Halmek holdings Co Beneish M-Score Historical Data
The historical data trend for Halmek holdings Co'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.
Halmek holdings Co Beneish M-Score Chart
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Halmek holdings Co Annual Data
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Halmek holdings Co Quarterly Data
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| Beneish M-Score |
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-2.10 |
Competitive Comparison of Halmek holdings Co's Beneish M-Score
For the Conglomerates subindustry, Halmek holdings Co'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.
Halmek holdings Co's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Halmek holdings Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Halmek holdings Co's Beneish M-Score falls into.
Halmek holdings Co 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 Halmek holdings Co 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 * 0.9413 | + | 0.528 * 0.9995 | + | 0.404 * 0.9958 | + | 0.892 * 1.1009 | + | 0.115 * 0.9888 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0452 | + | 4.679 * 0.055687 | - | 0.327 * 0.7223 |
| = | -2.10 |
* 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 円3,253 Mil.
Revenue was 10113 + 7016 + 8236 + 5772 = 円31,137 Mil.
Gross Profit was 5516 + 4014 + 4817 + 3196 = 円17,543 Mil.
Total Current Assets was 円8,106 Mil.
Total Assets was 円21,944 Mil.
Property, Plant and Equipment(Net PPE) was 円2,680 Mil.
Depreciation, Depletion and Amortization(DDA) was 円831 Mil.
Selling, General, & Admin. Expense(SGA) was 円15,908 Mil.
Total Current Liabilities was 円10,329 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,006 Mil.
Net Income was 627 + 68 + 344 + -98 = 円941 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was -310 + 282 + 388 + -641 = 円-281 Mil.
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Total Receivables was 円3,139 Mil.
Revenue was 9312 + 6364 + 7289 + 5317 = 円28,282 Mil.
Gross Profit was 5139 + 3601 + 4201 + 2985 = 円15,926 Mil.
Total Current Assets was 円8,563 Mil.
Total Assets was 円21,958 Mil.
Property, Plant and Equipment(Net PPE) was 円2,183 Mil.
Depreciation, Depletion and Amortization(DDA) was 円667 Mil.
Selling, General, & Admin. Expense(SGA) was 円13,825 Mil.
Total Current Liabilities was 円9,883 Mil.
Long-Term Debt & Capital Lease Obligation was 円7,205 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) |
| = | (3253 / 31137) | / | (3139 / 28282) |
| = | 0.104474 | / | 0.110989 |
| | = | 0.9413 |
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) |
| = | (15926 / 28282) | / | (17543 / 31137) |
| = | 0.563114 | / | 0.563413 |
| | = | 0.9995 |
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 - (8106 + 2680) / 21944) | / | (1 - (8563 + 2183) / 21958) |
| = | 0.508476 | / | 0.510611 |
| | = | 0.9958 |
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 |
| = | 31137 | / | 28282 |
| | = | 1.1009 |
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)) |
| = | (667 / (667 + 2183)) | / | (831 / (831 + 2680)) |
| = | 0.234035 | / | 0.236685 |
| | = | 0.9888 |
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) |
| = | (15908 / 31137) | / | (13825 / 28282) |
| = | 0.510903 | / | 0.488827 |
| | = | 1.0452 |
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) |
| = | ((2006 + 10329) / 21944) | / | ((7205 + 9883) / 21958) |
| = | 0.562113 | / | 0.778213 |
| | = | 0.7223 |
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 |
| = | (941 - 0 | - | -281) | / | 21944 |
| | = | 0.055687 |
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.
Halmek holdings Co has a M-score of -2.10 suggests that the company is unlikely to be a manipulator.
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