GB Global Beneish M-Score Historical Data
The historical data trend for GB Global'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.
GB Global Beneish M-Score Chart
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GB Global Annual Data
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Mar14 |
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Mar19 |
Mar20 |
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Mar22 |
Mar23 |
| Beneish M-Score |
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-3.28 |
-2.70 |
-3.70 |
6.45 |
4.03 |
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GB Global Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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4.03 |
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Competitive Comparison of GB Global's Beneish M-Score
For the Apparel Manufacturing subindustry, GB Global'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.
GB Global's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, GB Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GB Global's Beneish M-Score falls into.
GB Global 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 GB Global 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 * 0.4483 | + | 0.528 * 10.0891 | + | 0.404 * 1.5436 | + | 0.892 * 1.7412 | + | 0.115 * 0.8872 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2381 | + | 4.679 * 0.238675 | - | 0.327 * 0.6992 |
| = | 4.03 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹75 Mil.
Revenue was ₹1,275 Mil.
Gross Profit was ₹-17 Mil.
Total Current Assets was ₹2,692 Mil.
Total Assets was ₹5,509 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,669 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹287 Mil.
Selling, General, & Admin. Expense(SGA) was ₹24 Mil.
Total Current Liabilities was ₹1,897 Mil.
Long-Term Debt & Capital Lease Obligation was ₹337 Mil.
Net Income was ₹265 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-1,050 Mil.
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Total Receivables was ₹96 Mil.
Revenue was ₹732 Mil.
Gross Profit was ₹-100 Mil.
Total Current Assets was ₹2,126 Mil.
Total Assets was ₹6,129 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,896 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹367 Mil.
Selling, General, & Admin. Expense(SGA) was ₹58 Mil.
Total Current Liabilities was ₹2,031 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,524 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) |
| = | (74.802 / 1275.207) | / | (95.837 / 732.377) |
| = | 0.058659 | / | 0.130857 |
| | = | 0.4483 |
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) |
| = | (-100.35 / 732.377) | / | (-17.319 / 1275.207) |
| = | -0.13702 | / | -0.013581 |
| | = | 10.0891 |
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 - (2692.263 + 2668.627) / 5508.641) | / | (1 - (2125.763 + 3896.469) / 6128.722) |
| = | 0.026822 | / | 0.017376 |
| | = | 1.5436 |
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 |
| = | 1275.207 | / | 732.377 |
| | = | 1.7412 |
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)) |
| = | (367.47 / (367.47 + 3896.469)) | / | (287.123 / (287.123 + 2668.627)) |
| = | 0.086181 | / | 0.09714 |
| | = | 0.8872 |
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) |
| = | (24.007 / 1275.207) | / | (57.913 / 732.377) |
| = | 0.018826 | / | 0.079075 |
| | = | 0.2381 |
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) |
| = | ((337.18 + 1896.665) / 5508.641) | / | ((1523.856 + 2030.856) / 6128.722) |
| = | 0.405517 | / | 0.580009 |
| | = | 0.6992 |
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 |
| = | (264.568 - 0 | - | -1050.209) | / | 5508.641 |
| | = | 0.238675 |
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.
GB Global has a M-score of 4.03 signals that the company is likely to be a manipulator.
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