VNET Group Beneish M-Score Historical Data
The historical data trend for VNET Group'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.
VNET Group Beneish M-Score Chart
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VNET Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.36 |
-2.51 |
-2.90 |
-3.23 |
-2.62 |
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VNET Group Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.23 |
-2.99 |
-3.06 |
-2.87 |
-2.62 |
Competitive Comparison of VNET Group's Beneish M-Score
For the Information Technology Services subindustry, VNET Group'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.
VNET Group's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, VNET Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VNET Group's Beneish M-Score falls into.
VNET Group 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 VNET Group 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 * 0.9278 | + | 0.528 * 0.7872 | + | 0.404 * 0.986 | + | 0.892 * 1.1003 | + | 0.115 * 2.6699 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0257 | + | 4.679 * -0.040389 | - | 0.327 * 1.0039 |
| = | -2.58 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was €261 Mil.
Revenue was 294.656 + 270.045 + 255.311 + 242.488 = €1,063 Mil.
Gross Profit was 66.221 + 62.607 + 54.41 + 52.47 = €236 Mil.
Total Current Assets was €895 Mil.
Total Assets was €4,244 Mil.
Property, Plant and Equipment(Net PPE) was €2,864 Mil.
Depreciation, Depletion and Amortization(DDA) was €108 Mil.
Selling, General, & Admin. Expense(SGA) was €119 Mil.
Total Current Liabilities was €1,226 Mil.
Long-Term Debt & Capital Lease Obligation was €1,964 Mil.
Net Income was -1.455 + 40.444 + 8.154 + -23.89 = €23 Mil.
Non Operating Income was -10.655 + 33.196 + 2.548 + -2.697 = €22 Mil.
Cash Flow from Operations was 75.059 + 11.151 + 51.888 + 34.185 = €172 Mil.
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Total Receivables was €256 Mil.
Revenue was 243.818 + 242.268 + 234.796 + 244.758 = €966 Mil.
Gross Profit was 37.357 + 39.35 + 44.175 + 47.762 = €169 Mil.
Total Current Assets was €1,262 Mil.
Total Assets was €3,902 Mil.
Property, Plant and Equipment(Net PPE) was €2,188 Mil.
Depreciation, Depletion and Amortization(DDA) was €235 Mil.
Selling, General, & Admin. Expense(SGA) was €105 Mil.
Total Current Liabilities was €1,469 Mil.
Long-Term Debt & Capital Lease Obligation was €1,453 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) |
| = | (261.333 / 1062.5) | / | (255.984 / 965.64) |
| = | 0.24596 | / | 0.265093 |
| | = | 0.9278 |
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) |
| = | (168.644 / 965.64) | / | (235.708 / 1062.5) |
| = | 0.174645 | / | 0.221843 |
| | = | 0.7872 |
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 - (894.59 + 2864.049) / 4244.231) | / | (1 - (1261.607 + 2187.988) / 3902.394) |
| = | 0.114412 | / | 0.116031 |
| | = | 0.986 |
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 |
| = | 1062.5 | / | 965.64 |
| | = | 1.1003 |
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)) |
| = | (235.365 / (235.365 + 2187.988)) | / | (108.121 / (108.121 + 2864.049)) |
| = | 0.097124 | / | 0.036378 |
| | = | 2.6699 |
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) |
| = | (118.765 / 1062.5) | / | (105.232 / 965.64) |
| = | 0.111779 | / | 0.108976 |
| | = | 1.0257 |
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) |
| = | ((1964.478 + 1225.564) / 4244.231) | / | ((1453 + 1468.845) / 3902.394) |
| = | 0.751618 | / | 0.748731 |
| | = | 1.0039 |
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 |
| = | (23.253 - 22.392 | - | 172.283) | / | 4244.231 |
| | = | -0.040389 |
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.
VNET Group has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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