STL Global Beneish M-Score Historical Data
The historical data trend for STL Global'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.
STL Global Beneish M-Score Chart
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STL Global Annual Data
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Mar14 |
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Mar19 |
Mar20 |
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Mar22 |
Mar23 |
| Beneish M-Score |
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0.54 |
-1.14 |
-0.59 |
-3.17 |
-3.53 |
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STL Global Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-3.53 |
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Competitive Comparison of STL Global's Beneish M-Score
For the Textile Manufacturing subindustry, STL Global'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.
STL Global's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, STL Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where STL Global's Beneish M-Score falls into.
STL Global 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 STL Global 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 * 0.8357 | + | 0.528 * 0.9869 | + | 0.404 * 1.0096 | + | 0.892 * 0.8357 | + | 0.115 * 0.7949 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1077 | + | 4.679 * -0.161475 | - | 0.327 * 0.8584 |
| = | -3.53 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹290.3 Mil.
Revenue was ₹1,006.3 Mil.
Gross Profit was ₹291.1 Mil.
Total Current Assets was ₹425.9 Mil.
Total Assets was ₹665.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹189.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹15.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3.8 Mil.
Total Current Liabilities was ₹229.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₹132.2 Mil.
Net Income was ₹2.2 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹109.6 Mil.
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Total Receivables was ₹415.7 Mil.
Revenue was ₹1,204.1 Mil.
Gross Profit was ₹343.7 Mil.
Total Current Assets was ₹571.0 Mil.
Total Assets was ₹822.3 Mil.
Property, Plant and Equipment(Net PPE) was ₹190.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹12.4 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4.1 Mil.
Total Current Liabilities was ₹298.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹222.8 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) |
| = | (290.285 / 1006.307) | / | (415.65 / 1204.11) |
| = | 0.288466 | / | 0.345193 |
| | = | 0.8357 |
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) |
| = | (343.748 / 1204.11) | / | (291.092 / 1006.307) |
| = | 0.285479 | / | 0.289268 |
| | = | 0.9869 |
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 - (425.89 + 189.568) / 665.107) | / | (1 - (570.967 + 190.571) / 822.341) |
| = | 0.074648 | / | 0.073939 |
| | = | 1.0096 |
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 |
| = | 1006.307 | / | 1204.11 |
| | = | 0.8357 |
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)) |
| = | (12.415 / (12.415 + 190.571)) | / | (15.802 / (15.802 + 189.568)) |
| = | 0.061162 | / | 0.076944 |
| | = | 0.7949 |
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) |
| = | (3.779 / 1006.307) | / | (4.082 / 1204.11) |
| = | 0.003755 | / | 0.00339 |
| | = | 1.1077 |
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) |
| = | ((132.23 + 229.309) / 665.107) | / | ((222.75 + 297.977) / 822.341) |
| = | 0.54358 | / | 0.633225 |
| | = | 0.8584 |
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 |
| = | (2.191 - 0 | - | 109.589) | / | 665.107 |
| | = | -0.161475 |
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.
STL Global has a M-score of -3.53 suggests that the company is unlikely to be a manipulator.
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