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Greenlane Holdings 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 less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.

Greenlane Holdings has a M-score of -2.35 suggests that the company is not a manipulator.

During the past 3 years, the highest Beneish M-Score of Greenlane Holdings was 0.00. The lowest was -1.85. And the median was -1.85.


Greenlane Holdings Beneish M-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Greenlane Holdings Annual Data
Dec17 Dec18 Dec19
Beneish M-Score 0.00 0.00 -1.85

Greenlane Holdings Quarterly Data
Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -1.85 0.00

Competitive Comparison
* 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.


Greenlane Holdings Beneish M-Score Distribution

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



Greenlane Holdings 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 Greenlane Holdings 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 * 0.6617+0.528 * 1.1035+0.404 * 0.4965+0.892 * 0.9105+0.115 * 0.8779
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3849+4.679 * 0.1064-0.327 * 0.2289
=-2.35

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Mar20) TTM:Last Year (Mar19) TTM:
Accounts Receivable was $6.5 Mil.
Revenue was 33.868 + 37.236 + 44.886 + 52.986 = $169.0 Mil.
Gross Profit was 7.329 + 6.514 + 6.438 + 9.151 = $29.4 Mil.
Total Current Assets was $104.9 Mil.
Total Assets was $134.3 Mil.
Property, Plant and Equipment(Net PPE) was $18.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.7 Mil.
Selling, General, & Admin. Expense(SGA) was $55.1 Mil.
Total Current Liabilities was $23.3 Mil.
Long-Term Debt & Capital Lease Obligation was $11.6 Mil.
Net Income was -4.461 + -2.985 + -6.398 + -1.767 = $-15.6 Mil.
Non Operating Income was -8.056 + 0.403 + 7.746 + 0.748 = $0.8 Mil.
Cash Flow from Operations was -1.097 + -3.36 + -14.772 + -11.51 = $-30.7 Mil.
Accounts Receivable was $10.8 Mil.
Revenue was 49.898 + 51.556 + 43.561 + 40.561 = $185.6 Mil.
Gross Profit was 8.987 + 9.404 + 8.866 + 8.412 = $35.7 Mil.
Total Current Assets was $63.1 Mil.
Total Assets was $93.7 Mil.
Property, Plant and Equipment(Net PPE) was $15.0 Mil.
(DDA) was $1.9 Mil.
Selling, General, & Admin. Expense(SGA) was $43.7 Mil.
Total Current Liabilities was $35.1 Mil.
Long-Term Debt & Capital Lease Obligation was $71.3 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(6.513 / 168.976) / (10.809 / 185.576)
=0.03854394 / 0.05824568
=0.6617

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)
=(35.669 / 185.576) / (29.432 / 168.976)
=0.19220697 / 0.17417858
=1.1035

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 - (104.907 + 18.252) / 134.277) / (1 - (63.145 + 14.968) / 93.747)
=0.08279899 / 0.166768
=0.4965

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
=168.976 / 185.576
=0.9105

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))
=(1.931 / (1.931 + 14.968)) / (2.731 / (2.731 + 18.252))
=0.11426712 / 0.13015298
=0.8779

6. SGAI = Sales, General and Administrative expenses Index

The ratio of c 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)
=(55.115 / 168.976) / (43.708 / 185.576)
=0.32617058 / 0.23552615
=1.3849

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$sgai= in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((11.594 + 23.302) / 134.277) / ((71.327 + 35.114) / 93.747)
=0.25988069 / 1.135407
=0.2289

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
=(-15.611 - 0.841 - -30.739) / 134.277
=0.1064

An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.

Greenlane Holdings has a M-score of -2.35 suggests that the company will not be a manipulator.


Greenlane Holdings Beneish M-Score Headlines

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