Market Cap : 321.6 M | Enterprise Value : 321.03 M | P/E (TTM) : 261.75 | P/B : 10.45 |
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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.
Good Sign:
Beneish M-Score -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
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 -2.86.
* 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 * 0.8392 | + | 0.528 * 0.9922 | + | 0.404 * 0.9737 | + | 0.892 * 0.7512 | + | 0.115 * 1.2935 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.3213 | + | 4.679 * 0.0542 | - | 0.327 * 0.8623 | |||||||
= | -2.59 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Sep20) TTM: | Last Year (Sep19) TTM: |
Accounts Receivable was $17.02 Mil. Revenue was 26.281 + 10.811 + 25.892 + 34.249 = $97.23 Mil. Gross Profit was 7.263 + 2.635 + 5.775 + 8.274 = $23.95 Mil. Total Current Assets was $51.16 Mil. Total Assets was $67.68 Mil. Property, Plant and Equipment(Net PPE) was $14.30 Mil. Depreciation, Depletion and Amortization(DDA) was $1.50 Mil. Selling, General, & Admin. Expense(SGA) was $20.27 Mil. Total Current Liabilities was $23.80 Mil. Long-Term Debt & Capital Lease Obligation was $10.94 Mil. Net Income was 1.914 + -2.219 + -0.531 + 2.304 = $1.47 Mil. Non Operating Income was 0.035 + 0.009 + 0 + 0.002 = $0.05 Mil. Cash Flow from Operations was -6.429 + -7.709 + 6.068 + 5.826 = $-2.24 Mil. |
Accounts Receivable was $27.00 Mil. Revenue was 48.322 + 42.378 + 22.443 + 16.291 = $129.43 Mil. Gross Profit was 12.791 + 10.283 + 4.384 + 4.17 = $31.63 Mil. Total Current Assets was $60.61 Mil. Total Assets was $75.05 Mil. Property, Plant and Equipment(Net PPE) was $11.91 Mil. Depreciation, Depletion and Amortization(DDA) was $1.67 Mil. Selling, General, & Admin. Expense(SGA) was $20.42 Mil. Total Current Liabilities was $40.86 Mil. Long-Term Debt & Capital Lease Obligation was $3.81 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) |
= | (17.019 / 97.233) | / | (26.996 / 129.434) | |
= | 0.17503317 | / | 0.20856962 | |
= | 0.8392 |
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) | |
= | (31.628 / 129.434) | / | (23.947 / 97.233) | |
= | 0.2443562 | / | 0.2462847 | |
= | 0.9922 |
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 - (51.155 + 14.302) / 67.684) | / | (1 - (60.605 + 11.906) / 75.047) | |
= | 0.0329029 | / | 0.03379216 | |
= | 0.9737 |
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 | |
= | 97.233 | / | 129.434 | |
= | 0.7512 |
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)) |
= | (1.67 / (1.67 + 11.906)) | / | (1.503 / (1.503 + 14.302)) | |
= | 0.1230112 | / | 0.09509649 | |
= | 1.2935 |
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) |
= | (20.268 / 97.233) | / | (20.42 / 129.434) | |
= | 0.20844775 | / | 0.1577638 | |
= | 1.3213 |
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) |
= | ((10.937 + 23.803) / 67.684) | / | ((3.812 + 40.858) / 75.047) | |
= | 0.51326754 | / | 0.59522699 | |
= | 0.8623 |
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 | |
= | (1.468 - 0.046 | - | -2.244) | / | 67.684 | |
= | 0.0542 |
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 -2.59 suggests that the company is unlikely to be a manipulator.
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