Xilong Scientific Co Beneish M-Score Historical Data
The historical data trend for Xilong Scientific 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.
Xilong Scientific Co Beneish M-Score Chart
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Xilong Scientific Co Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-0.81 |
-2.00 |
-1.95 |
-2.03 |
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Xilong Scientific Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
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Mar22 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.52 |
-2.03 |
-2.18 |
-2.52 |
-2.58 |
Competitive Comparison of Xilong Scientific Co's Beneish M-Score
For the Chemicals subindustry, Xilong Scientific 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.
Xilong Scientific Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Xilong Scientific Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xilong Scientific Co's Beneish M-Score falls into.
Xilong Scientific 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 Xilong Scientific 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 * 0.8851 | + | 0.528 * 0.8752 | + | 0.404 * 0.9431 | + | 0.892 * 1.0957 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2836 | + | 4.679 * 0.014492 | - | 0.327 * 1.0166 |
| = | -2.58 |
* 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 ¥1,876 Mil.
Revenue was 2106.816 + 2266.09 + 2180.465 + 1902.059 = ¥8,455 Mil.
Gross Profit was 138.53 + 162.01 + 107.699 + 126.919 = ¥535 Mil.
Total Current Assets was ¥3,537 Mil.
Total Assets was ¥4,962 Mil.
Property, Plant and Equipment(Net PPE) was ¥855 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥73 Mil.
Total Current Liabilities was ¥2,231 Mil.
Long-Term Debt & Capital Lease Obligation was ¥316 Mil.
Net Income was 21.477 + 35.662 + 7.047 + 3.852 = ¥68 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 14.594 + 9.796 + 5.043 + -33.306 = ¥-4 Mil.
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Total Receivables was ¥1,934 Mil.
Revenue was 2121.098 + 1732.302 + 1937.788 + 1925.52 = ¥7,717 Mil.
Gross Profit was 115.86 + 111.269 + 116.031 + 84.27 = ¥427 Mil.
Total Current Assets was ¥3,452 Mil.
Total Assets was ¥4,904 Mil.
Property, Plant and Equipment(Net PPE) was ¥855 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥52 Mil.
Total Current Liabilities was ¥2,093 Mil.
Long-Term Debt & Capital Lease Obligation was ¥383 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) |
| = | (1875.636 / 8455.43) | / | (1934.045 / 7716.708) |
| = | 0.221826 | / | 0.250631 |
| | = | 0.8851 |
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) |
| = | (427.43 / 7716.708) | / | (535.158 / 8455.43) |
| = | 0.05539 | / | 0.063292 |
| | = | 0.8752 |
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 - (3536.51 + 854.865) / 4961.977) | / | (1 - (3451.655 + 854.53) / 4904.171) |
| = | 0.114995 | / | 0.121934 |
| | = | 0.9431 |
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 |
| = | 8455.43 | / | 7716.708 |
| | = | 1.0957 |
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 + 854.53)) | / | (0 / (0 + 854.865)) |
| = | 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) |
| = | (73.098 / 8455.43) | / | (51.972 / 7716.708) |
| = | 0.008645 | / | 0.006735 |
| | = | 1.2836 |
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) |
| = | ((315.925 + 2230.768) / 4961.977) | / | ((383.07 + 2092.753) / 4904.171) |
| = | 0.513242 | / | 0.50484 |
| | = | 1.0166 |
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 |
| = | (68.038 - 0 | - | -3.873) | / | 4961.977 |
| | = | 0.014492 |
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.
Xilong Scientific Co has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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