GDS Holdings Beneish M-Score Historical Data
The historical data trend for GDS 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.
GDS Holdings Beneish M-Score Chart
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GDS 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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-2.31 |
-2.05 |
-2.13 |
-2.65 |
-2.62 |
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GDS Holdings Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.65 |
-2.62 |
-2.64 |
-2.52 |
-2.36 |
Competitive Comparison of GDS Holdings's Beneish M-Score
For the Information Technology Services subindustry, GDS 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.
GDS Holdings's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, GDS Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GDS Holdings's Beneish M-Score falls into.
GDS 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 GDS 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 * 1.1978 | + | 0.528 * 0.9631 | + | 0.404 * 0.9389 | + | 0.892 * 1.0846 | + | 0.115 * 1.0258 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9024 | + | 4.679 * -0.033886 | - | 0.327 * 1.0036 |
| = | -2.41 |
* 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 €510 Mil.
Revenue was 377.63 + 361.93 + 335.649 + 328.324 = €1,404 Mil.
Gross Profit was 83.647 + 81.677 + 73.288 + 55.522 = €294 Mil.
Total Current Assets was €1,820 Mil.
Total Assets was €10,485 Mil.
Property, Plant and Equipment(Net PPE) was €7,306 Mil.
Depreciation, Depletion and Amortization(DDA) was €469 Mil.
Selling, General, & Admin. Expense(SGA) was €170 Mil.
Total Current Liabilities was €1,525 Mil.
Long-Term Debt & Capital Lease Obligation was €5,599 Mil.
Net Income was -24.491 + -28.907 + -44.18 + -406.596 = €-504 Mil.
Non Operating Income was -3.356 + 2.267 + 0.218 + -393.832 = €-395 Mil.
Cash Flow from Operations was 81.685 + 58.167 + -15.965 + 121.928 = €246 Mil.
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Total Receivables was €393 Mil.
Revenue was 323.426 + 318.607 + 326.513 + 325.517 = €1,294 Mil.
Gross Profit was 57.449 + 71.015 + 66.644 + 66.082 = €261 Mil.
Total Current Assets was €1,445 Mil.
Total Assets was €9,866 Mil.
Property, Plant and Equipment(Net PPE) was €7,060 Mil.
Depreciation, Depletion and Amortization(DDA) was €466 Mil.
Selling, General, & Admin. Expense(SGA) was €174 Mil.
Total Current Liabilities was €950 Mil.
Long-Term Debt & Capital Lease Obligation was €5,730 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) |
| = | (509.926 / 1403.533) | / | (392.516 / 1294.063) |
| = | 0.363316 | / | 0.303321 |
| | = | 1.1978 |
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) |
| = | (261.19 / 1294.063) | / | (294.134 / 1403.533) |
| = | 0.201837 | / | 0.209567 |
| | = | 0.9631 |
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 - (1820.286 + 7306.481) / 10484.792) | / | (1 - (1445.116 + 7059.861) / 9866.018) |
| = | 0.129523 | / | 0.137952 |
| | = | 0.9389 |
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 |
| = | 1403.533 | / | 1294.063 |
| | = | 1.0846 |
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)) |
| = | (465.627 / (465.627 + 7059.861)) | / | (468.985 / (468.985 + 7306.481)) |
| = | 0.061873 | / | 0.060316 |
| | = | 1.0258 |
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) |
| = | (169.856 / 1403.533) | / | (173.542 / 1294.063) |
| = | 0.12102 | / | 0.134106 |
| | = | 0.9024 |
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) |
| = | ((5599.269 + 1525.138) / 10484.792) | / | ((5730.096 + 949.819) / 9866.018) |
| = | 0.679499 | / | 0.677063 |
| | = | 1.0036 |
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 |
| = | (-504.174 - -394.703 | - | 245.815) | / | 10484.792 |
| | = | -0.033886 |
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.
GDS Holdings has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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