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Sanmina (Sanmina) Beneish M-Score : -2.58 (As of Apr. 28, 2024)


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What is Sanmina Beneish M-Score?

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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Sanmina's Beneish M-Score or its related term are showing as below:

SANM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14   Med: -2.58   Max: -1.83
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Sanmina was -1.83. The lowest was -3.14. And the median was -2.58.


Sanmina Beneish M-Score Historical Data

The historical data trend for Sanmina'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.

* Premium members only.

Sanmina Beneish M-Score Chart

Sanmina Annual Data
Trend Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.53 -2.64 -2.62 -2.58 -2.31

Sanmina Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.41 -2.35 -2.28 -2.31 -2.58

Competitive Comparison of Sanmina's Beneish M-Score

For the Electronic Components subindustry, Sanmina'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.


Sanmina's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Sanmina's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sanmina's Beneish M-Score falls into.



Sanmina 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 Sanmina 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 * 0.8607+0.528 * 0.947+0.404 * 1.1186+0.892 * 0.9924+0.115 * 0.9829
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0709+4.679 * -0.005795-0.327 * 0.8415
=-2.58

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $1,546 Mil.
Revenue was 1874.798 + 2052.019 + 2207.118 + 2320.103 = $8,454 Mil.
Gross Profit was 160.84 + 173.428 + 183.208 + 191.189 = $709 Mil.
Total Current Assets was $3,630 Mil.
Total Assets was $4,617 Mil.
Property, Plant and Equipment(Net PPE) was $635 Mil.
Depreciation, Depletion and Amortization(DDA) was $120 Mil.
Selling, General, & Admin. Expense(SGA) was $259 Mil.
Total Current Liabilities was $1,822 Mil.
Long-Term Debt & Capital Lease Obligation was $308 Mil.
Net Income was 57.068 + 61.841 + 76.494 + 79.621 = $275 Mil.
Non Operating Income was -3.323 + -12.491 + -2.804 + -3.572 = $-22 Mil.
Cash Flow from Operations was 126.025 + 76.857 + 56.509 + 64.578 = $324 Mil.
Total Receivables was $1,811 Mil.
Revenue was 2355.808 + 2224.865 + 2023.361 + 1915.07 = $8,519 Mil.
Gross Profit was 195.386 + 172.229 + 162.185 + 146.495 = $676 Mil.
Total Current Assets was $4,355 Mil.
Total Assets was $5,307 Mil.
Property, Plant and Equipment(Net PPE) was $591 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $244 Mil.
Total Current Liabilities was $2,585 Mil.
Long-Term Debt & Capital Lease Obligation was $325 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)
=(1546.446 / 8454.038) / (1810.544 / 8519.104)
=0.182924 / 0.212528
=0.8607

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)
=(676.295 / 8519.104) / (708.665 / 8454.038)
=0.079386 / 0.083826
=0.947

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 - (3630.256 + 634.912) / 4616.976) / (1 - (4354.533 + 591.155) / 5307.212)
=0.076199 / 0.068119
=1.1186

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
=8454.038 / 8519.104
=0.9924

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))
=(109.854 / (109.854 + 591.155)) / (120.427 / (120.427 + 634.912))
=0.156708 / 0.159434
=0.9829

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)
=(259.127 / 8454.038) / (243.824 / 8519.104)
=0.030651 / 0.028621
=1.0709

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)
=((308.105 + 1822.118) / 4616.976) / ((325.007 + 2585.037) / 5307.212)
=0.461389 / 0.548319
=0.8415

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
=(275.024 - -22.19 - 323.969) / 4616.976
=-0.005795

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.

Sanmina has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.


Sanmina Beneish M-Score Related Terms

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Sanmina (Sanmina) Business Description

Traded in Other Exchanges
Address
2700 North First Street, San Jose, CA, USA, 95134
Sanmina Corp is a provider of integrated manufacturing solutions, components, and after-market services to original equipment manufacturers in the communications networks, storage, industrial, defense and aerospace end markets. The company operates in two business segments: Integrated Manufacturing Solutions, which consists of printed circuit board assembly and represents a majority of the firm's revenue; and Components, Products, and Services, which includes interconnect systems and mechanical systems. The firm generates revenue primarily in the United States, China, and Mexico, but has a presence around the world.
Executives
Eugene A Delaney director 1303 E ALGONQUIN RD, SCHAUMBURG IL 60196
Hedley David V Iii director 2700 NORTH FIRST STREET, SAN JOSE CA 95134
Alan Mcwilliams Reid officer: Exec VP,Global Human Resources 2700 NORTH FIRST STREET, SAN JOSE CA 95134
Jure Sola director, officer: Chairman and CEO 14899 GRANITE WAY, SARATOGA CA 95070
Mythili Sankaran director 27000 NORTH FIRST STREET, SAN JOSE CA 95134
Susan K Barnes director
Charlie Mason officer: EVP, Integrated Mfg Services 2700 NORTH FIRST STREET, SAN JOSE CA 95134
Brent Billinger officer: SVP & Corp Controller 2700 NORTH FIRST STREET, SAN JOSE CA 95134
John Goldsberry director C/O GATEWAY, INC, 7565 IRVINE CENTER DRIVE, IRVINE CA 92618
Kurt Adzema officer: EVP & CFO 1389 MOFFETT PARK DRIVE, SUNNYVALE CA 94089
Susan A Johnson director 2700 NORTH FIRST STREET, SAN JOSE CA 95134
Jackie M Ward director SYSCO CORPORATION, 1390 ENCLAVE PARWAY, HOUSTON TX 77077
Mario M Rosati director 650 PAGE MILL RD, PALO ALTO CA 94304
Dennis Young officer: Exec VP Worldwide Sales 246 OVERALL PHILLIPS ROAD, ELIZABETH TOWN KY 42701
Rita S. Lane director 1303 E. ALGONQUIN ROAD, SCHAUMBURG IL 60196