EZGO Technologies (EZGO Technologies) Beneish M-Score : -2.48 (As of Apr. 27, 2024)

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What is EZGO Technologies Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for EZGO Technologies's Beneish M-Score or its related term are showing as below:

EZGO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.48 Med: 0.06 Max: 9.87
Current: -2.48

During the past 6 years, the highest Beneish M-Score of EZGO Technologies was 9.87. The lowest was -2.48. And the median was 0.06.

EZGO Technologies Beneish M-Score Historical Data

The historical data trend for EZGO Technologies'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.

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EZGO Technologies Beneish M-Score Chart

EZGO Technologies Annual Data

Trend

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Beneish M-Score

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9.87

1.21

-1.09

-2.48

EZGO Technologies Semi-Annual Data
	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial						1.21	-	-1.09	-	-2.48

Competitive Comparison of EZGO Technologies's Beneish M-Score

For the Recreational Vehicles subindustry, EZGO Technologies'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.

EZGO Technologies's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, EZGO Technologies's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where EZGO Technologies's Beneish M-Score falls into.

EZGO Technologies 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 EZGO Technologies for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9469

0.528 * 0.176

0.404 * 1.4222

0.892 * 0.9156

0.115 * 0.8419

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9869

4.679 * 0.060666

0.327 * 0.6405

-2.48

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was $11.33 Mil.
Revenue was $15.92 Mil.
Gross Profit was $1.14 Mil.
Total Current Assets was $52.90 Mil.
Total Assets was $81.91 Mil.
Property, Plant and Equipment(Net PPE) was $3.89 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.18 Mil.
Selling, General, & Admin. Expense(SGA) was $5.28 Mil.
Total Current Liabilities was $11.04 Mil.
Long-Term Debt & Capital Lease Obligation was $4.39 Mil.
Net Income was $-6.78 Mil.
Gross Profit was $-2.64 Mil.
Cash Flow from Operations was $-9.11 Mil.

Total Receivables was $13.06 Mil.
Revenue was $17.39 Mil.
Gross Profit was $0.22 Mil.
Total Current Assets was $33.15 Mil.
Total Assets was $47.51 Mil.
Property, Plant and Equipment(Net PPE) was $4.11 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.00 Mil.
Selling, General, & Admin. Expense(SGA) was $5.84 Mil.
Total Current Liabilities was $13.97 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.

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)
	=	(11.325 / 15.921)	/	(13.063 / 17.389)
	=	0.711325	/	0.751222
	=	0.9469

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)
	=	(0.219 / 17.389)	/	(1.139 / 15.921)
	=	0.012594	/	0.071541
	=	0.176

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 - (52.895 + 3.887) / 81.908)	/	(1 - (33.154 + 4.107) / 47.508)
	=	0.306759	/	0.21569
	=	1.4222

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
	=	15.921	/	17.389
	=	0.9156

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))
	=	(1.004 / (1.004 + 4.107))	/	(1.183 / (1.183 + 3.887))
	=	0.196439	/	0.233333
	=	0.8419

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)
	=	(5.279 / 15.921)	/	(5.842 / 17.389)
	=	0.331575	/	0.33596
	=	0.9869

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)
	=	((4.386 + 11.039) / 81.908)	/	((0 + 13.968) / 47.508)
	=	0.188321	/	0.294014
	=	0.6405

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
	=	(-6.783 - -2.639	-	-9.113)	/	81.908
	=	0.060666

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.

EZGO Technologies has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.

EZGO Technologies Beneish M-Score Related Terms

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EZGO Technologies (EZGO Technologies) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » EZGO Technologies Ltd (NAS:EZGO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Changzhou Institute of Dalian University of Technology, Building No. A, Floor 2, Science and Education Town, Wujin District, Jiangsu, Changzhou, CHN, 213164

Website

https://www.ezgotech.com.cn

EZGO Technologies Ltd is engaged in the sale of e-bicycles and battery and e-bicycle rentals, complemented by the sale of battery packs, battery cell trading and charging pile business. Its product categories include e-bicycle, e-motorcycle and e-moped and urban style e-tricycle. Its segments include the Battery cells and packs and the E-bicycle sales segment. The company generates maximum revenue from the E-bicycle segment.