Bitnine Co Beneish M-Score Historical Data
The historical data trend for Bitnine 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.
Bitnine Co Beneish M-Score Chart
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Bitnine Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
- |
-3.16 |
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Bitnine Co Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.16 |
-3.28 |
-4.01 |
-2.82 |
-3.31 |
Competitive Comparison of Bitnine Co's Beneish M-Score
For the Software - Infrastructure subindustry, Bitnine 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.
Bitnine Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Bitnine Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bitnine Co's Beneish M-Score falls into.
Bitnine 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 Bitnine 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 * 0.673 | + | 0.528 * 1 | + | 0.404 * 1.2731 | + | 0.892 * 1.4519 | + | 0.115 * 0.7491 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6969 | + | 4.679 * -0.111714 | - | 0.327 * 2.1471 |
| = | -3.31 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₩11,728 Mil.
Revenue was 8007.735 + 7144.354 + 6304.212 + 6384.038 = ₩27,840 Mil.
Gross Profit was 8007.735 + 7144.354 + 6304.212 + 6384.038 = ₩27,840 Mil.
Total Current Assets was ₩26,788 Mil.
Total Assets was ₩60,170 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,435 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,799 Mil.
Selling, General, & Admin. Expense(SGA) was ₩35,245 Mil.
Total Current Liabilities was ₩40,566 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,177 Mil.
Net Income was -5149.078 + -3962.64 + -7039.544 + -500.298 = ₩-16,652 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -3775.825 + -1106.572 + -2174.842 + -2872.48 = ₩-9,930 Mil.
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Total Receivables was ₩12,003 Mil.
Revenue was 5590.054 + 4847.805 + 4616.795 + 4120.499 = ₩19,175 Mil.
Gross Profit was 5590.054 + 4847.805 + 4616.795 + 4120.499 = ₩19,175 Mil.
Total Current Assets was ₩40,506 Mil.
Total Assets was ₩72,099 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,406 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,181 Mil.
Selling, General, & Admin. Expense(SGA) was ₩14,306 Mil.
Total Current Liabilities was ₩4,320 Mil.
Long-Term Debt & Capital Lease Obligation was ₩18,976 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) |
| = | (11728.264 / 27840.339) | / | (12003.486 / 19175.153) |
| = | 0.421269 | / | 0.625992 |
| | = | 0.673 |
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) |
| = | (19175.153 / 19175.153) | / | (27840.339 / 27840.339) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (26788.187 + 3434.696) / 60170.044) | / | (1 - (40506.09 + 3406.467) / 72099.208) |
| = | 0.497709 | / | 0.390943 |
| | = | 1.2731 |
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 |
| = | 27840.339 | / | 19175.153 |
| | = | 1.4519 |
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)) |
| = | (1181.446 / (1181.446 + 3406.467)) | / | (1799.344 / (1799.344 + 3434.696)) |
| = | 0.257513 | / | 0.343777 |
| | = | 0.7491 |
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) |
| = | (35244.787 / 27840.339) | / | (14305.572 / 19175.153) |
| = | 1.265961 | / | 0.746047 |
| | = | 1.6969 |
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) |
| = | ((1177.241 + 40566.237) / 60170.044) | / | ((18975.999 + 4320.006) / 72099.208) |
| = | 0.693758 | / | 0.32311 |
| | = | 2.1471 |
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 |
| = | (-16651.56 - 0 | - | -9929.719) | / | 60170.044 |
| | = | -0.111714 |
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.
Bitnine Co has a M-score of -3.31 suggests that the company is unlikely to be a manipulator.
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