Global Ship Lease Beneish M-Score Historical Data
The historical data trend for Global Ship Lease'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.
Global Ship Lease Beneish M-Score Chart
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Global Ship Lease Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.69 |
-2.69 |
-1.54 |
-2.58 |
-2.42 |
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Global Ship Lease Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.85 |
-2.78 |
-2.69 |
-2.42 |
Competitive Comparison of Global Ship Lease's Beneish M-Score
For the Rental & Leasing Services subindustry, Global Ship Lease'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.
Global Ship Lease's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Global Ship Lease's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Global Ship Lease's Beneish M-Score falls into.
Global Ship Lease 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 Global Ship Lease 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 * 1.1168 | + | 0.528 * 0.9915 | + | 0.404 * 0.8041 | + | 0.892 * 1.1029 | + | 0.115 * 1.0119 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8916 | + | 4.679 * -0.026032 | - | 0.327 * 0.867 |
| = | -2.42 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $5.4 Mil.
Revenue was 177.377 + 173.012 + 160.399 + 155.927 = $666.7 Mil.
Gross Profit was 100.636 + 96.887 + 88.139 + 86.523 = $372.2 Mil.
Total Current Assets was $295.7 Mil.
Total Assets was $2,171.8 Mil.
Property, Plant and Equipment(Net PPE) was $1,676.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $93.4 Mil.
Selling, General, & Admin. Expense(SGA) was $18.2 Mil.
Total Current Liabilities was $280.4 Mil.
Long-Term Debt & Capital Lease Obligation was $619.2 Mil.
Net Income was 67.049 + 85.071 + 77.776 + 74.604 = $304.5 Mil.
Non Operating Income was -20.356 + 1.546 + 2.676 + 2.161 = $-14.0 Mil.
Cash Flow from Operations was 72.073 + 102.407 + 107.491 + 93.037 = $375.0 Mil.
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Total Receivables was $4.4 Mil.
Revenue was 156.589 + 163.231 + 143.891 + 140.776 = $604.5 Mil.
Gross Profit was 83.812 + 96.576 + 77.075 + 77.123 = $334.6 Mil.
Total Current Assets was $237.0 Mil.
Total Assets was $2,106.2 Mil.
Property, Plant and Equipment(Net PPE) was $1,628.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $91.9 Mil.
Selling, General, & Admin. Expense(SGA) was $18.5 Mil.
Total Current Liabilities was $261.8 Mil.
Long-Term Debt & Capital Lease Obligation was $744.6 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) |
| = | (5.367 / 666.715) | / | (4.357 / 604.487) |
| = | 0.00805 | / | 0.007208 |
| | = | 1.1168 |
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) |
| = | (334.586 / 604.487) | / | (372.185 / 666.715) |
| = | 0.553504 | / | 0.558237 |
| | = | 0.9915 |
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 - (295.677 + 1676.311) / 2171.78) | / | (1 - (237.047 + 1628.188) / 2106.215) |
| = | 0.091995 | / | 0.114414 |
| | = | 0.8041 |
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 |
| = | 666.715 | / | 604.487 |
| | = | 1.1029 |
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)) |
| = | (91.868 / (91.868 + 1628.188)) | / | (93.408 / (93.408 + 1676.311)) |
| = | 0.05341 | / | 0.052781 |
| | = | 1.0119 |
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) |
| = | (18.217 / 666.715) | / | (18.526 / 604.487) |
| = | 0.027324 | / | 0.030647 |
| | = | 0.8916 |
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) |
| = | ((619.175 + 280.44) / 2171.78) | / | ((744.557 + 261.766) / 2106.215) |
| = | 0.414229 | / | 0.477787 |
| | = | 0.867 |
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 |
| = | (304.5 - -13.973 | - | 375.008) | / | 2171.78 |
| | = | -0.026032 |
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.
Global Ship Lease has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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