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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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-1.38 |
-2.35 |
-2.34 |
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Evergreen Aviation Technologies Quarterly Data
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Dec18 |
Dec19 |
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Dec20 |
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Sep21 |
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Mar22 |
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Mar24 |
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Dec24 |
| Beneish M-Score |
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-2.35 |
-2.67 |
-2.66 |
-2.78 |
-2.34 |
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 * 1.1284 | + | 0.528 * 0.9321 | + | 0.404 * 0.887 | + | 0.892 * 1.1017 | + | 0.115 * 1.0469 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.951 | + | 4.679 * -0.001335 | - | 0.327 * 0.9711 |
| = | -2.34 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was NT$4,590 Mil.
Revenue was 4574.614 + 4027.962 + 3983.64 + 3698.284 = NT$16,285 Mil.
Gross Profit was 749.455 + 891.632 + 751.797 + 727.377 = NT$3,120 Mil.
Total Current Assets was NT$11,782 Mil.
Total Assets was NT$23,000 Mil.
Property, Plant and Equipment(Net PPE) was NT$8,114 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$726 Mil.
Selling, General, & Admin. Expense(SGA) was NT$625 Mil.
Total Current Liabilities was NT$3,303 Mil.
Long-Term Debt & Capital Lease Obligation was NT$6,453 Mil.
Net Income was 423.064 + 402.061 + 503.059 + 508.92 = NT$1,837 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -467.581 + 998.718 + 323.405 + 1013.279 = NT$1,868 Mil.
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Total Receivables was NT$3,693 Mil.
Revenue was 3740.276 + 3939.553 + 3788.818 + 3313.151 = NT$14,782 Mil.
Gross Profit was 535.534 + 721.101 + 839.045 + 544.425 = NT$2,640 Mil.
Total Current Assets was NT$11,397 Mil.
Total Assets was NT$23,009 Mil.
Property, Plant and Equipment(Net PPE) was NT$8,111 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$763 Mil.
Selling, General, & Admin. Expense(SGA) was NT$596 Mil.
Total Current Liabilities was NT$3,306 Mil.
Long-Term Debt & Capital Lease Obligation was NT$6,744 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) |
| = | (4590.278 / 16284.5) | / | (3692.661 / 14781.798) |
| = | 0.28188 | / | 0.249811 |
| | = | 1.1284 |
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) |
| = | (2640.105 / 14781.798) | / | (3120.261 / 16284.5) |
| = | 0.178605 | / | 0.191609 |
| | = | 0.9321 |
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 - (11781.989 + 8114.206) / 23000.424) | / | (1 - (11396.805 + 8111.488) / 23009.141) |
| = | 0.134964 | / | 0.15215 |
| | = | 0.887 |
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 |
| = | 16284.5 | / | 14781.798 |
| | = | 1.1017 |
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)) |
| = | (762.569 / (762.569 + 8111.488)) | / | (725.597 / (725.597 + 8114.206)) |
| = | 0.085932 | / | 0.082083 |
| | = | 1.0469 |
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) |
| = | (624.866 / 16284.5) | / | (596.438 / 14781.798) |
| = | 0.038372 | / | 0.040349 |
| | = | 0.951 |
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) |
| = | ((6452.549 + 3303.053) / 23000.424) | / | ((6743.699 + 3305.694) / 23009.141) |
| = | 0.424149 | / | 0.436757 |
| | = | 0.9711 |
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 |
| = | (1837.104 - 0 | - | 1867.821) | / | 23000.424 |
| | = | -0.001335 |
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 -2.34 suggests that the company is unlikely to be a manipulator.
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