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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -3.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Qorvo's Beneish M-Score or its related term are showing as below:
During the past 12 years, the highest Beneish M-Score of Qorvo was -1.28. The lowest was -4.12. And the median was -2.99.
The historical data trend for Qorvo'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.
Qorvo Annual Data | |||||||||||||||||||||
Trend | Mar15 | Mar16 | Mar17 | Mar18 | Mar19 | Mar20 | Mar21 | Mar22 | Mar23 | Mar24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.99 | -2.71 | -2.24 | -3.34 | -2.87 |
Qorvo Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.78 | -2.79 | -2.87 | -2.80 | -3.20 |
For the Semiconductors subindustry, Qorvo'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.
For the Semiconductors industry and Technology sector, Qorvo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Qorvo's Beneish M-Score falls into.
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 Qorvo 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 * 0.7586 | + | 0.528 * 0.8977 | + | 0.404 * 0.9508 | + | 0.892 * 1.2611 | + | 0.115 * 0.8764 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8669 | + | 4.679 * -0.135843 | - | 0.327 * 1.0948 | |||||||
= | -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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $594 Mil. Revenue was 1046.509 + 886.671 + 940.988 + 1073.861 = $3,948 Mil. Gross Profit was 445.306 + 332.304 + 381.857 + 387.878 = $1,547 Mil. Total Current Assets was $2,532 Mil. Total Assets was $6,503 Mil. Property, Plant and Equipment(Net PPE) was $847 Mil. Depreciation, Depletion and Amortization(DDA) was $313 Mil. Selling, General, & Admin. Expense(SGA) was $403 Mil. Total Current Liabilities was $1,334 Mil. Long-Term Debt & Capital Lease Obligation was $1,549 Mil. Net Income was -17.435 + 0.414 + 2.735 + -126.938 = $-141 Mil. Non Operating Income was 15.422 + 11.765 + -204.596 + 15.359 = $-162 Mil. Cash Flow from Operations was 127.846 + 81.085 + 202.344 + 492.947 = $904 Mil. |
Total Receivables was $621 Mil. Revenue was 1103.493 + 651.164 + 632.703 + 743.281 = $3,131 Mil. Gross Profit was 489.69 + 229.07 + 114.714 + 268.051 = $1,102 Mil. Total Current Assets was $2,263 Mil. Total Assets was $6,719 Mil. Property, Plant and Equipment(Net PPE) was $1,061 Mil. Depreciation, Depletion and Amortization(DDA) was $329 Mil. Selling, General, & Admin. Expense(SGA) was $368 Mil. Total Current Liabilities was $672 Mil. Long-Term Debt & Capital Lease Obligation was $2,049 Mil. |
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) |
= | (593.762 / 3948.029) | / | (620.626 / 3130.641) | |
= | 0.150395 | / | 0.198242 | |
= | 0.7586 |
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) | |
= | (1101.525 / 3130.641) | / | (1547.345 / 3948.029) | |
= | 0.351853 | / | 0.391928 | |
= | 0.8977 |
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 - (2532.459 + 846.54) / 6503.075) | / | (1 - (2262.877 + 1061.163) / 6718.52) | |
= | 0.4804 | / | 0.505242 | |
= | 0.9508 |
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 | |
= | 3948.029 | / | 3130.641 | |
= | 1.2611 |
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)) |
= | (328.713 / (328.713 + 1061.163)) | / | (312.878 / (312.878 + 846.54)) | |
= | 0.236505 | / | 0.269858 | |
= | 0.8764 |
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) |
= | (402.704 / 3948.029) | / | (368.342 / 3130.641) | |
= | 0.102001 | / | 0.117657 | |
= | 0.8669 |
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) |
= | ((1549.244 + 1333.737) / 6503.075) | / | ((2048.585 + 671.942) / 6718.52) | |
= | 0.443326 | / | 0.40493 | |
= | 1.0948 |
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 | |
= | (-141.224 - -162.05 | - | 904.222) | / | 6503.075 | |
= | -0.135843 |
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.
Qorvo has a M-score of -3.20 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Qorvo's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Gina Harrison | officer: VP and Corporate Controller | 7628 THORNDIKE ROAD, GREENSBORO NC 27409 |
Paul J Fego | officer: VP, Global Operations | 15 SECOR ROAD, PO BOX 5226, BROOKFIELD CT 06804 |
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Walden C Rhines | director | C/O TRIQUINT SEMICONDUCTOR INC, 2300 NE BROOKWOOD PKWY, HILLSBORO OR 97124 |
Frank P. Stewart | officer: SVP, Advanced Cellular | 7628 THORNDIKE ROAD, GREENSBORO NC 27409 |
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