N2tech Co Beneish M-Score Historical Data
The historical data trend for N2tech 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.
N2tech Co Beneish M-Score Chart
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N2tech Co Annual Data
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Dec15 |
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Dec18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Dec23 |
| Beneish M-Score |
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- |
12.00 |
-2.88 |
-3.67 |
-0.07 |
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N2tech Co Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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0.25 |
-0.07 |
3.06 |
- |
-2.68 |
Competitive Comparison of N2tech Co's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, N2tech 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.
N2tech Co's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, N2tech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where N2tech Co's Beneish M-Score falls into.
N2tech 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 N2tech 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 * 1.1817 | + | 0.528 * 0.8932 | + | 0.404 * 0.899 | + | 0.892 * 1.6007 | + | 0.115 * 1.3234 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7616 | + | 4.679 * -0.181046 | - | 0.327 * 1.0994 |
| = | -2.68 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₩3,056 Mil.
Revenue was 3153.468 + 3574.937 + 7066.204 + 24319.377 = ₩38,114 Mil.
Gross Profit was 614.595 + 0.566 + 1212.574 + 7749.907 = ₩9,578 Mil.
Total Current Assets was ₩33,779 Mil.
Total Assets was ₩106,993 Mil.
Property, Plant and Equipment(Net PPE) was ₩9,253 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩667 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,579 Mil.
Total Current Liabilities was ₩2,395 Mil.
Long-Term Debt & Capital Lease Obligation was ₩191 Mil.
Net Income was -6899.55 + -2481.624 + -669.252 + -13536.052 = ₩-23,586 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -492.839 + -1146.436 + -3607.132 + 1030.61 = ₩-4,216 Mil.
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Total Receivables was ₩1,616 Mil.
Revenue was 2332.232 + 3280.122 + 8818.298 + 9379.816 = ₩23,810 Mil.
Gross Profit was 340.518 + 871.204 + 2197.407 + 1935.237 = ₩5,344 Mil.
Total Current Assets was ₩34,143 Mil.
Total Assets was ₩132,522 Mil.
Property, Plant and Equipment(Net PPE) was ₩10,252 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,002 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,576 Mil.
Total Current Liabilities was ₩2,585 Mil.
Long-Term Debt & Capital Lease Obligation was ₩328 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) |
| = | (3056.098 / 38113.986) | / | (1615.651 / 23810.468) |
| = | 0.080183 | / | 0.067855 |
| | = | 1.1817 |
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) |
| = | (5344.366 / 23810.468) | / | (9577.642 / 38113.986) |
| = | 0.224454 | / | 0.251289 |
| | = | 0.8932 |
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 - (33779.038 + 9253.038) / 106993.152) | / | (1 - (34142.935 + 10251.829) / 132522.113) |
| = | 0.597805 | / | 0.665001 |
| | = | 0.899 |
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 |
| = | 38113.986 | / | 23810.468 |
| | = | 1.6007 |
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)) |
| = | (1001.762 / (1001.762 + 10251.829)) | / | (667.294 / (667.294 + 9253.038)) |
| = | 0.089017 | / | 0.067265 |
| | = | 1.3234 |
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) |
| = | (5579.161 / 38113.986) | / | (4576.148 / 23810.468) |
| = | 0.146381 | / | 0.192191 |
| | = | 0.7616 |
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) |
| = | ((190.811 + 2394.54) / 106993.152) | / | ((328.083 + 2584.591) / 132522.113) |
| = | 0.024164 | / | 0.021979 |
| | = | 1.0994 |
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 |
| = | (-23586.478 - 0 | - | -4215.797) | / | 106993.152 |
| | = | -0.181046 |
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.
N2tech Co has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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