Hebeiilhero Environmental Protection High-Tech Co Beneish M-Score Historical Data
The historical data trend for Hebeiilhero Environmental Protection High-Tech 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.
Hebeiilhero Environmental Protection High-Tech Co Beneish M-Score Chart
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Hebeiilhero Environmental Protection High-Tech Co Annual Data
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Dec14 |
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Dec23 |
| Beneish M-Score |
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-2.62 |
-2.43 |
-2.63 |
-2.27 |
-2.99 |
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Hebeiilhero Environmental Protection High-Tech Co Quarterly Data
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Dec19 |
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Sep24 |
| Beneish M-Score |
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-2.56 |
-2.99 |
-3.12 |
-2.97 |
-2.90 |
Competitive Comparison of Hebeiilhero Environmental Protection High-Tech Co's Beneish M-Score
For the Pollution & Treatment Controls subindustry, Hebeiilhero Environmental Protection High-Tech 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.
Hebeiilhero Environmental Protection High-Tech Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Hebeiilhero Environmental Protection High-Tech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hebeiilhero Environmental Protection High-Tech Co's Beneish M-Score falls into.
Hebeiilhero Environmental Protection High-Tech 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 Hebeiilhero Environmental Protection High-Tech 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 * 1.1238 | + | 0.528 * 0.886 | + | 0.404 * 0.8426 | + | 0.892 * 0.8755 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4093 | + | 4.679 * -0.030926 | - | 0.327 * 1.2501 |
| = | -2.90 |
* 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 ¥918.0 Mil.
Revenue was 206.26 + 232.707 + 161.059 + 306.275 = ¥906.3 Mil.
Gross Profit was 74.536 + 89.884 + 64.672 + 124.237 = ¥353.3 Mil.
Total Current Assets was ¥1,793.8 Mil.
Total Assets was ¥2,234.3 Mil.
Property, Plant and Equipment(Net PPE) was ¥201.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥166.0 Mil.
Total Current Liabilities was ¥426.9 Mil.
Long-Term Debt & Capital Lease Obligation was ¥7.6 Mil.
Net Income was -13.282 + 10.332 + 8.34 + -156.666 = ¥-151.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was -50.606 + -34.486 + -81.88 + 84.794 = ¥-82.2 Mil.
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Total Receivables was ¥933.1 Mil.
Revenue was 230.723 + 229.282 + 200.167 + 374.976 = ¥1,035.1 Mil.
Gross Profit was 94.54 + 95.082 + 76.228 + 91.692 = ¥357.5 Mil.
Total Current Assets was ¥1,838.8 Mil.
Total Assets was ¥2,341.3 Mil.
Property, Plant and Equipment(Net PPE) was ¥204.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥134.6 Mil.
Total Current Liabilities was ¥352.7 Mil.
Long-Term Debt & Capital Lease Obligation was ¥11.5 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) |
| = | (918.035 / 906.301) | / | (933.065 / 1035.148) |
| = | 1.012947 | / | 0.901383 |
| | = | 1.1238 |
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) |
| = | (357.542 / 1035.148) | / | (353.329 / 906.301) |
| = | 0.345402 | / | 0.389858 |
| | = | 0.886 |
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 - (1793.764 + 200.991) / 2234.335) | / | (1 - (1838.84 + 204.502) / 2341.271) |
| = | 0.107227 | / | 0.127251 |
| | = | 0.8426 |
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 |
| = | 906.301 | / | 1035.148 |
| | = | 0.8755 |
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 + 204.502)) | / | (0 / (0 + 200.991)) |
| = | 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) |
| = | (166.033 / 906.301) | / | (134.558 / 1035.148) |
| = | 0.183199 | / | 0.129989 |
| | = | 1.4093 |
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) |
| = | ((7.641 + 426.908) / 2234.335) | / | ((11.543 + 352.698) / 2341.271) |
| = | 0.194487 | / | 0.155574 |
| | = | 1.2501 |
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 |
| = | (-151.276 - 0 | - | -82.178) | / | 2234.335 |
| | = | -0.030926 |
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.
Hebeiilhero Environmental Protection High-Tech Co has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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