Veeco Instruments Beneish M-Score Historical Data
The historical data trend for Veeco Instruments'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.
Veeco Instruments Beneish M-Score Chart
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Veeco Instruments Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.79 |
-2.44 |
-2.35 |
-2.04 |
-2.50 |
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Veeco Instruments Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.04 |
-1.90 |
-2.04 |
-1.96 |
-2.50 |
Competitive Comparison of Veeco Instruments's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Veeco Instruments'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.
Veeco Instruments's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Veeco Instruments's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Veeco Instruments's Beneish M-Score falls into.
Veeco Instruments 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 Veeco Instruments 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 * 0.8776 | + | 0.528 * 0.9521 | + | 0.404 * 1.0713 | + | 0.892 * 1.0314 | + | 0.115 * 1.0814 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.011 | + | 4.679 * 0.004108 | - | 0.327 * 0.8818 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $127.4 Mil.
Revenue was 173.924 + 177.366 + 161.641 + 153.504 = $666.4 Mil.
Gross Profit was 78.655 + 76.877 + 67.51 + 62.017 = $285.1 Mil.
Total Current Assets was $706.3 Mil.
Total Assets was $1,229.0 Mil.
Property, Plant and Equipment(Net PPE) was $142.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.0 Mil.
Selling, General, & Admin. Expense(SGA) was $92.8 Mil.
Total Current Liabilities was $218.0 Mil.
Long-Term Debt & Capital Lease Obligation was $306.5 Mil.
Net Income was 21.637 + 24.574 + -85.32 + 8.741 = $-30.4 Mil.
Non Operating Income was 0 + 0 + -97.091 + 0 = $-97.1 Mil.
Cash Flow from Operations was 29.485 + 7.054 + 11.217 + 13.918 = $61.7 Mil.
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Total Receivables was $140.7 Mil.
Revenue was 153.799 + 171.913 + 163.999 + 156.426 = $646.1 Mil.
Gross Profit was 62.919 + 69.951 + 64.267 + 66.013 = $263.2 Mil.
Total Current Assets was $668.9 Mil.
Total Assets was $1,128.2 Mil.
Property, Plant and Equipment(Net PPE) was $133.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.6 Mil.
Selling, General, & Admin. Expense(SGA) was $89.0 Mil.
Total Current Liabilities was $257.9 Mil.
Long-Term Debt & Capital Lease Obligation was $288.1 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) |
| = | (127.388 / 666.435) | / | (140.728 / 646.137) |
| = | 0.191148 | / | 0.217799 |
| | = | 0.8776 |
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) |
| = | (263.15 / 646.137) | / | (285.059 / 666.435) |
| = | 0.407267 | / | 0.427737 |
| | = | 0.9521 |
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 - (706.278 + 142.836) / 1229.041) | / | (1 - (668.901 + 133.748) / 1128.183) |
| = | 0.309125 | / | 0.288547 |
| | = | 1.0713 |
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 |
| = | 666.435 | / | 646.137 |
| | = | 1.0314 |
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)) |
| = | (25.645 / (25.645 + 133.748)) | / | (24.966 / (24.966 + 142.836)) |
| = | 0.160892 | / | 0.148782 |
| | = | 1.0814 |
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) |
| = | (92.756 / 666.435) | / | (88.953 / 646.137) |
| = | 0.139182 | / | 0.137669 |
| | = | 1.011 |
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) |
| = | ((306.47 + 218.033) / 1229.041) | / | ((288.072 + 257.904) / 1128.183) |
| = | 0.426758 | / | 0.483943 |
| | = | 0.8818 |
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 |
| = | (-30.368 - -97.091 | - | 61.674) | / | 1229.041 |
| | = | 0.004108 |
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.
Veeco Instruments has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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