Microchip Technology Beneish M-Score Historical Data
The historical data trend for Microchip Technology'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.
Microchip Technology Beneish M-Score Chart
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Microchip Technology Annual Data
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Mar15 |
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Mar20 |
Mar21 |
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Mar24 |
| Beneish M-Score |
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-2.75 |
-2.76 |
-2.79 |
-2.65 |
-2.85 |
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Microchip Technology Quarterly Data
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Sep19 |
Dec19 |
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Jun24 |
| Beneish M-Score |
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-2.58 |
-2.32 |
-2.50 |
-2.85 |
-2.95 |
Competitive Comparison of Microchip Technology's Beneish M-Score
For the Semiconductors subindustry, Microchip Technology'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.
Microchip Technology's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Microchip Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Microchip Technology's Beneish M-Score falls into.
Microchip Technology 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 Microchip Technology 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 * 0.9951 | + | 0.528 * 1.0707 | + | 0.404 * 1.0116 | + | 0.892 * 0.7516 | + | 0.115 * 1.0817 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1154 | + | 4.679 * -0.057741 | - | 0.327 * 1.0196 |
| = | -2.95 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $1,096 Mil.
Revenue was 1241.3 + 1325.8 + 1765.7 + 2254.3 = $6,587 Mil.
Gross Profit was 736.9 + 789.9 + 1120 + 1527.4 = $4,174 Mil.
Total Current Assets was $2,948 Mil.
Total Assets was $15,840 Mil.
Property, Plant and Equipment(Net PPE) was $1,196 Mil.
Depreciation, Depletion and Amortization(DDA) was $845 Mil.
Selling, General, & Admin. Expense(SGA) was $681 Mil.
Total Current Liabilities was $1,520 Mil.
Long-Term Debt & Capital Lease Obligation was $6,168 Mil.
Net Income was 129.3 + 154.7 + 419.2 + 666.6 = $1,370 Mil.
Non Operating Income was -0.9 + 15.7 + 1 + -8 = $8 Mil.
Cash Flow from Operations was 377.1 + 430 + 853.3 + 616.2 = $2,277 Mil.
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Total Receivables was $1,465 Mil.
Revenue was 2288.6 + 2232.7 + 2169.2 + 2073.2 = $8,764 Mil.
Gross Profit was 1558.4 + 1519.3 + 1470.8 + 1397.9 = $5,946 Mil.
Total Current Assets was $3,270 Mil.
Total Assets was $16,495 Mil.
Property, Plant and Equipment(Net PPE) was $1,186 Mil.
Depreciation, Depletion and Amortization(DDA) was $962 Mil.
Selling, General, & Admin. Expense(SGA) was $812 Mil.
Total Current Liabilities was $3,220 Mil.
Long-Term Debt & Capital Lease Obligation was $4,632 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) |
| = | (1095.8 / 6587.1) | / | (1465 / 8763.7) |
| = | 0.166355 | / | 0.167167 |
| | = | 0.9951 |
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) |
| = | (5946.4 / 8763.7) | / | (4174.2 / 6587.1) |
| = | 0.678526 | / | 0.633693 |
| | = | 1.0707 |
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 - (2948.3 + 1196.2) / 15839.7) | / | (1 - (3269.6 + 1185.7) / 16494.6) |
| = | 0.738347 | / | 0.729893 |
| | = | 1.0116 |
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 |
| = | 6587.1 | / | 8763.7 |
| | = | 0.7516 |
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)) |
| = | (961.9 / (961.9 + 1185.7)) | / | (845.3 / (845.3 + 1196.2)) |
| = | 0.447895 | / | 0.414058 |
| | = | 1.0817 |
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) |
| = | (681.1 / 6587.1) | / | (812.4 / 8763.7) |
| = | 0.103399 | / | 0.092701 |
| | = | 1.1154 |
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) |
| = | ((6167.9 + 1520.3) / 15839.7) | / | ((4632.2 + 3219.6) / 16494.6) |
| = | 0.485375 | / | 0.476022 |
| | = | 1.0196 |
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 |
| = | (1369.8 - 7.8 | - | 2276.6) | / | 15839.7 |
| | = | -0.057741 |
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.
Microchip Technology has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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