Ze Pak Beneish M-Score Historical Data
The historical data trend for Ze Pak'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.
Ze Pak Beneish M-Score Chart
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Ze Pak Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.78 |
-2.34 |
-1.44 |
-3.23 |
-0.03 |
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Ze Pak Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.09 |
-8.54 |
-2.78 |
-0.03 |
-0.55 |
Competitive Comparison of Ze Pak's Beneish M-Score
For the Utilities - Independent Power Producers subindustry, Ze Pak'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.
Ze Pak's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Ze Pak's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ze Pak's Beneish M-Score falls into.
Ze Pak 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 Ze Pak 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 * 0.8791 | + | 0.528 * 0.0959 | + | 0.404 * 4.2223 | + | 0.892 * 1.0072 | + | 0.115 * 0.8001 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9001 | + | 4.679 * 0.223938 | - | 0.327 * 0.49 |
| = | -0.55 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was zł699 Mil.
Revenue was 519.587 + 828.677 + 819.918 + 305.607 = zł2,474 Mil.
Gross Profit was 55.203 + 375.931 + 376.383 + 505.205 = zł1,313 Mil.
Total Current Assets was zł2,040 Mil.
Total Assets was zł3,650 Mil.
Property, Plant and Equipment(Net PPE) was zł834 Mil.
Depreciation, Depletion and Amortization(DDA) was zł28 Mil.
Selling, General, & Admin. Expense(SGA) was zł110 Mil.
Total Current Liabilities was zł1,164 Mil.
Long-Term Debt & Capital Lease Obligation was zł28 Mil.
Net Income was -4.64 + 521.911 + 376.22 + 221.149 = zł1,115 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 104.078 + -114.253 + 198.113 + 109.259 = zł297 Mil.
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Total Receivables was zł790 Mil.
Revenue was 711.359 + -352.374 + 1137.001 + 960.077 = zł2,456 Mil.
Gross Profit was -92.707 + -93.01 + 237.862 + 72.801 = zł125 Mil.
Total Current Assets was zł2,875 Mil.
Total Assets was zł5,083 Mil.
Property, Plant and Equipment(Net PPE) was zł1,952 Mil.
Depreciation, Depletion and Amortization(DDA) was zł52 Mil.
Selling, General, & Admin. Expense(SGA) was zł121 Mil.
Total Current Liabilities was zł2,524 Mil.
Long-Term Debt & Capital Lease Obligation was zł864 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) |
| = | (699.443 / 2473.789) | / | (789.928 / 2456.063) |
| = | 0.282742 | / | 0.321624 |
| | = | 0.8791 |
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) |
| = | (124.946 / 2456.063) | / | (1312.722 / 2473.789) |
| = | 0.050872 | / | 0.530652 |
| | = | 0.0959 |
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 - (2040.022 + 834.475) / 3650.317) | / | (1 - (2875.044 + 1951.755) / 5082.639) |
| = | 0.212535 | / | 0.050336 |
| | = | 4.2223 |
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 |
| = | 2473.789 | / | 2456.063 |
| | = | 1.0072 |
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)) |
| = | (52 / (52 + 1951.755)) | / | (27.974 / (27.974 + 834.475)) |
| = | 0.025951 | / | 0.032436 |
| | = | 0.8001 |
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) |
| = | (109.986 / 2473.789) | / | (121.324 / 2456.063) |
| = | 0.044461 | / | 0.049398 |
| | = | 0.9001 |
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) |
| = | ((28.171 + 1164.193) / 3650.317) | / | ((864.228 + 2523.674) / 5082.639) |
| = | 0.326647 | / | 0.666564 |
| | = | 0.49 |
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 |
| = | (1114.64 - 0 | - | 297.197) | / | 3650.317 |
| | = | 0.223938 |
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.
Ze Pak has a M-score of -0.55 signals that the company is likely to be a manipulator.
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