Evergreen Aviation Technologies Beneish M-Score Historical Data
The historical data trend for Evergreen Aviation Technologies'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.
Evergreen Aviation Technologies Beneish M-Score Chart
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Evergreen Aviation Technologies Annual Data
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.38 |
-2.35 |
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Evergreen Aviation Technologies Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
-2.19 |
-2.26 |
-2.35 |
-2.67 |
Competitive Comparison of Evergreen Aviation Technologies's Beneish M-Score
For the Airports & Air Services subindustry, Evergreen Aviation Technologies'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.
Evergreen Aviation Technologies's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Evergreen Aviation Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Evergreen Aviation Technologies's Beneish M-Score falls into.
Evergreen Aviation Technologies 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 Evergreen Aviation Technologies 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 * 0.8098 | + | 0.528 * 0.8815 | + | 0.404 * 0.9841 | + | 0.892 * 1.2208 | + | 0.115 * 1.0859 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7931 | + | 4.679 * -0.0425 | - | 0.327 * 0.9712 |
| = | -2.67 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was NT$3,620 Mil.
Revenue was 3698.284 + 3740.276 + 3939.553 + 3788.818 = NT$15,167 Mil.
Gross Profit was 727.377 + 535.534 + 721.101 + 839.045 = NT$2,823 Mil.
Total Current Assets was NT$12,151 Mil.
Total Assets was NT$23,630 Mil.
Property, Plant and Equipment(Net PPE) was NT$8,008 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$738 Mil.
Selling, General, & Admin. Expense(SGA) was NT$578 Mil.
Total Current Liabilities was NT$4,880 Mil.
Long-Term Debt & Capital Lease Obligation was NT$6,933 Mil.
Net Income was 508.92 + 272.943 + 626.703 + 633.984 = NT$2,043 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 1013.279 + 194.205 + 1333.435 + 505.896 = NT$3,047 Mil.
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Total Receivables was NT$3,662 Mil.
Revenue was 3313.151 + 2963.252 + 3067.373 + 3079.638 = NT$12,423 Mil.
Gross Profit was 544.425 + 270.169 + 598.211 + 625.55 = NT$2,038 Mil.
Total Current Assets was NT$11,636 Mil.
Total Assets was NT$23,681 Mil.
Property, Plant and Equipment(Net PPE) was NT$8,511 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$858 Mil.
Selling, General, & Admin. Expense(SGA) was NT$597 Mil.
Total Current Liabilities was NT$4,986 Mil.
Long-Term Debt & Capital Lease Obligation was NT$7,203 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) |
| = | (3620.305 / 15166.931) | / | (3661.9 / 12423.414) |
| = | 0.238697 | / | 0.294758 |
| | = | 0.8098 |
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) |
| = | (2038.355 / 12423.414) | / | (2823.057 / 15166.931) |
| = | 0.164074 | / | 0.186132 |
| | = | 0.8815 |
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 - (12151.465 + 8008.086) / 23629.684) | / | (1 - (11635.894 + 8511.02) / 23680.758) |
| = | 0.146855 | / | 0.149229 |
| | = | 0.9841 |
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 |
| = | 15166.931 | / | 12423.414 |
| | = | 1.2208 |
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)) |
| = | (858.005 / (858.005 + 8511.02)) | / | (737.568 / (737.568 + 8008.086)) |
| = | 0.091579 | / | 0.084335 |
| | = | 1.0859 |
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) |
| = | (578.474 / 15166.931) | / | (597.436 / 12423.414) |
| = | 0.03814 | / | 0.04809 |
| | = | 0.7931 |
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) |
| = | ((6933.075 + 4879.834) / 23629.684) | / | ((7202.761 + 4986.397) / 23680.758) |
| = | 0.499918 | / | 0.514728 |
| | = | 0.9712 |
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 |
| = | (2042.55 - 0 | - | 3046.815) | / | 23629.684 |
| | = | -0.0425 |
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.
Evergreen Aviation Technologies has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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