Ecoeye Co Beneish M-Score Historical Data
The historical data trend for Ecoeye 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.
Ecoeye Co Beneish M-Score Chart
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Ecoeye Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
6.41 |
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Ecoeye Co Quarterly Data
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Dec20 |
Dec21 |
Jun22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
2.57 |
- |
6.41 |
Competitive Comparison of Ecoeye Co's Beneish M-Score
For the Conglomerates subindustry, Ecoeye 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.
Ecoeye Co's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Ecoeye Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ecoeye Co's Beneish M-Score falls into.
Ecoeye 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 Ecoeye 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 * 9.9223 | + | 0.528 * 2.0774 | + | 0.404 * 1.0944 | + | 0.892 * 0.3975 | + | 0.115 * 0.8019 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.2948 | + | 4.679 * 0.203436 | - | 0.327 * 1.282 |
| = | 6.41 |
* 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 ₩12,067 Mil.
Revenue was 12392.323 + 2489.248 + 5745.086 + 5142.613 = ₩25,769 Mil.
Gross Profit was 364.232 + -265.331 + 3275.396 + 1516.565 = ₩4,891 Mil.
Total Current Assets was ₩131,677 Mil.
Total Assets was ₩149,839 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,353 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩413 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,302 Mil.
Total Current Liabilities was ₩9,886 Mil.
Long-Term Debt & Capital Lease Obligation was ₩475 Mil.
Net Income was 114.234 + -1072.311 + 2193.485 + 1018.615 = ₩2,254 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -9059.598 + -6030.591 + -3381.094 + -9757.368 = ₩-28,229 Mil.
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Total Receivables was ₩3,059 Mil.
Revenue was 7810.564 + 3705.177 + 30242.059 + 23063.607 = ₩64,821 Mil.
Gross Profit was 3414.184 + 476.217 + 10301.538 + 11365.336 = ₩25,557 Mil.
Total Current Assets was ₩132,972 Mil.
Total Assets was ₩150,017 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,582 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩351 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,428 Mil.
Total Current Liabilities was ₩7,412 Mil.
Long-Term Debt & Capital Lease Obligation was ₩680 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) |
| = | (12067.305 / 25769.27) | / | (3059.242 / 64821.407) |
| = | 0.468283 | / | 0.047195 |
| | = | 9.9223 |
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) |
| = | (25557.275 / 64821.407) | / | (4890.862 / 25769.27) |
| = | 0.394272 | / | 0.189794 |
| | = | 2.0774 |
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 - (131676.764 + 2352.97) / 149838.927) | / | (1 - (132972.364 + 2581.724) / 150017.454) |
| = | 0.105508 | / | 0.096411 |
| | = | 1.0944 |
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 |
| = | 25769.27 | / | 64821.407 |
| | = | 0.3975 |
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)) |
| = | (350.78 / (350.78 + 2581.724)) | / | (412.537 / (412.537 + 2352.97)) |
| = | 0.119618 | / | 0.149172 |
| | = | 0.8019 |
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) |
| = | (1302.389 / 25769.27) | / | (1427.625 / 64821.407) |
| = | 0.05054 | / | 0.022024 |
| | = | 2.2948 |
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) |
| = | ((475.359 + 9886.068) / 149838.927) | / | ((679.528 + 7412.079) / 150017.454) |
| = | 0.06915 | / | 0.053938 |
| | = | 1.282 |
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 |
| = | (2254.023 - 0 | - | -28228.651) | / | 149838.927 |
| | = | 0.203436 |
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.
Ecoeye Co has a M-score of 6.41 signals that the company is likely to be a manipulator.
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