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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Northern Solar Holdings Bhd (XKLS:0340) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, Northern Solar Holdings Bhd has a Sloan Ratio of 17.80%, indicating there is a warning stage of accrual build up.
Northern Solar Holdings Bhd Sloan Ratio % Related Terms
Northern Solar Holdings Bhd Sloan Ratio % Historical Data
* 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.
XKLS:0340 vs FSLR, NXT, ENPH: Sloan Ratio % Comparison
For the Solar subindustry, Northern Solar Holdings Bhd's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
Northern Solar Holdings Bhd Sloan Ratio % vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Northern Solar Holdings Bhd's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Northern Solar Holdings Bhd's Sloan Ratio % falls into.
Northern Solar Holdings Bhd Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Northern Solar Holdings Bhd's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was 3.85 (Jun. 2025 ) + 4.224 (Sep. 2025 ) + 4.103 (Dec. 2025 ) + 3.106 (Mar. 2026 ) = RM15.3 Mil.
Northern Solar Holdings Bhd's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was 3.553 (Jun. 2025 ) + 6.95 (Sep. 2025 ) + -9.866 (Dec. 2025 ) + 1.779 (Mar. 2026 ) = RM2.4 Mil.
Northern Solar Holdings Bhd's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was -3.85 (Jun. 2025 ) + -0.737 (Sep. 2025 ) + -3.045 (Dec. 2025 ) + -1.576 (Mar. 2026 ) = RM-9.2 Mil.
* 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.
Northern Solar Holdings Bhd (XKLS:0340) has a Sloan Ratio % of 17.80% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Northern Solar Holdings Bhd and its competitors.
Is Northern Solar Holdings Bhd's Sloan Ratio % too high?
Northern Solar Holdings Bhd's current Sloan Ratio % is 17.80%. Overall, Northern Solar Holdings Bhd has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Northern Solar Holdings Bhd's Sloan Ratio % compare to FSLR and NXT?
Northern Solar Holdings Bhd's Sloan Ratio % of 17.80% can be compared against companies in the Semiconductors industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Semiconductors company?
A good Sloan Ratio % depends on the Semiconductors industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Northern Solar Holdings Bhd and its competitors. Northern Solar Holdings Bhd's current Sloan Ratio % is 17.80%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Northern Solar Holdings Bhd stock overvalued right now?
Northern Solar Holdings Bhd (XKLS:0340) has a current Sloan Ratio % of 17.80%. The current Sloan Ratio % is 17.80%. Northern Solar Holdings Bhd's overall GF Score™ is 21/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Northern Solar Holdings Bhd (XKLS:0340), the current Sloan Ratio % is 17.80% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Northern Solar Holdings Bhd Group is principally involved in the EPCC of solar PV systems, Generation of renewable energy, and O&M of solar PV equipment and systems. Its EPCC of solar PV systems involves the provision of engineering design and planning, procurement and supply, construction, installation, testing, and commissioning of solar PV systems for commercial, industrial, and residential buildings. The Group owns, operates, and maintains rooftop solar PV systems that generate and sell electricity to NEM and SELCO consumers in Peninsular Malaysia. Its O&M of solar PV equipment and systems involves providing O&M services for solar PV equipment and systems installed in commercial, industrial, & residential buildings. The majority of revenue is derived from the EPCC of solar PV systems.
21GF Score
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