GS Holdings Beneish M-Score Historical Data
The historical data trend for GS Holdings'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.
GS Holdings Beneish M-Score Chart
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GS Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.92 |
-2.87 |
-1.87 |
-2.37 |
-2.61 |
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GS Holdings Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.74 |
-2.81 |
-2.61 |
-2.56 |
-2.57 |
Competitive Comparison of GS Holdings's Beneish M-Score
For the Conglomerates subindustry, GS Holdings'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.
GS Holdings's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, GS Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GS Holdings's Beneish M-Score falls into.
GS Holdings 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 GS Holdings 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 * 1.2263 | + | 0.528 * 0.9577 | + | 0.404 * 0.9893 | + | 0.892 * 0.9329 | + | 0.115 * 0.9657 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1377 | + | 4.679 * -0.044138 | - | 0.327 * 0.9448 |
| = | -2.57 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was ₩1,888,040 Mil.
Revenue was 6203678 + 6288978 + 6491961 + 6486293 = ₩25,470,910 Mil.
Gross Profit was 1580932 + 1748410 + 1488031 + 1970405 = ₩6,787,778 Mil.
Total Current Assets was ₩5,994,117 Mil.
Total Assets was ₩35,079,757 Mil.
Property, Plant and Equipment(Net PPE) was ₩13,770,929 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩610,970 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,430,648 Mil.
Total Current Liabilities was ₩6,753,535 Mil.
Long-Term Debt & Capital Lease Obligation was ₩7,787,236 Mil.
Net Income was 201434 + 359650 + 114922 + 623376 = ₩1,299,382 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 752956 + 928813 + 387893 + 778056 = ₩2,847,718 Mil.
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Total Receivables was ₩1,650,419 Mil.
Revenue was 6141896 + 6809888 + 6948170 + 7402950 = ₩27,302,904 Mil.
Gross Profit was 1453354 + 1785419 + 1626516 + 2102760 = ₩6,968,049 Mil.
Total Current Assets was ₩5,845,634 Mil.
Total Assets was ₩33,956,955 Mil.
Property, Plant and Equipment(Net PPE) was ₩13,126,261 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩561,542 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,347,904 Mil.
Total Current Liabilities was ₩6,166,605 Mil.
Long-Term Debt & Capital Lease Obligation was ₩8,731,785 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) |
| = | (1888040 / 25470910) | / | (1650419 / 27302904) |
| = | 0.074125 | / | 0.060448 |
| | = | 1.2263 |
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) |
| = | (6968049 / 27302904) | / | (6787778 / 25470910) |
| = | 0.255213 | / | 0.266491 |
| | = | 0.9577 |
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 - (5994117 + 13770929) / 35079757) | / | (1 - (5845634 + 13126261) / 33956955) |
| = | 0.436568 | / | 0.441296 |
| | = | 0.9893 |
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 |
| = | 25470910 | / | 27302904 |
| | = | 0.9329 |
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)) |
| = | (561542 / (561542 + 13126261)) | / | (610970 / (610970 + 13770929)) |
| = | 0.041025 | / | 0.042482 |
| | = | 0.9657 |
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) |
| = | (1430648 / 25470910) | / | (1347904 / 27302904) |
| = | 0.056168 | / | 0.049369 |
| | = | 1.1377 |
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) |
| = | ((7787236 + 6753535) / 35079757) | / | ((8731785 + 6166605) / 33956955) |
| = | 0.414506 | / | 0.438743 |
| | = | 0.9448 |
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 |
| = | (1299382 - 0 | - | 2847718) | / | 35079757 |
| | = | -0.044138 |
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.
GS Holdings has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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