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.
Trina Solar Co Beneish M-Score Chart
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Trina Solar Co Annual Data
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Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.44 |
-1.89 |
-2.06 |
-3.08 |
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Trina Solar Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
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Sep24 |
| Beneish M-Score |
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-2.44 |
-3.08 |
-3.06 |
-3.07 |
-3.18 |
Competitive Comparison of Trina Solar Co's Beneish M-Score
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's Beneish M-Score Distribution in the Semiconductors Industry
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 * 0.9082 | + | 0.528 * 1.2498 | + | 0.404 * 1.003 | + | 0.892 * 0.8837 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0315 | + | 4.679 * -0.132561 | - | 0.327 * 1.0495 |
| = | -3.18 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ¥22,239 Mil.
Revenue was 20179.245 + 24712.162 + 18255.937 + 32272.357 = ¥95,420 Mil.
Gross Profit was 1913.491 + 3242.951 + 2709.818 + 4328.096 = ¥12,194 Mil.
Total Current Assets was ¥81,784 Mil.
Total Assets was ¥135,531 Mil.
Property, Plant and Equipment(Net PPE) was ¥37,686 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥3,783 Mil.
Total Current Liabilities was ¥62,085 Mil.
Long-Term Debt & Capital Lease Obligation was ¥36,031 Mil.
Net Income was -1372.71 + 10.464 + 515.739 + 454.268 = ¥-392 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 3988.664 + 4234.392 + -4391.037 + 13741.818 = ¥17,574 Mil.
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Total Receivables was ¥27,709 Mil.
Revenue was 31735.788 + 28064.644 + 21318.994 + 26853.357 = ¥107,973 Mil.
Gross Profit was 5298.532 + 4528.381 + 3827.603 + 3591.479 = ¥17,246 Mil.
Total Current Assets was ¥88,496 Mil.
Total Assets was ¥128,034 Mil.
Property, Plant and Equipment(Net PPE) was ¥24,411 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥4,150 Mil.
Total Current Liabilities was ¥71,428 Mil.
Long-Term Debt & Capital Lease Obligation was ¥16,887 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) |
| = | (22238.715 / 95419.701) | / | (27709.319 / 107972.783) |
| = | 0.233062 | / | 0.256632 |
| | = | 0.9082 |
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) |
| = | (17245.995 / 107972.783) | / | (12194.356 / 95419.701) |
| = | 0.159725 | / | 0.127797 |
| | = | 1.2498 |
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 - (81784.368 + 37685.666) / 135530.598) | / | (1 - (88496.491 + 24411.043) / 128033.638) |
| = | 0.118501 | / | 0.118142 |
| | = | 1.003 |
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 |
| = | 95419.701 | / | 107972.783 |
| | = | 0.8837 |
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 + 24411.043)) | / | (0 / (0 + 37685.666)) |
| = | 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) |
| = | (3783.269 / 95419.701) | / | (4150.349 / 107972.783) |
| = | 0.039649 | / | 0.038439 |
| | = | 1.0315 |
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) |
| = | ((36030.687 + 62085.063) / 135530.598) | / | ((16887.251 + 71427.664) / 128033.638) |
| = | 0.723938 | / | 0.689779 |
| | = | 1.0495 |
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 |
| = | (-392.239 - 0 | - | 17573.837) | / | 135530.598 |
| | = | -0.132561 |
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 -3.18 suggests that the company is unlikely to be a manipulator.
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