Phinergy (XTAE:PNRG) Beneish M-Score : -1.95 (As of Apr. 03, 2025)

View and export this data going back to 2021. Start your Free Trial

What is Phinergy Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -1.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Phinergy's Beneish M-Score or its related term are showing as below:

XTAE:PNRG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55 Med: -2.75 Max: -1.95
Current: -1.95

During the past 5 years, the highest Beneish M-Score of Phinergy was -1.95. The lowest was -3.55. And the median was -2.75.

Phinergy Beneish M-Score Historical Data

The historical data trend for Phinergy'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.

* Premium members only.

Phinergy Beneish M-Score Chart

Phinergy Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

-3.55

-1.95

Phinergy Semi-Annual Data
	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial					-3.55	-	-1.95	-	-

Competitive Comparison of Phinergy's Beneish M-Score

For the Electrical Equipment & Parts subindustry, Phinergy'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.

Phinergy's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Phinergy's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Phinergy's Beneish M-Score falls into.

Save Embed

;

Save Embed

;

Phinergy 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 Phinergy for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.6803

0.528 * 1.0125

0.404 * 1.7218

0.892 * 1.5249

0.115 * 0.8071

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6773

4.679 * -0.160181

0.327 * 0.6283

-2.60

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₪1.61 Mil.
Revenue was ₪4.84 Mil.
Gross Profit was ₪-8.77 Mil.
Total Current Assets was ₪47.32 Mil.
Total Assets was ₪103.65 Mil.
Property, Plant and Equipment(Net PPE) was ₪38.86 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪6.43 Mil.
Selling, General, & Admin. Expense(SGA) was ₪8.94 Mil.
Total Current Liabilities was ₪9.45 Mil.
Long-Term Debt & Capital Lease Obligation was ₪8.19 Mil.
Net Income was ₪-59.87 Mil.
Gross Profit was ₪0.00 Mil.
Cash Flow from Operations was ₪-43.26 Mil.

Total Receivables was ₪1.56 Mil.
Revenue was ₪3.18 Mil.
Gross Profit was ₪-5.82 Mil.
Total Current Assets was ₪64.70 Mil.
Total Assets was ₪115.82 Mil.
Property, Plant and Equipment(Net PPE) was ₪39.78 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪5.15 Mil.
Selling, General, & Admin. Expense(SGA) was ₪8.66 Mil.
Total Current Liabilities was ₪19.83 Mil.
Long-Term Debt & Capital Lease Obligation was ₪11.55 Mil.

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)
	=	(1.613 / 4.843)	/	(1.555 / 3.176)
	=	0.333058	/	0.48961
	=	0.6803

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)
	=	(-5.821 / 3.176)	/	(-8.767 / 4.843)
	=	-1.832809	/	-1.810242
	=	1.0125

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 - (47.321 + 38.862) / 103.645)	/	(1 - (64.701 + 39.782) / 115.816)
	=	0.168479	/	0.097853
	=	1.7218

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
	=	4.843	/	3.176
	=	1.5249

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))
	=	(5.145 / (5.145 + 39.782))	/	(6.426 / (6.426 + 38.862))
	=	0.114519	/	0.141892
	=	0.8071

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)
	=	(8.942 / 4.843)	/	(8.658 / 3.176)
	=	1.846376	/	2.726071
	=	0.6773

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)
	=	((8.187 + 9.452) / 103.645)	/	((11.545 + 19.825) / 115.816)
	=	0.170187	/	0.270861
	=	0.6283

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
	=	(-59.866 - 0	-	-43.264)	/	103.645
	=	-0.160181

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.

Phinergy has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.

Phinergy Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Phinergy's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Phinergy Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Phinergy Ltd (XTAE:PNRG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Yodfat 2, E.T. North, Lod, ISR, 7129104

Website

https://www.phinergy.com

Phinergy Ltd is a developer of clean and high energy-density systems based on metal-air technology. With its aluminium-air battery, the company has developed a way to generate electricity using aluminium as an energy source. The solutions offered by the company include Energy Back up, Energy Storage, and Electric Transportation.