20 suggests that the company is unlikely to be a manipulator.
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