United Microelectronics Corporation UMC
- Market cap
- $63.9B
- P/E
- 24.6×
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United Microelectronics Corporation (UMC) Beneish M-score
United Microelectronics Corporation's Beneish M-score for fiscal 2025 is −2.91; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.91 | (0.15) |
| FY2024 | −2.76 | (0.10) |
| FY2023 | −2.66 | 0.35 |
| FY2022 | −3.01 | (0.13) |
| FY2021 | −2.88 | 0.10 |
| FY2020 | −2.99 | (0.07) |
| FY2019 | −2.92 | (0.05) |
| FY2018 | −2.87 | 0.07 |
| FY2017 | −2.94 | 0.03 |
| FY2016 | −2.96 | 0.37 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.94 | — | 0.87 | |
| Gross margin index | 1.12 | — | 0.59 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 0.83 | — | 0.10 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.11) | — | −0.49 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.91 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ON ON Semiconductor Corporation compare | −3.0× |
| ASX ASE Technology Holding Co., Ltd. compare | −3.0× |
| UMC United Microelectronics Corporation | −2.9× |
| STM STMicroelectronics N.V. compare | −2.7× |
| NXPI NXP Semiconductors N.V. compare | −2.6× |
| MCHP Microchip Technology Incorporated compare | −2.5× |
| CRDO Credo Technology Group Holding Ltd. compare | — |
| ALAB Astera Labs, Inc. compare | — |
| MPWR Monolithic Power Systems, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI