Ecopro HN Co Beneish M-Score Historical Data
The historical data trend for Ecopro HN 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.
Ecopro HN Co Beneish M-Score Chart
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Ecopro HN Co Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-1.85 |
-2.72 |
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Ecopro HN Co Quarterly Data
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Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.85 |
-2.93 |
-2.51 |
-2.29 |
-2.72 |
Competitive Comparison of Ecopro HN Co's Beneish M-Score
For the Pollution & Treatment Controls subindustry, Ecopro HN 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.
Ecopro HN Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Ecopro HN Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ecopro HN Co's Beneish M-Score falls into.
Ecopro HN 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 Ecopro HN 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 * 0.9456 | + | 0.528 * 1.4057 | + | 0.404 * 0.4822 | + | 0.892 * 1.0243 | + | 0.115 * 1.9045 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2115 | + | 4.679 * -0.078632 | - | 0.327 * 0.738 |
| = | -2.72 |
* 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 ₩104,856 Mil.
Revenue was 80045.231 + 56117.24 + 46832.997 + 51504.992 = ₩234,500 Mil.
Gross Profit was 16720.194 + 12980.206 + 11392.647 + 13969.574 = ₩55,063 Mil.
Total Current Assets was ₩321,062 Mil.
Total Assets was ₩466,653 Mil.
Property, Plant and Equipment(Net PPE) was ₩133,696 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩6,230 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,543 Mil.
Total Current Liabilities was ₩103,847 Mil.
Long-Term Debt & Capital Lease Obligation was ₩54,300 Mil.
Net Income was 6964.744 + 4831.836 + 3182.261 + 6569.595 = ₩21,548 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 24061.769 + -1317.747 + -647.636 + 36145.754 = ₩58,242 Mil.
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Total Receivables was ₩108,258 Mil.
Revenue was 47556.833 + 65359.239 + 56533.54 + 59496.41 = ₩228,946 Mil.
Gross Profit was 16935.833 + 19793.043 + 18809.035 + 20031.078 = ₩75,569 Mil.
Total Current Assets was ₩146,981 Mil.
Total Assets was ₩225,813 Mil.
Property, Plant and Equipment(Net PPE) was ₩66,896 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩6,198 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,079 Mil.
Total Current Liabilities was ₩78,264 Mil.
Long-Term Debt & Capital Lease Obligation was ₩25,426 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) |
| = | (104856.24 / 234500.46) | / | (108258.379 / 228946.022) |
| = | 0.447147 | / | 0.472855 |
| | = | 0.9456 |
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) |
| = | (75568.989 / 228946.022) | / | (55062.621 / 234500.46) |
| = | 0.330073 | / | 0.234808 |
| | = | 1.4057 |
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 - (321062.406 + 133695.988) / 466652.782) | / | (1 - (146981.107 + 66896.138) / 225812.641) |
| = | 0.025489 | / | 0.052855 |
| | = | 0.4822 |
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 |
| = | 234500.46 | / | 228946.022 |
| | = | 1.0243 |
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)) |
| = | (6197.596 / (6197.596 + 66896.138)) | / | (6229.673 / (6229.673 + 133695.988)) |
| = | 0.08479 | / | 0.044521 |
| | = | 1.9045 |
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) |
| = | (7543.022 / 234500.46) | / | (6078.799 / 228946.022) |
| = | 0.032166 | / | 0.026551 |
| | = | 1.2115 |
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) |
| = | ((54300.362 + 103847.158) / 466652.782) | / | ((25425.904 + 78264.304) / 225812.641) |
| = | 0.338898 | / | 0.459187 |
| | = | 0.738 |
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 |
| = | (21548.436 - 0 | - | 58242.14) | / | 466652.782 |
| | = | -0.078632 |
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.
Ecopro HN Co has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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