Greatoo Intelligent Equipment Beneish M-Score Historical Data
The historical data trend for Greatoo Intelligent Equipment'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.
Greatoo Intelligent Equipment Beneish M-Score Chart
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Greatoo Intelligent Equipment Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
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Dec23 |
| Beneish M-Score |
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-2.91 |
-2.54 |
-2.64 |
-2.16 |
-1.87 |
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Greatoo Intelligent Equipment Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
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Sep24 |
| Beneish M-Score |
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-2.92 |
-1.87 |
-1.55 |
-1.89 |
-1.66 |
Competitive Comparison of Greatoo Intelligent Equipment's Beneish M-Score
For the Auto Parts subindustry, Greatoo Intelligent Equipment'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.
Greatoo Intelligent Equipment's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Greatoo Intelligent Equipment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Greatoo Intelligent Equipment's Beneish M-Score falls into.
Greatoo Intelligent Equipment 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 Greatoo Intelligent Equipment 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 * 0.9839 | + | 0.528 * 1.0033 | + | 0.404 * 1.3259 | + | 0.892 * 1.475 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8573 | + | 4.679 * 0.064304 | - | 0.327 * 1.1337 |
| = | -1.66 |
* 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 ¥525 Mil.
Revenue was 341.28 + 387.829 + 158.978 + 264.658 = ¥1,153 Mil.
Gross Profit was 48.413 + 81.854 + 29.468 + 33.803 = ¥194 Mil.
Total Current Assets was ¥1,682 Mil.
Total Assets was ¥4,360 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,942 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥27 Mil.
Total Current Liabilities was ¥1,443 Mil.
Long-Term Debt & Capital Lease Obligation was ¥347 Mil.
Net Income was 0.168 + 19.811 + -14.137 + -17.671 = ¥-12 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 83.386 + -67.393 + -238.711 + -69.452 = ¥-292 Mil.
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Total Receivables was ¥362 Mil.
Revenue was 147.872 + 184.986 + 205.733 + 242.905 = ¥781 Mil.
Gross Profit was 20.055 + 37.993 + 26.745 + 46.85 = ¥132 Mil.
Total Current Assets was ¥1,553 Mil.
Total Assets was ¥4,072 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,002 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥22 Mil.
Total Current Liabilities was ¥1,097 Mil.
Long-Term Debt & Capital Lease Obligation was ¥378 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) |
| = | (525.27 / 1152.745) | / | (361.92 / 781.496) |
| = | 0.455669 | / | 0.463112 |
| | = | 0.9839 |
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) |
| = | (131.643 / 781.496) | / | (193.538 / 1152.745) |
| = | 0.16845 | / | 0.167893 |
| | = | 1.0033 |
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 - (1682.378 + 1941.664) / 4359.653) | / | (1 - (1552.552 + 2001.54) / 4072.328) |
| = | 0.168732 | / | 0.127258 |
| | = | 1.3259 |
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 |
| = | 1152.745 | / | 781.496 |
| | = | 1.475 |
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 + 2001.54)) | / | (0 / (0 + 1941.664)) |
| = | 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) |
| = | (27.415 / 1152.745) | / | (21.679 / 781.496) |
| = | 0.023782 | / | 0.02774 |
| | = | 0.8573 |
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) |
| = | ((346.625 + 1443.024) / 4359.653) | / | ((377.503 + 1096.988) / 4072.328) |
| = | 0.410503 | / | 0.362076 |
| | = | 1.1337 |
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 |
| = | (-11.829 - 0 | - | -292.17) | / | 4359.653 |
| | = | 0.064304 |
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.
Greatoo Intelligent Equipment has a M-score of -1.66 signals that the company is likely to be a manipulator.
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