Envoy Textiles Beneish M-Score Historical Data
The historical data trend for Envoy Textiles'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.
Envoy Textiles Beneish M-Score Chart
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Envoy Textiles Annual Data
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Trend |
Sep14 |
Sep15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.46 |
-3.03 |
-2.19 |
-2.37 |
-2.82 |
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Envoy Textiles Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.64 |
-2.82 |
-2.55 |
-2.01 |
-2.19 |
Competitive Comparison of Envoy Textiles's Beneish M-Score
For the Textile Manufacturing subindustry, Envoy Textiles'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.
Envoy Textiles's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Envoy Textiles's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Envoy Textiles's Beneish M-Score falls into.
Envoy Textiles 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 Envoy Textiles 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 * 1.0745 | + | 0.528 * 1.026 | + | 0.404 * 1.5067 | + | 0.892 * 1.2008 | + | 0.115 * 0.9677 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9414 | + | 4.679 * -0.035906 | - | 0.327 * 1.0423 |
| = | -2.19 |
* 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 BDT5,268 Mil.
Revenue was 3836.816 + 3763.105 + 3098.347 + 2956.186 = BDT13,654 Mil.
Gross Profit was 668.209 + 487.375 + 402.498 + 270.274 = BDT1,828 Mil.
Total Current Assets was BDT10,965 Mil.
Total Assets was BDT21,581 Mil.
Property, Plant and Equipment(Net PPE) was BDT10,575 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT714 Mil.
Selling, General, & Admin. Expense(SGA) was BDT218 Mil.
Total Current Liabilities was BDT8,330 Mil.
Long-Term Debt & Capital Lease Obligation was BDT5,547 Mil.
Net Income was 197.111 + 134.427 + 108.274 + 32.943 = BDT473 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 460.656 + 145.559 + -95.253 + 736.684 = BDT1,248 Mil.
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Total Receivables was BDT4,083 Mil.
Revenue was 2578.293 + 2511.169 + 2870.543 + 3410.746 = BDT11,371 Mil.
Gross Profit was 467.428 + 338.156 + 377.488 + 379.114 = BDT1,562 Mil.
Total Current Assets was BDT10,334 Mil.
Total Assets was BDT20,791 Mil.
Property, Plant and Equipment(Net PPE) was BDT10,430 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT680 Mil.
Selling, General, & Admin. Expense(SGA) was BDT193 Mil.
Total Current Liabilities was BDT6,401 Mil.
Long-Term Debt & Capital Lease Obligation was BDT6,426 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) |
| = | (5268.113 / 13654.454) | / | (4083.014 / 11370.751) |
| = | 0.385816 | / | 0.35908 |
| | = | 1.0745 |
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) |
| = | (1562.186 / 11370.751) | / | (1828.356 / 13654.454) |
| = | 0.137386 | / | 0.133902 |
| | = | 1.026 |
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 - (10964.997 + 10575.21) / 21581.331) | / | (1 - (10334.474 + 10430.477) / 20791.244) |
| = | 0.001906 | / | 0.001265 |
| | = | 1.5067 |
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 |
| = | 13654.454 | / | 11370.751 |
| | = | 1.2008 |
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)) |
| = | (680.367 / (680.367 + 10430.477)) | / | (714.423 / (714.423 + 10575.21)) |
| = | 0.061235 | / | 0.063281 |
| | = | 0.9677 |
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) |
| = | (218.442 / 13654.454) | / | (193.225 / 11370.751) |
| = | 0.015998 | / | 0.016993 |
| | = | 0.9414 |
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) |
| = | ((5547.453 + 8329.998) / 21581.331) | / | ((6425.853 + 6400.822) / 20791.244) |
| = | 0.64303 | / | 0.616927 |
| | = | 1.0423 |
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 |
| = | (472.755 - 0 | - | 1247.646) | / | 21581.331 |
| | = | -0.035906 |
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.
Envoy Textiles has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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