Global E Online Beneish M-Score Historical Data
The historical data trend for Global E Online'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.
Global E Online Beneish M-Score Chart
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Global E Online Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
1.55 |
-2.63 |
-3.23 |
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Global E Online Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-3.17 |
-3.10 |
-3.28 |
-3.23 |
Competitive Comparison of Global E Online's Beneish M-Score
For the Internet Retail subindustry, Global E Online'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.
Global E Online's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Global E Online's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Global E Online's Beneish M-Score falls into.
Global E Online 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 Global E Online 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 * 0.9678 | + | 0.528 * 0.9435 | + | 0.404 * 0.8274 | + | 0.892 * 1.3933 | + | 0.115 * 1.0211 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.736 | + | 4.679 * -0.201293 | - | 0.327 * 1.2519 |
| = | -3.23 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $185.9 Mil.
Revenue was 185.401 + 133.605 + 133.309 + 117.631 = $569.9 Mil.
Gross Profit was 76.321 + 56.516 + 54.89 + 45.876 = $233.6 Mil.
Total Current Assets was $520.5 Mil.
Total Assets was $1,202.4 Mil.
Property, Plant and Equipment(Net PPE) was $33.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $172.7 Mil.
Selling, General, & Admin. Expense(SGA) was $273.1 Mil.
Total Current Liabilities was $273.5 Mil.
Long-Term Debt & Capital Lease Obligation was $19.3 Mil.
Net Income was -22.098 + -33.091 + -35.533 + -43.083 = $-133.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 93.494 + 26.609 + 17.646 + -29.527 = $108.2 Mil.
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Total Receivables was $137.8 Mil.
Revenue was 139.865 + 105.556 + 87.305 + 76.322 = $409.0 Mil.
Gross Profit was 55.842 + 40.802 + 34.351 + 27.183 = $158.2 Mil.
Total Current Assets was $374.7 Mil.
Total Assets was $1,162.6 Mil.
Property, Plant and Equipment(Net PPE) was $30.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $178.5 Mil.
Selling, General, & Admin. Expense(SGA) was $266.3 Mil.
Total Current Liabilities was $209.6 Mil.
Long-Term Debt & Capital Lease Obligation was $16.6 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) |
| = | (185.875 / 569.946) | / | (137.842 / 409.048) |
| = | 0.326127 | / | 0.336982 |
| | = | 0.9678 |
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) |
| = | (158.178 / 409.048) | / | (233.603 / 569.946) |
| = | 0.386698 | / | 0.409869 |
| | = | 0.9435 |
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 - (520.463 + 33.288) / 1202.36) | / | (1 - (374.652 + 30.001) / 1162.6) |
| = | 0.539447 | / | 0.651941 |
| | = | 0.8274 |
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 |
| = | 569.946 | / | 409.048 |
| | = | 1.3933 |
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)) |
| = | (178.465 / (178.465 + 30.001)) | / | (172.673 / (172.673 + 33.288)) |
| = | 0.856087 | / | 0.838377 |
| | = | 1.0211 |
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) |
| = | (273.094 / 569.946) | / | (266.296 / 409.048) |
| = | 0.479158 | / | 0.651014 |
| | = | 0.736 |
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) |
| = | ((19.291 + 273.512) / 1202.36) | / | ((16.579 + 209.58) / 1162.6) |
| = | 0.243524 | / | 0.194529 |
| | = | 1.2519 |
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 |
| = | (-133.805 - 0 | - | 108.222) | / | 1202.36 |
| | = | -0.201293 |
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.
Global E Online has a M-score of -3.23 suggests that the company is unlikely to be a manipulator.
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