WingArc1st Beneish M-Score Historical Data
The historical data trend for WingArc1st'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.
WingArc1st Beneish M-Score Chart
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WingArc1st Annual Data
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Feb17 |
Feb18 |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
Feb24 |
| Beneish M-Score |
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-2.58 |
-2.71 |
-2.68 |
-2.50 |
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WingArc1st Quarterly Data
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Nov17 |
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Nov18 |
Feb20 |
May20 |
Aug20 |
Nov20 |
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Feb24 |
| Beneish M-Score |
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-2.68 |
-2.32 |
-2.69 |
-2.55 |
-2.50 |
Competitive Comparison of WingArc1st's Beneish M-Score
For the Software - Application subindustry, WingArc1st'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.
WingArc1st's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, WingArc1st's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where WingArc1st's Beneish M-Score falls into.
WingArc1st 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 WingArc1st 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 * 0.9837 | + | 0.528 * 1 | + | 0.404 * 0.9716 | + | 0.892 * 1.1523 | + | 0.115 * 1.0201 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9209 | + | 4.679 * -0.036825 | - | 0.327 * 0.9029 |
| = | -2.50 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was 円1,670 Mil.
Revenue was 6067.977 + 6186.218 + 6576.806 + 6921.955 = 円25,753 Mil.
Gross Profit was 6067.977 + 6186.218 + 6576.806 + 6921.955 = 円25,753 Mil.
Total Current Assets was 円15,274 Mil.
Total Assets was 円65,950 Mil.
Property, Plant and Equipment(Net PPE) was 円1,804 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,612 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,212 Mil.
Total Current Liabilities was 円13,349 Mil.
Long-Term Debt & Capital Lease Obligation was 円8,516 Mil.
Net Income was 911.874 + 1104.342 + 1557.827 + 1837.373 = 円5,411 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 1857.935 + 1235.051 + 2404.238 + 2342.803 = 円7,840 Mil.
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Total Receivables was 円1,473 Mil.
Revenue was 5329.166 + 5642.776 + 5653.266 + 5723.872 = 円22,349 Mil.
Gross Profit was 5329.166 + 5642.776 + 5653.266 + 5723.872 = 円22,349 Mil.
Total Current Assets was 円13,239 Mil.
Total Assets was 円62,550 Mil.
Property, Plant and Equipment(Net PPE) was 円1,605 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,490 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,143 Mil.
Total Current Liabilities was 円12,752 Mil.
Long-Term Debt & Capital Lease Obligation was 円10,215 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) |
| = | (1669.666 / 25752.956) | / | (1472.914 / 22349.08) |
| = | 0.064834 | / | 0.065905 |
| | = | 0.9837 |
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) |
| = | (22349.08 / 22349.08) | / | (25752.956 / 25752.956) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (15273.728 + 1803.563) / 65950.027) | / | (1 - (13238.55 + 1604.798) / 62550.07) |
| = | 0.741057 | / | 0.762697 |
| | = | 0.9716 |
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 |
| = | 25752.956 | / | 22349.08 |
| | = | 1.1523 |
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)) |
| = | (1490.231 / (1490.231 + 1604.798)) | / | (1612.451 / (1612.451 + 1803.563)) |
| = | 0.481492 | / | 0.472027 |
| | = | 1.0201 |
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) |
| = | (1212.474 / 25752.956) | / | (1142.606 / 22349.08) |
| = | 0.047081 | / | 0.051125 |
| | = | 0.9209 |
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) |
| = | ((8515.758 + 13348.837) / 65950.027) | / | ((10214.954 + 12752.384) / 62550.07) |
| = | 0.331533 | / | 0.367183 |
| | = | 0.9029 |
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 |
| = | (5411.416 - 0 | - | 7840.027) | / | 65950.027 |
| | = | -0.036825 |
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.
WingArc1st has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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