Stark Technology Beneish M-Score Historical Data
The historical data trend for Stark Technology'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.
Stark Technology Beneish M-Score Chart
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Stark Technology Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.30 |
-2.25 |
-2.47 |
-2.62 |
-2.67 |
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Stark Technology 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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-2.03 |
-1.52 |
-2.07 |
-2.67 |
-2.41 |
Competitive Comparison of Stark Technology's Beneish M-Score
For the Computer Hardware subindustry, Stark Technology'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.
Stark Technology's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Stark Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stark Technology's Beneish M-Score falls into.
Stark Technology 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 Stark Technology 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 * 0.8574 | + | 0.528 * 1.0556 | + | 0.404 * 1.1194 | + | 0.892 * 1.0636 | + | 0.115 * 1.0407 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9318 | + | 4.679 * 0.00952 | - | 0.327 * 0.9892 |
| = | -2.41 |
* 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 NT$808 Mil.
Revenue was 1753.473 + 1971.435 + 1688.867 + 1894.368 = NT$7,308 Mil.
Gross Profit was 446.495 + 475.22 + 431.602 + 435.426 = NT$1,789 Mil.
Total Current Assets was NT$5,779 Mil.
Total Assets was NT$6,647 Mil.
Property, Plant and Equipment(Net PPE) was NT$524 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$39 Mil.
Selling, General, & Admin. Expense(SGA) was NT$848 Mil.
Total Current Liabilities was NT$3,776 Mil.
Long-Term Debt & Capital Lease Obligation was NT$13 Mil.
Net Income was 206.23 + 196.823 + 184.206 + 190.697 = NT$778 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -369.023 + 1005.051 + 303.726 + -225.077 = NT$715 Mil.
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Total Receivables was NT$886 Mil.
Revenue was 1716.192 + 1858.353 + 1654.075 + 1642.324 = NT$6,871 Mil.
Gross Profit was 444.119 + 490.985 + 391.526 + 448.55 = NT$1,775 Mil.
Total Current Assets was NT$5,800 Mil.
Total Assets was NT$6,571 Mil.
Property, Plant and Equipment(Net PPE) was NT$467 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$36 Mil.
Selling, General, & Admin. Expense(SGA) was NT$856 Mil.
Total Current Liabilities was NT$3,773 Mil.
Long-Term Debt & Capital Lease Obligation was NT$13 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) |
| = | (808.197 / 7308.143) | / | (886.234 / 6870.944) |
| = | 0.110589 | / | 0.128983 |
| | = | 0.8574 |
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) |
| = | (1775.18 / 6870.944) | / | (1788.743 / 7308.143) |
| = | 0.25836 | / | 0.24476 |
| | = | 1.0556 |
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 - (5778.52 + 523.981) / 6646.666) | / | (1 - (5800.193 + 466.847) / 6571.002) |
| = | 0.05178 | / | 0.046258 |
| | = | 1.1194 |
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 |
| = | 7308.143 | / | 6870.944 |
| | = | 1.0636 |
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)) |
| = | (36.498 / (36.498 + 466.847)) | / | (39.241 / (39.241 + 523.981)) |
| = | 0.072511 | / | 0.069672 |
| | = | 1.0407 |
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) |
| = | (848.296 / 7308.143) | / | (855.948 / 6870.944) |
| = | 0.116075 | / | 0.124575 |
| | = | 0.9318 |
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) |
| = | ((12.703 + 3775.851) / 6646.666) | / | ((13.488 + 3772.789) / 6571.002) |
| = | 0.569993 | / | 0.57621 |
| | = | 0.9892 |
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 |
| = | (777.956 - 0 | - | 714.677) | / | 6646.666 |
| | = | 0.00952 |
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.
Stark Technology has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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