Gritee Beneish M-Score Historical Data
The historical data trend for Gritee'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.
Gritee Beneish M-Score Chart
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Gritee Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.43 |
-3.08 |
-2.65 |
-2.66 |
-2.06 |
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Gritee Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.66 |
-3.12 |
-2.67 |
-2.22 |
-2.06 |
Competitive Comparison of Gritee's Beneish M-Score
For the Apparel Retail subindustry, Gritee'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.
Gritee's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Gritee's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gritee's Beneish M-Score falls into.
Gritee 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 Gritee 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 * 1.0664 | + | 0.528 * 0.9702 | + | 0.404 * 0.9386 | + | 0.892 * 1.1058 | + | 0.115 * 1.3707 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0671 | + | 4.679 * 0.064125 | - | 0.327 * 1.0851 |
| = | -2.06 |
* 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 ₩7,649 Mil.
Revenue was 36505.855 + 54304.042 + 63149.667 + 40780.562 = ₩194,740 Mil.
Gross Profit was 22618.848 + 34176.885 + 39119.999 + 24529.838 = ₩120,446 Mil.
Total Current Assets was ₩85,236 Mil.
Total Assets was ₩102,868 Mil.
Property, Plant and Equipment(Net PPE) was ₩9,226 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,002 Mil.
Selling, General, & Admin. Expense(SGA) was ₩90,173 Mil.
Total Current Liabilities was ₩20,835 Mil.
Long-Term Debt & Capital Lease Obligation was ₩841 Mil.
Net Income was 241.621 + 3374.286 + 4410.724 + 1688.667 = ₩9,715 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -5632.55 + 6301.902 + 1579.677 + 869.806 = ₩3,119 Mil.
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Total Receivables was ₩6,486 Mil.
Revenue was 32693.405 + 50456.701 + 54714.511 + 38237.817 = ₩176,102 Mil.
Gross Profit was 19216.22 + 30453.37 + 34009.239 + 21992.279 = ₩105,671 Mil.
Total Current Assets was ₩80,044 Mil.
Total Assets was ₩93,960 Mil.
Property, Plant and Equipment(Net PPE) was ₩5,735 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,064 Mil.
Selling, General, & Admin. Expense(SGA) was ₩76,413 Mil.
Total Current Liabilities was ₩16,499 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,749 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) |
| = | (7649.059 / 194740.126) | / | (6486.352 / 176102.434) |
| = | 0.039278 | / | 0.036833 |
| | = | 1.0664 |
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) |
| = | (105671.108 / 176102.434) | / | (120445.57 / 194740.126) |
| = | 0.600055 | / | 0.618494 |
| | = | 0.9702 |
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 - (85236.096 + 9226.234) / 102868.22) | / | (1 - (80043.994 + 5735.195) / 93959.767) |
| = | 0.081715 | / | 0.087065 |
| | = | 0.9386 |
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 |
| = | 194740.126 | / | 176102.434 |
| | = | 1.1058 |
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)) |
| = | (4063.81 / (4063.81 + 5735.195)) | / | (4002.389 / (4002.389 + 9226.234)) |
| = | 0.414717 | / | 0.302555 |
| | = | 1.3707 |
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) |
| = | (90173.175 / 194740.126) | / | (76412.761 / 176102.434) |
| = | 0.463044 | / | 0.433911 |
| | = | 1.0671 |
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) |
| = | ((841.358 + 20834.977) / 102868.22) | / | ((1748.591 + 16498.551) / 93959.767) |
| = | 0.210719 | / | 0.194202 |
| | = | 1.0851 |
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 |
| = | (9715.298 - 0 | - | 3118.835) | / | 102868.22 |
| | = | 0.064125 |
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.
Gritee has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
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