Trina Solar Co Beneish M-Score Historical Data
The historical data trend for Trina Solar Co'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.
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Trina Solar Co Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
-1.43 |
-1.80 |
-2.06 |
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Trina Solar Co Quarterly Data
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Sep18 |
Dec18 |
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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-1.97 |
-2.06 |
-2.17 |
-2.23 |
-2.44 |
Competitive Comparison
For the Solar subindustry, Trina Solar Co'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.
Trina Solar Co Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Trina Solar Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Trina Solar Co's Beneish M-Score falls into.
Trina Solar Co 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 Trina Solar Co 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 * 1.1579 | + | 0.528 * 0.8673 | + | 0.404 * 0.8784 | + | 0.892 * 1.4167 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0192 | + | 4.679 * -0.072237 | - | 0.327 * 1.0291 |
| = | -2.43 |
* 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 $2,792 Mil.
Revenue was 4348.619 + 3918.877 + 3093.789 + 3851.766 = $15,213 Mil.
Gross Profit was 726.035 + 632.332 + 555.458 + 515.151 = $2,429 Mil.
Total Current Assets was $12,126 Mil.
Total Assets was $17,544 Mil.
Property, Plant and Equipment(Net PPE) was $3,345 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $685 Mil.
Total Current Liabilities was $9,787 Mil.
Long-Term Debt & Capital Lease Obligation was $2,314 Mil.
Net Income was 210.612 + 247.459 + 256.549 + 183.275 = $898 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1020.827 + 516.394 + -129.645 + 757.644 = $2,165 Mil.
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Total Receivables was $1,702 Mil.
Revenue was 3200.733 + 3055.679 + 2407.166 + 2074.911 = $10,738 Mil.
Gross Profit was 424.629 + 413.978 + 327.092 + 321.304 = $1,487 Mil.
Total Current Assets was $8,398 Mil.
Total Assets was $11,980 Mil.
Property, Plant and Equipment(Net PPE) was $1,971 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $474 Mil.
Total Current Liabilities was $7,489 Mil.
Long-Term Debt & Capital Lease Obligation was $541 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) |
| = | (2791.927 / 15213.051) | / | (1702.022 / 10738.489) |
| = | 0.183522 | / | 0.158497 |
| | = | 1.1579 |
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) |
| = | (1487.003 / 10738.489) | / | (2428.976 / 15213.051) |
| = | 0.138474 | / | 0.159664 |
| | = | 0.8673 |
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 - (12126.295 + 3344.941) / 17543.901) | / | (1 - (8397.535 + 1970.938) / 11979.682) |
| = | 0.118142 | / | 0.134495 |
| | = | 0.8784 |
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 |
| = | 15213.051 | / | 10738.489 |
| | = | 1.4167 |
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)) |
| = | (0 / (0 + 1970.938)) | / | (0 / (0 + 3344.941)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (684.633 / 15213.051) | / | (474.152 / 10738.489) |
| = | 0.045003 | / | 0.044154 |
| | = | 1.0192 |
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) |
| = | ((2313.988 + 9787.427) / 17543.901) | / | ((541.338 + 7488.52) / 11979.682) |
| = | 0.689779 | / | 0.67029 |
| | = | 1.0291 |
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 |
| = | (897.895 - 0 | - | 2165.22) | / | 17543.901 |
| | = | -0.072237 |
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.
Trina Solar Co has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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