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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 -3.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Sunworks's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Sunworks was 16.55. The lowest was -4.36. And the median was -2.52.
The historical data trend for Sunworks'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.
Sunworks Annual Data | |||||||||||||||||||||
Trend | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.23 | -2.75 | -4.36 | 0.47 | -2.16 |
Sunworks Quarterly Data | ||||||||||||||||||||
Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.34 | -2.16 | -2.25 | -2.88 | -3.73 |
For the Solar subindustry, Sunworks'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.
For the Semiconductors industry and Technology sector, Sunworks's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sunworks'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 Sunworks 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 * 0.752 | + | 0.528 * 1.2992 | + | 0.404 * 0.5061 | + | 0.892 * 1.1063 | + | 0.115 * 1.2695 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9241 | + | 4.679 * -0.196954 | - | 0.327 * 1.6096 | |||||||
= | -3.73 |
* 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.
This Year (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $26.9 Mil. Revenue was 28.696 + 34.638 + 37.899 + 53.629 = $154.9 Mil. Gross Profit was 8.174 + 11.442 + 11.927 + 22.038 = $53.6 Mil. Total Current Assets was $49.3 Mil. Total Assets was $67.5 Mil. Property, Plant and Equipment(Net PPE) was $7.5 Mil. Depreciation, Depletion and Amortization(DDA) was $5.3 Mil. Selling, General, & Admin. Expense(SGA) was $89.6 Mil. Total Current Liabilities was $39.9 Mil. Long-Term Debt & Capital Lease Obligation was $4.2 Mil. Net Income was -36.404 + -12.676 + -6.39 + -7.026 = $-62.5 Mil. Non Operating Income was -25.842 + -1.034 + 3.745 + -0.025 = $-23.2 Mil. Cash Flow from Operations was -8.8 + -4.459 + -6.698 + -6.088 = $-26.0 Mil. |
Total Receivables was $32.4 Mil. Revenue was 40.713 + 36.397 + 31.196 + 31.674 = $140.0 Mil. Gross Profit was 19.509 + 16.594 + 13.172 + 13.65 = $62.9 Mil. Total Current Assets was $77.1 Mil. Total Assets was $121.4 Mil. Property, Plant and Equipment(Net PPE) was $6.3 Mil. Depreciation, Depletion and Amortization(DDA) was $6.9 Mil. Selling, General, & Admin. Expense(SGA) was $87.7 Mil. Total Current Liabilities was $47.3 Mil. Long-Term Debt & Capital Lease Obligation was $2.0 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) |
= | (26.917 / 154.862) | / | (32.355 / 139.98) | |
= | 0.173813 | / | 0.23114 | |
= | 0.752 |
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) | |
= | (62.925 / 139.98) | / | (53.581 / 154.862) | |
= | 0.449529 | / | 0.345992 | |
= | 1.2992 |
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 - (49.3 + 7.515) / 67.503) | / | (1 - (77.081 + 6.319) / 121.368) | |
= | 0.158334 | / | 0.312834 | |
= | 0.5061 |
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 | |
= | 154.862 | / | 139.98 | |
= | 1.1063 |
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)) |
= | (6.919 / (6.919 + 6.319)) | / | (5.259 / (5.259 + 7.515)) | |
= | 0.522662 | / | 0.411696 | |
= | 1.2695 |
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) |
= | (89.626 / 154.862) | / | (87.663 / 139.98) | |
= | 0.578748 | / | 0.626254 | |
= | 0.9241 |
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) |
= | ((4.221 + 39.897) / 67.503) | / | ((2.029 + 47.251) / 121.368) | |
= | 0.653571 | / | 0.406038 | |
= | 1.6096 |
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 | |
= | (-62.496 - -23.156 | - | -26.045) | / | 67.503 | |
= | -0.196954 |
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.
Sunworks has a M-score of -3.73 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Sunworks's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Mark Trout | officer: Group CEO of Solcius | 1598 E. BOX ELDER DRIVE, ALPINE UT 84004 |
Jason Lee Bonfigt | officer: Chief Financial Officer | 3240 S. CENTRAL AVE., CICERO IL 60804 |
Gaylon Morris | director, officer: Chief Executive Officer | 1030 WINDING CREEK ROAD, SUITE 100, ROSEVILLE CA 95678 |
Mccullough Patrick Clement Jr. | director | 3858 WEST 12240 SOUTH, PAYSON UT 84651 |
Christopher Gardner Monahan | officer: Chief Legal Officer | 1555 FREEDOM BLVD 200 WEST, PROVO UT 84604 |
Jason Scott Knapp | officer: President of Solcius | 3858 WEST 12240 SOUTH, PAYSON UT 84651 |
Charles F Cargile | director | C/O SUNWORKS, INC., 1010 WINDING CREEK ROAD, SUITE 100, ROSEVILLE CA 95678 |
Judith Ann Hall | director | C/O SUNWORKS, INC., 1030 WINDING CREEK ROAD, SUITE 100, ROSEVILLE CA 95678 |
Philip A. Radmilovic | officer: Chief Financial Officer | 3569 MINERS RAVINE DR., ROSEVILLE CA 95661 |
Stanley E Speer | director | 100 WILSHIRE BLVD, STE 1600, SANTA MONICA CA 90401 |
Joshua Schechter | director | C/O THE PANTRY, INC., 305 GREGSON DRIVE, CARY NC 27511 |
Daniel Andrew Gross | director | C/0 SUNWORKS, INC, 1030 WINDING CREEK ROAD, SUITE 100, ROSEVILLE CA 34110 |
Abraham Richard Emard | director | 2690 TAYLOR ROAD, PENRYN CA 95663 |
Paul Clayton Mcdonnel | officer: Chief Financial Officer | ARROWHEAD RESEARCH CORPORATION, 201 SOUTH LAKE AVENUE, SUITE 703, PASADENA CA 91101 |
Slooten John Van | director | 1592 RED TREE COURT, DRAPER UT 84020 |
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