DeviceENG Co Beneish M-Score Historical Data
The historical data trend for DeviceENG 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.
DeviceENG Co Beneish M-Score Chart
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DeviceENG Co Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.62 |
-1.64 |
-1.91 |
-1.78 |
-2.80 |
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DeviceENG Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.78 |
-1.54 |
-2.88 |
-2.80 |
-3.49 |
Competitive Comparison of DeviceENG Co's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, DeviceENG 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.
DeviceENG Co's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, DeviceENG Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DeviceENG Co's Beneish M-Score falls into.
DeviceENG 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 DeviceENG 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 | + | 0.528 * 0.8059 | + | 0.404 * 2.025 | + | 0.892 * 0.8285 | + | 0.115 * 0.0558 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4847 | + | 4.679 * -0.026823 | - | 0.327 * 0.7876 |
| = | -3.49 |
* 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 ₩0 Mil.
Revenue was 7965.159 + 21544.112 + 11520.121 + 12782.694 = ₩53,812 Mil.
Gross Profit was 1649.621 + 5997.205 + 2230.724 + 2580.41 = ₩12,458 Mil.
Total Current Assets was ₩110,590 Mil.
Total Assets was ₩182,166 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩766 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,533 Mil.
Total Current Liabilities was ₩33,176 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 1038.293 + 4115.691 + 538.374 + 2083.828 = ₩7,776 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + 1198.489 + 13756.427 + -2292.439 = ₩12,662 Mil.
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Total Receivables was ₩5,761 Mil.
Revenue was 11305.165 + 22227.725 + 7057.133 + 24358.147 = ₩64,948 Mil.
Gross Profit was 1255.419 + 3636.191 + 1179.176 + 6047.231 = ₩12,118 Mil.
Total Current Assets was ₩122,546 Mil.
Total Assets was ₩173,808 Mil.
Property, Plant and Equipment(Net PPE) was ₩17,537 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,036 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,059 Mil.
Total Current Liabilities was ₩21,426 Mil.
Long-Term Debt & Capital Lease Obligation was ₩18,765 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) |
| = | (0 / 53812.086) | / | (5760.569 / 64948.17) |
| = | 0 | / | 0.088695 |
| | = | 0 |
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) |
| = | (12118.017 / 64948.17) | / | (12457.96 / 53812.086) |
| = | 0.18658 | / | 0.231509 |
| | = | 0.8059 |
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 - (110590.111 + 0) / 182166.204) | / | (1 - (122546.277 + 17536.873) / 173808.036) |
| = | 0.392916 | / | 0.194035 |
| | = | 2.025 |
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 |
| = | 53812.086 | / | 64948.17 |
| | = | 0.8285 |
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)) |
| = | (1035.882 / (1035.882 + 17536.873)) | / | (766.498 / (766.498 + 0)) |
| = | 0.055774 | / | 1 |
| | = | 0.0558 |
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) |
| = | (2532.946 / 53812.086) | / | (2059.112 / 64948.17) |
| = | 0.04707 | / | 0.031704 |
| | = | 1.4847 |
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) |
| = | ((0 + 33175.971) / 182166.204) | / | ((18764.793 + 21426.447) / 173808.036) |
| = | 0.182119 | / | 0.231239 |
| | = | 0.7876 |
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 |
| = | (7776.186 - 0 | - | 12662.477) | / | 182166.204 |
| | = | -0.026823 |
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.
DeviceENG Co has a M-score of -3.49 suggests that the company is unlikely to be a manipulator.
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