Market Cap : 224.24 M | Enterprise Value : 215.46 M | PE Ratio : 68.21 | PB Ratio : 6.57 |
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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.
Warning Sign:
Beneish M-Score -1.6 higher than -1.78, which implies that the company might have manipulated its financial results.
During the past 13 years, the highest Beneish M-Score of Orion Energy Systems was 1081.21. The lowest was -12.75. And the median was -2.85.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where Orion Energy Systems's Beneish M-Score falls into.
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 Orion Energy Systems 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 * 2.1437 | + | 0.528 * 0.9744 | + | 0.404 * 0.9291 | + | 0.892 * 0.7275 | + | 0.115 * 1.2626 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.3528 | + | 4.679 * 0.0419 | - | 0.327 * 1.1595 | |||||||
= | -1.60 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Dec20) TTM: | Last Year (Dec19) TTM: |
Accounts Receivable was $23.7 Mil. Revenue was 44.251 + 26.281 + 10.811 + 25.892 = $107.2 Mil. Gross Profit was 11.006 + 7.263 + 2.635 + 5.775 = $26.7 Mil. Total Current Assets was $56.7 Mil. Total Assets was $73.7 Mil. Property, Plant and Equipment(Net PPE) was $14.1 Mil. Depreciation, Depletion and Amortization(DDA) was $1.5 Mil. Selling, General, & Admin. Expense(SGA) was $21.0 Mil. Total Current Liabilities was $33.4 Mil. Long-Term Debt & Capital Lease Obligation was $2.8 Mil. Net Income was 4.315 + 1.914 + -2.219 + -0.531 = $3.5 Mil. Non Operating Income was -0.078 + 0.035 + 0.009 + 0 = $-0.0 Mil. Cash Flow from Operations was 8.494 + -6.429 + -7.709 + 6.068 = $0.4 Mil. |
Accounts Receivable was $15.2 Mil. Revenue was 34.249 + 48.322 + 42.378 + 22.443 = $147.4 Mil. Gross Profit was 8.274 + 12.791 + 10.283 + 4.384 = $35.7 Mil. Total Current Assets was $42.7 Mil. Total Assets was $57.0 Mil. Property, Plant and Equipment(Net PPE) was $11.9 Mil. Depreciation, Depletion and Amortization(DDA) was $1.6 Mil. Selling, General, & Admin. Expense(SGA) was $21.4 Mil. Total Current Liabilities was $23.3 Mil. Long-Term Debt & Capital Lease Obligation was $0.9 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) |
= | (23.744 / 107.235) | / | (15.224 / 147.392) | |
= | 0.22142025 | / | 0.10328919 | |
= | 2.1437 |
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) | |
= | (35.732 / 147.392) | / | (26.679 / 107.235) | |
= | 0.24242835 | / | 0.24879004 | |
= | 0.9744 |
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 - (56.667 + 14.126) / 73.668) | / | (1 - (42.724 + 11.92) / 57.04) | |
= | 0.03902644 | / | 0.04200561 | |
= | 0.9291 |
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 | |
= | 107.235 | / | 147.392 | |
= | 0.7275 |
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)) |
= | (1.626 / (1.626 + 11.92)) | / | (1.484 / (1.484 + 14.126)) | |
= | 0.12003543 | / | 0.09506726 | |
= | 1.2626 |
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) |
= | (21.021 / 107.235) | / | (21.358 / 147.392) | |
= | 0.19602742 | / | 0.1449061 | |
= | 1.3528 |
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) |
= | ((2.845 + 33.416) / 73.668) | / | ((0.882 + 23.332) / 57.04) | |
= | 0.49222186 | / | 0.42450912 | |
= | 1.1595 |
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 | |
= | (3.479 - -0.034 | - | 0.424) | / | 73.668 | |
= | 0.0419 |
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.
Orion Energy Systems has a M-score of -1.60 signals that the company is likely to be a manipulator.
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