VNET Group Beneish M-Score Historical Data
The historical data trend for VNET Group'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.
VNET Group Beneish M-Score Chart
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VNET Group Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.87 |
-2.55 |
-2.36 |
-2.51 |
-2.90 |
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VNET Group Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-3.04 |
-2.90 |
-2.71 |
-2.62 |
-2.47 |
Competitive Comparison of VNET Group's Beneish M-Score
For the Information Technology Services subindustry, VNET Group'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.
VNET Group's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, VNET Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VNET Group's Beneish M-Score falls into.
VNET Group 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 VNET Group 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 * 1.2222 | + | 0.528 * 1.1338 | + | 0.404 * 0.9885 | + | 0.892 * 0.9955 | + | 0.115 * 0.9647 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6359 | + | 4.679 * -0.06482 | - | 0.327 * 1.0266 |
| = | -2.47 |
* 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 $322 Mil.
Revenue was 258.557 + 254.384 + 262.053 + 269.758 = $1,045 Mil.
Gross Profit was 41.995 + 47.861 + 51.137 + 47.101 = $188 Mil.
Total Current Assets was $1,086 Mil.
Total Assets was $4,100 Mil.
Property, Plant and Equipment(Net PPE) was $2,334 Mil.
Depreciation, Depletion and Amortization(DDA) was $251 Mil.
Selling, General, & Admin. Expense(SGA) was $116 Mil.
Total Current Liabilities was $1,537 Mil.
Long-Term Debt & Capital Lease Obligation was $1,492 Mil.
Net Income was -6.915 + -32.519 + 11.942 + -9.215 = $-37 Mil.
Non Operating Income was 1.414 + -35.971 + 14.15 + 3.59 = $-17 Mil.
Cash Flow from Operations was 62.253 + 59.133 + 66.031 + 58.449 = $246 Mil.
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Total Receivables was $265 Mil.
Revenue was 258.453 + 257.627 + 259.352 + 274.04 = $1,049 Mil.
Gross Profit was 45.101 + 53.438 + 56.035 + 59.656 = $214 Mil.
Total Current Assets was $1,082 Mil.
Total Assets was $3,938 Mil.
Property, Plant and Equipment(Net PPE) was $2,194 Mil.
Depreciation, Depletion and Amortization(DDA) was $227 Mil.
Selling, General, & Admin. Expense(SGA) was $183 Mil.
Total Current Liabilities was $859 Mil.
Long-Term Debt & Capital Lease Obligation was $1,975 Mil.
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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) |
| = | (322.109 / 1044.752) | / | (264.733 / 1049.472) |
| = | 0.308311 | / | 0.252254 |
| | = | 1.2222 |
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) |
| = | (214.23 / 1049.472) | / | (188.094 / 1044.752) |
| = | 0.204131 | / | 0.180037 |
| | = | 1.1338 |
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 - (1086.051 + 2333.755) / 4099.935) | / | (1 - (1082.361 + 2194.429) / 3937.595) |
| = | 0.165888 | / | 0.167819 |
| | = | 0.9885 |
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 |
| = | 1044.752 | / | 1049.472 |
| | = | 0.9955 |
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)) |
| = | (226.675 / (226.675 + 2194.429)) | / | (250.828 / (250.828 + 2333.755)) |
| = | 0.093625 | / | 0.097048 |
| | = | 0.9647 |
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) |
| = | (115.765 / 1044.752) | / | (182.874 / 1049.472) |
| = | 0.110806 | / | 0.174253 |
| | = | 0.6359 |
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) |
| = | ((1491.772 + 1537.146) / 4099.935) | / | ((1974.779 + 858.82) / 3937.595) |
| = | 0.738772 | / | 0.719627 |
| | = | 1.0266 |
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 |
| = | (-36.707 - -16.817 | - | 245.866) | / | 4099.935 |
| | = | -0.06482 |
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.
VNET Group has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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