Caswell Beneish M-Score Historical Data
The historical data trend for Caswell'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.
Caswell Beneish M-Score Chart
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Caswell Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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3.35 |
-2.17 |
-2.67 |
-2.36 |
-2.84 |
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Caswell 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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-2.54 |
-2.99 |
-2.92 |
-2.84 |
-3.21 |
Competitive Comparison of Caswell's Beneish M-Score
For the Communication Equipment subindustry, Caswell'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.
Caswell's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Caswell's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Caswell's Beneish M-Score falls into.
Caswell 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 Caswell 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 * 1.157 | + | 0.528 * 0.9916 | + | 0.404 * 1.2069 | + | 0.892 * 0.7796 | + | 0.115 * 1.5253 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2343 | + | 4.679 * -0.157748 | - | 0.327 * 1.1227 |
| = | -3.21 |
* 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$607 Mil.
Revenue was 839.358 + 1073.901 + 919.037 + 1012.949 = NT$3,845 Mil.
Gross Profit was 208.206 + 249.593 + 220.212 + 250.988 = NT$929 Mil.
Total Current Assets was NT$3,660 Mil.
Total Assets was NT$5,678 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,466 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$96 Mil.
Selling, General, & Admin. Expense(SGA) was NT$363 Mil.
Total Current Liabilities was NT$1,422 Mil.
Long-Term Debt & Capital Lease Obligation was NT$756 Mil.
Net Income was 66.335 + 51.557 + 72.949 + 102.851 = NT$294 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 336.557 + 271.288 + 351.408 + 230.176 = NT$1,189 Mil.
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Total Receivables was NT$673 Mil.
Revenue was 1076.55 + 1257.162 + 1343.19 + 1255.429 = NT$4,932 Mil.
Gross Profit was 272.721 + 277.406 + 322.813 + 308.739 = NT$1,182 Mil.
Total Current Assets was NT$3,995 Mil.
Total Assets was NT$5,230 Mil.
Property, Plant and Equipment(Net PPE) was NT$814 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$84 Mil.
Selling, General, & Admin. Expense(SGA) was NT$377 Mil.
Total Current Liabilities was NT$1,273 Mil.
Long-Term Debt & Capital Lease Obligation was NT$514 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) |
| = | (606.709 / 3845.245) | / | (672.624 / 4932.331) |
| = | 0.157782 | / | 0.13637 |
| | = | 1.157 |
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) |
| = | (1181.679 / 4932.331) | / | (928.999 / 3845.245) |
| = | 0.239578 | / | 0.241597 |
| | = | 0.9916 |
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 - (3659.649 + 1466.189) / 5678.295) | / | (1 - (3994.573 + 813.698) / 5229.886) |
| = | 0.097293 | / | 0.080616 |
| | = | 1.2069 |
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 |
| = | 3845.245 | / | 4932.331 |
| | = | 0.7796 |
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)) |
| = | (83.87 / (83.87 + 813.698)) | / | (95.682 / (95.682 + 1466.189)) |
| = | 0.093441 | / | 0.061261 |
| | = | 1.5253 |
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) |
| = | (363.188 / 3845.245) | / | (377.443 / 4932.331) |
| = | 0.094451 | / | 0.076524 |
| | = | 1.2343 |
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) |
| = | ((755.527 + 1421.698) / 5678.295) | / | ((513.623 + 1272.585) / 5229.886) |
| = | 0.383429 | / | 0.341539 |
| | = | 1.1227 |
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 |
| = | (293.692 - 0 | - | 1189.429) | / | 5678.295 |
| | = | -0.157748 |
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.
Caswell has a M-score of -3.21 suggests that the company is unlikely to be a manipulator.
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