Green Ballast (Green Ballast) Beneish M-Score : 0.00 (As of Jun. 04, 2024)

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What is Green Ballast 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.

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

During the past 4 years, the highest Beneish M-Score of Green Ballast was 0.00. The lowest was 0.00. And the median was 0.00.

Green Ballast Beneish M-Score Historical Data

The historical data trend for Green Ballast'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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Green Ballast Beneish M-Score Chart

Green Ballast Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Beneish M-Score

-7.41

-7.07

Green Ballast Quarterly Data
	Sep11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Dec13	Dec14
Beneish M-Score	Get a 7-Day Free Trial				-	-	-	-7.41	-7.07

Competitive Comparison of Green Ballast's Beneish M-Score

For the Electrical Equipment & Parts subindustry, Green Ballast'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.

Green Ballast's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Green Ballast's Beneish M-Score distribution charts can be found below:

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

Green Ballast 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 Green Ballast 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 * 0.0135

0.528 * 0.2896

0.404 * 1.2982

0.892 * 0.854

0.115 * 0.9462

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.461

4.679 * -1.098497

0.327 * 2.0616

-9.17

This Year (Dec14) TTM:

Last Year (Dec12) TTM:

Total Receivables was $0.01 Mil.
Revenue was 0 + 0 + 0.463 + 0.233 = $0.70 Mil.
Gross Profit was 0 + 0 + 0.127 + 0.162 = $0.29 Mil.
Total Current Assets was $0.53 Mil.
Total Assets was $1.93 Mil.
Property, Plant and Equipment(Net PPE) was $0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.08 Mil.
Selling, General, & Admin. Expense(SGA) was $1.96 Mil.
Total Current Liabilities was $7.47 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 0 + 0 + -0.891 + -1.212 = $-2.10 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 0 + 0 + 0.099 + -0.083 = $0.02 Mil.

Total Receivables was $0.61 Mil.
Revenue was 0.639 + 0.089 + 0.056 + 0.031 = $0.82 Mil.
Gross Profit was 0.031 + 0.025 + 0.029 + 0.013 = $0.10 Mil.
Total Current Assets was $1.28 Mil.
Total Assets was $2.96 Mil.
Property, Plant and Equipment(Net PPE) was $0.04 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.15 Mil.
Selling, General, & Admin. Expense(SGA) was $4.97 Mil.
Total Current Liabilities was $5.56 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)
	=	(0.007 / 0.696)	/	(0.605 / 0.815)
	=	0.010057	/	0.742331
	=	0.0135

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)
	=	(0.098 / 0.815)	/	(0.289 / 0.696)
	=	0.120245	/	0.41523
	=	0.2896

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 - (0.528 + 0.014) / 1.929)	/	(1 - (1.284 + 0.037) / 2.961)
	=	0.719025	/	0.553867
	=	1.2982

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
	=	0.696	/	0.815
	=	0.854

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))
	=	(0.153 / (0.153 + 0.037))	/	(0.08 / (0.08 + 0.014))
	=	0.805263	/	0.851064
	=	0.9462

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)
	=	(1.956 / 0.696)	/	(4.968 / 0.815)
	=	2.810345	/	6.095706
	=	0.461

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)
	=	((0 + 7.47) / 1.929)	/	((0 + 5.562) / 2.961)
	=	3.872473	/	1.878419
	=	2.0616

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
	=	(-2.103 - 0	-	0.016)	/	1.929
	=	-1.098497

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.

Green Ballast has a M-score of -9.17 suggests that the company is unlikely to be a manipulator.

Green Ballast Beneish M-Score Related Terms

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Green Ballast (Green Ballast) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Green Ballast Inc (GREY:GBLL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

2620 Thousand Oaks Boulevard, Suite 4000, Memphis, TN, USA, 38118

Website

http://www.greenballastinc.com

Green Ballast Inc develops, markets and distributes energy-efficient electronic ballasts for fluorescent fixtures in the lighting industry. The company's electronic ballast is used with a fluorescent bulb to regulate the amount of electric current delivered to start and operate the bulb. It offers energy-efficient electronic ballasts as an alternative to traditional ballasts and existing daylight harvesting ballasts. Its product daylight harvesting ballasts can be applied to two-lamp, three-lamp, or four-lamp light fixtures.

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