PN (PN Smart Energy) Beneish M-Score: -2.94 (As of Jul. 16, 2026)

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PN PN Smart Energy Ltd PN
18 GF Score
Price $3.88
! 2 Warning Signs
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What is PN Smart Energy Beneish M-Score?

PN Smart Energy PN 18 Beneish M-Score is -2.94 as of Jul. 16, 2026. GuruFocus rates PN with a GF Score™ of 18/100. The stock has 2 warning signs investors should review. Among 987 Semiconductors companies, PN Smart Energy ranks better than 80.45% on this metric.

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.94 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PN Smart Energy's Beneish M-Score or its related term are showing as below:

PN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94   Med: -2.19   Max: -1.43
Current: -2.94

During the past 5 years, the highest Beneish M-Score of PN Smart Energy was -1.43. The lowest was -2.94. And the median was -2.19.

PN Smart Energy Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PN Smart Energy'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.

PN Smart Energy Beneish M-Score Chart

PN Smart Energy Annual Data
Trend Sep21 Sep22 Sep23 Sep24 Sep25
Beneish M-Score
0.00 0.00 0.00 -1.43 -2.94

PN Smart Energy Semi-Annual Data
Sep21 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -1.43 0.00 -2.94

PN vs SPRU, ASTI, FTCI: Beneish M-Score Comparison

For the Solar subindustry, PN Smart Energy'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.

PN Smart Energy Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, PN Smart Energy's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PN Smart Energy's Beneish M-Score falls into.


PN
18GF Score
PN Smart Energy Ltd PN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PN Smart Energy 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 PN Smart Energy 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 * 0.8258+0.528 * 1.3168+0.404 * 1.007+0.892 * 1.2697+0.115 * 1.7875
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5959+4.679 * -0.133842-0.327 * 1.2259
=-2.94

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was $14.21 Mil.
Revenue was $63.31 Mil.
Gross Profit was $6.30 Mil.
Total Current Assets was $34.59 Mil.
Total Assets was $45.49 Mil.
Property, Plant and Equipment(Net PPE) was $2.47 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.77 Mil.
Selling, General, & Admin. Expense(SGA) was $7.17 Mil.
Total Current Liabilities was $21.72 Mil.
Long-Term Debt & Capital Lease Obligation was $1.30 Mil.
Net Income was $-2.70 Mil.
Gross Profit was $0.52 Mil.
Cash Flow from Operations was $2.87 Mil.
 Total Receivables was $13.55 Mil.
Revenue was $49.86 Mil.
Gross Profit was $6.53 Mil.
Total Current Assets was $25.43 Mil.
Total Assets was $31.95 Mil.
Property, Plant and Equipment(Net PPE) was $0.64 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.48 Mil.
Selling, General, & Admin. Expense(SGA) was $3.54 Mil.
Total Current Liabilities was $12.76 Mil.
Long-Term Debt & Capital Lease Obligation was $0.43 Mil.

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)
=(14.208 / 63.311) / (13.551 / 49.864)
=0.224416 / 0.271759
=0.8258

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)
=(6.534 / 49.864) / (6.3 / 63.311)
=0.131036 / 0.099509
=1.3168

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 - (34.593 + 2.472) / 45.494) / (1 - (25.43 + 0.643) / 31.952)
=0.185277 / 0.183995
=1.007

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
=63.311 / 49.864
=1.2697

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))
=(0.476 / (0.476 + 0.643)) / (0.772 / (0.772 + 2.472))
=0.42538 / 0.237978
=1.7875

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)
=(7.169 / 63.311) / (3.538 / 49.864)
=0.113235 / 0.070953
=1.5959

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)
=((1.297 + 21.72) / 45.494) / ((0.427 + 12.76) / 31.952)
=0.505935 / 0.412713
=1.2259

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
=(-2.696 - 0.52 - 2.873) / 45.494
=-0.133842

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.

PN Smart Energy has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.94 mean?
PN Smart Energy (PN) has a Beneish M-Score of -2.94 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PN Smart Energy and its competitors. According to the industry distribution chart, PN Smart Energy ranks #193 out of 987 companies in the Semiconductors industry, placing it in the top 19.6%.
Is PN Smart Energy's Beneish M-Score too high?
PN Smart Energy's current Beneish M-Score is -2.94. Based on the distribution chart, PN Smart Energy ranks #193 out of 987 companies in the Semiconductors industry, which is in the top quartile — a strong position relative to peers. Overall, PN Smart Energy has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does PN Smart Energy's Beneish M-Score compare to SPRU and ASTI?
According to the Semiconductors industry distribution chart, PN Smart Energy ranks #193 out of 987 companies for Beneish M-Score. This places PN Smart Energy in the top 20% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Semiconductors company?
A good Beneish M-Score depends on the Semiconductors industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PN Smart Energy and its competitors. PN Smart Energy's current Beneish M-Score is -2.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PN Smart Energy stock overvalued right now?
PN Smart Energy (PN) has a current Beneish M-Score of -2.94. The current Beneish M-Score is -2.94. PN Smart Energy's overall GF Score™ is 18/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For PN Smart Energy (PN), the current Beneish M-Score is -2.94 as of Jul. 16, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

PN Smart Energy Business Description

Address No.188 Jinghua Road, Room 303, Block B, Yinzhou District, Zhejiang Province, Ningbo, CHN, 315048
PN Smart Energy Ltd is a solar photovoltaic (PV) product provider focused on manufacturing and selling solar cables and connectors. The company operates as an independent power provider (IPP) focused on the development of clean power stations, critical energy materials, and intelligent energy infrastructure. Through its PNTECH brand, the company also manufactures photovoltaic cables and connectors, serving customers across various countries and regions.
18GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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