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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 -3.09 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 Jun20
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 -1.85 0.00 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 * 0.7171+0.528 * 1.0069+0.404 * 0.5801+0.892 * 0.7494+0.115 * 0.9633
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5207+4.679 * 0.0339-0.327 * 1.0752
=-3.09

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

This Year (Jun20) TTM:Last Year (Jun19) TTM:
Accounts Receivable was $6.4 Mil.
Revenue was 32.4 + 33.868 + 37.236 + 44.886 = $148.4 Mil.
Gross Profit was 6.817 + 7.329 + 6.514 + 6.438 = $27.1 Mil.
Total Current Assets was $100.6 Mil.
Total Assets was $128.9 Mil.
Property, Plant and Equipment(Net PPE) was $17.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.7 Mil.
Selling, General, & Admin. Expense(SGA) was $55.2 Mil.
Total Current Liabilities was $22.7 Mil.
Long-Term Debt & Capital Lease Obligation was $11.3 Mil.
Net Income was -2.051 + -4.461 + -2.985 + -6.398 = $-15.9 Mil.
Non Operating Income was 0.186 + -8.056 + 0.403 + 7.746 = $0.3 Mil.
Cash Flow from Operations was -1.316 + -1.097 + -3.36 + -14.772 = $-20.5 Mil.
Accounts Receivable was $11.9 Mil.
Revenue was 52.986 + 49.898 + 51.556 + 43.561 = $198.0 Mil.
Gross Profit was 9.151 + 8.987 + 9.404 + 8.866 = $36.4 Mil.
Total Current Assets was $140.0 Mil.
Total Assets was $180.9 Mil.
Property, Plant and Equipment(Net PPE) was $14.7 Mil.
(DDA) was $2.2 Mil.
Selling, General, & Admin. Expense(SGA) was $48.5 Mil.
Total Current Liabilities was $34.4 Mil.
Long-Term Debt & Capital Lease Obligation was $10.0 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)
=(6.402 / 148.39) / (11.913 / 198.001)
=0.04314307 / 0.06016636
=0.7171

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)
=(36.408 / 198.001) / (27.098 / 148.39)
=0.18387786 / 0.18261338
=1.0069

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 - (100.576 + 17.479) / 128.895) / (1 - (139.984 + 14.733) / 180.949)
=0.08409946 / 0.14496902
=0.5801

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
=148.39 / 198.001
=0.7494

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))
=(2.208 / (2.208 + 14.733)) / (2.735 / (2.735 + 17.479))
=0.13033469 / 0.13530227
=0.9633

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)
=(55.22 / 148.39) / (48.454 / 198.001)
=0.3721275 / 0.24471594
=1.5207

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)
=((11.258 + 22.736) / 128.895) / ((9.963 + 34.42) / 180.949)
=0.26373405 / 0.24527906
=1.0752

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
=(-15.895 - 0.279 - -20.545) / 128.895
=0.0339

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 -3.09 suggests that the company will not be a manipulator.


Greenlane Holdings Beneish M-Score Headlines

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