Geely Automobile Holdings Beneish M-Score Historical Data
The historical data trend for Geely Automobile Holdings'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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Geely Automobile Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.20 |
-2.13 |
-2.84 |
-2.63 |
-2.83 |
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Geely Automobile Holdings Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.84 |
- |
-2.63 |
- |
-2.83 |
Competitive Comparison
For the Auto Manufacturers subindustry, Geely Automobile Holdings'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.
Geely Automobile Holdings Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, Geely Automobile Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Geely Automobile Holdings's Beneish M-Score falls into.
Geely Automobile Holdings 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 Geely Automobile Holdings 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 * 1.0254 | + | 0.528 * 0.9231 | + | 0.404 * 0.9084 | + | 0.892 * 1.1825 | + | 0.115 * 0.8898 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0633 | + | 4.679 * -0.088443 | - | 0.327 * 1.0739 |
| = | -2.83 |
* 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 $5,982 Mil.
Revenue was $25,098 Mil.
Gross Profit was $3,840 Mil.
Total Current Assets was $15,915 Mil.
Total Assets was $26,974 Mil.
Property, Plant and Equipment(Net PPE) was $3,831 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,149 Mil.
Selling, General, & Admin. Expense(SGA) was $3,341 Mil.
Total Current Liabilities was $13,560 Mil.
Long-Term Debt & Capital Lease Obligation was $1,029 Mil.
Net Income was $743 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $3,129 Mil.
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Total Receivables was $4,933 Mil.
Revenue was $21,224 Mil.
Gross Profit was $2,997 Mil.
Total Current Assets was $11,341 Mil.
Total Assets was $22,638 Mil.
Property, Plant and Equipment(Net PPE) was $4,619 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,193 Mil.
Selling, General, & Admin. Expense(SGA) was $2,657 Mil.
Total Current Liabilities was $9,890 Mil.
Long-Term Debt & Capital Lease Obligation was $1,511 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) |
| = | (5981.728 / 25097.839) | / | (4933.133 / 21223.611) |
| = | 0.238336 | / | 0.232436 |
| | = | 1.0254 |
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) |
| = | (2997.208 / 21223.611) | / | (3839.538 / 25097.839) |
| = | 0.14122 | / | 0.152983 |
| | = | 0.9231 |
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 - (15914.806 + 3830.501) / 26973.71) | / | (1 - (11340.694 + 4618.876) / 22638.141) |
| = | 0.26798 | / | 0.295014 |
| | = | 0.9084 |
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 |
| = | 25097.839 | / | 21223.611 |
| | = | 1.1825 |
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)) |
| = | (1193.157 / (1193.157 + 4618.876)) | / | (1148.814 / (1148.814 + 3830.501)) |
| = | 0.205291 | / | 0.230717 |
| | = | 0.8898 |
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) |
| = | (3340.539 / 25097.839) | / | (2656.718 / 21223.611) |
| = | 0.133101 | / | 0.125177 |
| | = | 1.0633 |
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) |
| = | ((1028.904 + 13560.394) / 26973.71) | / | ((1511.452 + 9890.445) / 22638.141) |
| = | 0.540871 | / | 0.503659 |
| | = | 1.0739 |
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 |
| = | (743.454 - 0 | - | 3129.096) | / | 26973.71 |
| | = | -0.088443 |
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.
Geely Automobile Holdings has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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