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Real Goods Solar Beneish M-Score

: 0.00 (As of Today)
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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 Real Goods Solar's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Real Goods Solar was 0.00. The lowest was 0.00. And the median was 0.00.


Real Goods Solar Beneish M-Score Historical Data

The historical data trend for Real Goods Solar'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.

* Premium members only.

Real Goods Solar Annual Data
Trend Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -6.11 -3.04 -7.48 -3.01 -3.14

Real Goods Solar Quarterly Data
Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.66 -3.14 - - -

Competitive Comparison

For the Solar subindustry, Real Goods Solar'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.

   

Real Goods Solar Beneish M-Score Distribution

For the Semiconductors industry and Technology sector, Real Goods Solar's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Real Goods Solar's Beneish M-Score falls into.



Real Goods Solar 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 Real Goods Solar 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Sep19) TTM:Last Year (Sep18) TTM:
Total Receivables was $0.84 Mil.
Revenue was 2.225 + 2.294 + 2.162 + 2.423 = $9.10 Mil.
Gross Profit was -0.336 + -0.563 + -1.436 + -1.029 = $-3.36 Mil.
Total Current Assets was $7.37 Mil.
Total Assets was $13.90 Mil.
Property, Plant and Equipment(Net PPE) was $1.90 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.50 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $6.96 Mil.
Long-Term Debt & Capital Lease Obligation was $0.79 Mil.
Net Income was -1.811 + -5.076 + -4.49 + -11.692 = $-23.07 Mil.
Non Operating Income was 0.8 + -1.639 + 0.015 + -9.662 = $-10.49 Mil.
Cash Flow from Operations was -0.906 + -3.914 + -3.719 + -3.405 = $-11.94 Mil.
Total Receivables was $1.43 Mil.
Revenue was 3.915 + 3.568 + 2.822 + 4.91 = $15.22 Mil.
Gross Profit was -0.496 + -0.577 + -1.601 + -1.296 = $-3.97 Mil.
Total Current Assets was $13.13 Mil.
Total Assets was $16.99 Mil.
Property, Plant and Equipment(Net PPE) was $0.87 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.43 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $7.95 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)
=(0.836 / 9.104) / (1.427 / 15.215)
=0.09182777 / 0.09378902
=

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)
=(-3.97 / 15.215) / (-3.364 / 9.104)
=-0.26092672 / -0.36950791
=

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 - (7.37 + 1.899) / 13.903) / (1 - (13.134 + 0.869) / 16.985)
=0.33330936 / 0.17556668
=

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
=9.104 / 15.215
=

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))
=(0.425 / (0.425 + 0.869)) / (0.499 / (0.499 + 1.899))
=0.32843895 / 0.20809008
=

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)
=(0 / 9.104) / (0 / 15.215)
=0 / 0
=

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)
=((0.787 + 6.96) / 13.903) / ((0 + 7.953) / 16.985)
=0.55721787 / 0.46823668
=

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
=(-23.069 - -10.486 - -11.944) / 13.903
=-0.046

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.


Real Goods Solar Beneish M-Score Related Terms

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Real Goods Solar Business Description

Real Goods Solar logo
Traded in Other Exchanges
N/A
Address
110 16th Street, Suite 300, Denver, CO, USA, 80202
Real Goods Solar Inc provides residential and commercial solar energy construction, installation and design. The company offers turnkey solar energy services including design, procurement, permitting and build-out activities.
Executives
Lacey Dennis J director, officer: CEO
Neble George R director 210 BROADWAY CAMBRIDGE MA 02139
White Richard director C/O ESCALADE INCORPORATED 817 MAXWELL AVE EVANSVILLE IN 47711
Argyropoulos James P director 833 WEST SOUTH BOULDER ROAD LOUISVILLE CO 80027-2452
Jackson John R director 833 WEST SOUTH BOULDER ROAD LOUISVILLE CO 80027-2452
Mowry Barbara director P.O. BOX 103115 DENVER CO 80250
Yearsley William S. director, officer: CEO 833 WEST SOUTH BOULDER ROAD LOUISVILLE CO 80027
Powers Lynn director 833 WEST SOUTH BOULDER ROAD LOUISVILLE CO 80027-2452
Nark Ted C director 25 BLACK HAWK IRVINE CA 92603
Rysavy Jirka director, 10 percent owner, other: Chairman 833 WEST SOUTH BOULDER ROAD LOUISVILLE CO 80027-2452
Valentine Vilia officer: Chief Financial Officer 4350 SOUTH MONACO STREET, SUITE 500 DENVER CO 80237
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