WindSun Science & Technology Co Beneish M-Score Historical Data
The historical data trend for WindSun Science & Technology 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.
WindSun Science & Technology Co Beneish M-Score Chart
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WindSun Science & Technology Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-0.48 |
-2.11 |
-1.99 |
-2.41 |
-2.43 |
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WindSun Science & Technology Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.41 |
-2.36 |
-2.68 |
-2.43 |
-2.43 |
Competitive Comparison of WindSun Science & Technology Co's Beneish M-Score
For the Electrical Equipment & Parts subindustry, WindSun Science & Technology 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.
WindSun Science & Technology Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, WindSun Science & Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where WindSun Science & Technology Co's Beneish M-Score falls into.
WindSun Science & Technology 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 WindSun Science & Technology 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 * 1.0182 | + | 0.528 * 1.1579 | + | 0.404 * 0.7577 | + | 0.892 * 1.1275 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.797 | + | 4.679 * -0.02131 | - | 0.327 * 1.0075 |
| = | -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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ¥1,297 Mil.
Revenue was 809.091 + 408.193 + 407.623 + 292.718 = ¥1,918 Mil.
Gross Profit was 157.214 + 97.887 + 98.946 + 92.884 = ¥447 Mil.
Total Current Assets was ¥2,731 Mil.
Total Assets was ¥3,015 Mil.
Property, Plant and Equipment(Net PPE) was ¥229 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥56 Mil.
Total Current Liabilities was ¥1,610 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2 Mil.
Net Income was 55.102 + 43.431 + 36.341 + 39.471 = ¥174 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 194.702 + 97.314 + 32.386 + -85.807 = ¥239 Mil.
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Total Receivables was ¥1,130 Mil.
Revenue was 703.354 + 357.649 + 425.575 + 214.242 = ¥1,701 Mil.
Gross Profit was 164.836 + 103.783 + 125.384 + 65.004 = ¥459 Mil.
Total Current Assets was ¥2,501 Mil.
Total Assets was ¥2,755 Mil.
Property, Plant and Equipment(Net PPE) was ¥188 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥62 Mil.
Total Current Liabilities was ¥1,462 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0 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) |
| = | (1297.476 / 1917.625) | / | (1130.201 / 1700.82) |
| = | 0.676606 | / | 0.664504 |
| | = | 1.0182 |
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) |
| = | (459.007 / 1700.82) | / | (446.931 / 1917.625) |
| = | 0.269874 | / | 0.233065 |
| | = | 1.1579 |
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 - (2731.421 + 228.914) / 3015.087) | / | (1 - (2501.131 + 187.858) / 2755.017) |
| = | 0.018159 | / | 0.023966 |
| | = | 0.7577 |
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 |
| = | 1917.625 | / | 1700.82 |
| | = | 1.1275 |
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 + 187.858)) | / | (0 / (0 + 228.914)) |
| = | 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) |
| = | (55.61 / 1917.625) | / | (61.888 / 1700.82) |
| = | 0.028999 | / | 0.036387 |
| | = | 0.797 |
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) |
| = | ((1.635 + 1610.068) / 3015.087) | / | ((0 + 1461.712) / 2755.017) |
| = | 0.534546 | / | 0.530564 |
| | = | 1.0075 |
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 |
| = | (174.345 - 0 | - | 238.595) | / | 3015.087 |
| | = | -0.02131 |
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.
WindSun Science & Technology Co has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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