Emeren Group (MEX:SOL N) Beneish M-Score : -2.76 (As of Jun. 25, 2025)

View and export this data going back to 2012. Start your Free Trial

What is Emeren Group 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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:SOL N' s Beneish M-Score Range Over the Past 10 Years
Min: -3.84 Med: -1.9 Max: 60.16
Current: -2.76

During the past 13 years, the highest Beneish M-Score of Emeren Group was 60.16. The lowest was -3.84. And the median was -1.90.

Emeren Group Beneish M-Score Historical Data

The historical data trend for Emeren 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.

* Premium members only.

Emeren Group Beneish M-Score Chart

Emeren Group Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

0.68

-2.57

-1.21

-1.90

-2.85

Emeren Group Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.44	-2.74	-2.29	-2.85	-2.76

Competitive Comparison of Emeren Group's Beneish M-Score

For the Solar subindustry, Emeren 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.

Emeren Group's Beneish M-Score Distribution in the Semiconductors Industry

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

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

Save Embed

;

Save Embed

;

Emeren 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 Emeren Group 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 * 1.1629

0.528 * 0.9778

0.404 * 0.7886

0.892 * 0.9247

0.115 * 1.2869

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1044

4.679 * -0.015852

0.327 * 1.0716

-2.58

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was MXN1,503 Mil.
Revenue was 166.816 + 720.564 + 253.217 + 550.647 = MXN1,691 Mil.
Gross Profit was 65.65 + 99.836 + 110.876 + 171.879 = MXN448 Mil.
Total Current Assets was MXN4,031 Mil.
Total Assets was MXN9,511 Mil.
Property, Plant and Equipment(Net PPE) was MXN4,530 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN145 Mil.
Selling, General, & Admin. Expense(SGA) was MXN463 Mil.
Total Current Liabilities was MXN1,001 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,446 Mil.
Net Income was 31.506 + -245.826 + 95.36 + 7.181 = MXN-112 Mil.
Non Operating Income was 126.8 + -188.682 + 90.792 + -15.352 = MXN14 Mil.
Cash Flow from Operations was -38.707 + 214.584 + -109.911 + -40.524 = MXN25 Mil.

Total Receivables was MXN1,398 Mil.
Revenue was 242.305 + 763.366 + 242.959 + 580.252 = MXN1,829 Mil.
Gross Profit was 71.729 + 86.11 + 99.026 + 217.076 = MXN474 Mil.
Total Current Assets was MXN3,634 Mil.
Total Assets was MXN7,693 Mil.
Property, Plant and Equipment(Net PPE) was MXN3,085 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN128 Mil.
Selling, General, & Admin. Expense(SGA) was MXN453 Mil.
Total Current Liabilities was MXN957 Mil.
Long-Term Debt & Capital Lease Obligation was MXN890 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)
	=	(1502.88 / 1691.244)	/	(1397.537 / 1828.882)
	=	0.888624	/	0.764148
	=	1.1629

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)
	=	(473.941 / 1828.882)	/	(448.241 / 1691.244)
	=	0.259142	/	0.265036
	=	0.9778

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 - (4031.37 + 4529.773) / 9511.467)	/	(1 - (3633.551 + 3084.547) / 7692.796)
	=	0.099914	/	0.126703
	=	0.7886

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
	=	1691.244	/	1828.882
	=	0.9247

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))
	=	(128.259 / (128.259 + 3084.547))	/	(145.023 / (145.023 + 4529.773))
	=	0.039921	/	0.031022
	=	1.2869

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)
	=	(462.65 / 1691.244)	/	(453.019 / 1828.882)
	=	0.273556	/	0.247703
	=	1.1044

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)
	=	((1446.252 + 1001.306) / 9511.467)	/	((890.306 + 957.04) / 7692.796)
	=	0.257327	/	0.24014
	=	1.0716

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
	=	(-111.779 - 13.558	-	25.442)	/	9511.467
	=	-0.015852

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.

Emeren Group has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

Emeren Group Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Emeren Group's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Emeren Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Emeren Group Ltd (MEX:SOL N) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

SOL:USA VQKB:Germany

Address

149 Water Street, Suite 302, Norwalk, CT, USA, 06854

Website

https://www.emeren.com

Emeren Group Ltd is a renewable energy producer. Its portfolio consists of solar projects and Independent Power Producer (IPP) assets, and it also has globalised Battery Energy Storage System (BESS) capacity. The group specializes in the solar project lifecycle, development, and from construction to financing. It has three reportable segments; Solar power project development, EPC services, and Electricity generation. Majority of revenue is From Electricity Generation. The company operates in China, USA, Germany, UK, Spain, France, Poland, Italy, Hungary, Luxembourg. Majority of revenue is from Italy.

Emeren Group Headlines

No Headlines