EFOI has been successfully added to your Stock Email Alerts list.
You can manage your stock email alerts here.
EFOI has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
The historical rank and industry rank for Energy Focus's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Energy Focus was -0.17. The lowest was -3.94. And the median was -2.40.
The historical data trend for Energy Focus'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.
Energy Focus Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.40 | -3.94 | - | - | - |
Energy Focus Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | - | - | - | - | - |
For the Furnishings, Fixtures & Appliances subindustry, Energy Focus'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.
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Energy Focus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Energy Focus's Beneish M-Score falls into.
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 Energy Focus 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * | + | 4.679 * | - | 0.327 * | |||||||
= |
* 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 $0.40 Mil. Revenue was 0.833 + 2.393 + 1.339 + 1.055 = $5.62 Mil. Gross Profit was 0.12 + 0.075 + -0.048 + 0.179 = $0.33 Mil. Total Current Assets was $6.48 Mil. Total Assets was $7.42 Mil. Property, Plant and Equipment(Net PPE) was $0.94 Mil. Depreciation, Depletion and Amortization(DDA) was $0.03 Mil. Selling, General, & Admin. Expense(SGA) was $3.13 Mil. Total Current Liabilities was $3.46 Mil. Long-Term Debt & Capital Lease Obligation was $0.74 Mil. Net Income was -0.418 + -0.849 + -0.944 + -1.167 = $-3.38 Mil. Non Operating Income was 0.186 + 0.016 + -0.007 + 0.002 = $0.20 Mil. Cash Flow from Operations was -0.058 + -0.069 + -1.035 + -0.152 = $-1.31 Mil. |
Total Receivables was $1.35 Mil. Revenue was 0.93 + 0.663 + 1.764 + 1.48 = $4.84 Mil. Gross Profit was 0.017 + -0.238 + -0.163 + 0.109 = $-0.28 Mil. Total Current Assets was $7.43 Mil. Total Assets was $8.61 Mil. Property, Plant and Equipment(Net PPE) was $1.18 Mil. Depreciation, Depletion and Amortization(DDA) was $0.12 Mil. Selling, General, & Admin. Expense(SGA) was $6.09 Mil. Total Current Liabilities was $4.68 Mil. Long-Term Debt & Capital Lease Obligation was $0.98 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) |
= | (0.396 / 5.62) | / | (1.354 / 4.837) | |
= | 0.070463 | / | 0.279926 | |
= |
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) | |
= | (-0.275 / 4.837) | / | (0.326 / 5.62) | |
= | -0.056853 | / | 0.058007 | |
= |
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 - (6.48 + 0.937) / 7.417) | / | (1 - (7.434 + 1.179) / 8.613) | |
= | -0 | / | 0 | |
= |
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 | |
= | 5.62 | / | 4.837 | |
= |
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)) |
= | (0.123 / (0.123 + 1.179)) | / | (0.033 / (0.033 + 0.937)) | |
= | 0.09447 | / | 0.034021 | |
= |
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) |
= | (3.132 / 5.62) | / | (6.087 / 4.837) | |
= | 0.557295 | / | 1.258425 | |
= |
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) |
= | ((0.735 + 3.457) / 7.417) | / | ((0.975 + 4.683) / 8.613) | |
= | 0.565188 | / | 0.656914 | |
= |
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 | |
= | (-3.378 - 0.197 | - | -1.314) | / | 7.417 | |
= | -0.30484 |
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.
Thank you for viewing the detailed overview of Energy Focus's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Shou-jang Lee | director | 32000 AURORA RD., SUITE B, SOLON OH 44139 |
Randy Harrison Gianas | officer: VP Operations & Engineering | 32000 AURORA RD., SUITE B, SOLON OH 44139 |
Lesley A. Matt | officer: Chief Executive Officer | 32000 AURORA RD., SUITE B, SOLON OH 44139 |
Warren James Raymond Iii | officer: SVP, GC & Corp. Secretary | TUCKER ELLIS LLP, 925 EUCLID AVE., SUITE 1150, CLEVELAND OH 44115 |
Wen-jeng Chang | director | 32000 AURORA RD., SUITE B, SOLON OH 44139 |
Chiao Chieh Huang | director, 10 percent owner | 32000 AURORA RD., SUITE B, SOLON OH 44139 |
Gina Huang | director, 10 percent owner | C/O ENERGY FOCUS, INC., 32000 AURORA ROAD, SOLON OH 44139 |
Daas Kaj Den | director | EIFELLAAN #3, 5691 GW, SON EN BREUGEL P7 00000 |
Clifford R. Griffin | officer: SVP, Corp. Controller & CAO | 32000 AURORA ROAD, SUITE B, SOLON OH 44139 |
Jeffery Robert Parker | director | ENERGY FOCUS, INC., 32000 AURORA ROAD, SUITE B, SOLON OH 44139 |
Brian J Lagarto | director | 32000 AURORA RD., SUITE B, SOLON OH 44139 |
Gregory S Galluccio | officer: Sr. VP, Product Mgmt & Engin. | 32000 AURORA ROAD, SUITE B, SOLON OH 44139 |
Philip Politziner | director | C/O JENSYN ACQUISTION CORP, 800 WEST MAIN STREET, SUITE 204, FREEHOLD NJ 07728 |
Stephen Socolof | director | C/O EVERSPIN TECHNOLOGIES, INC., 1347 N. ALMA SCHOOL ROAD, SUITE 220, CHANDLER AZ 85224 |
James Tu | director, officer: Executive Chairman & CEO | ENERGY FOCUS, INC., 32000 AURORA ROAD, SOLON OH 44139 |
From GuruFocus
By PRNewswire PRNewswire • 06-28-2022
By Business Wire Business Wire • 06-15-2022
By PRNewswire PRNewswire • 07-08-2022
By Business Wire Business Wire • 03-07-2022
By PRNewswire PRNewswire • 07-02-2022
By Business Wire Business Wire • 08-02-2022
By PRNewswire PRNewswire • 06-12-2022
By Business Wire Business Wire • 06-04-2022
By Business Wire Business Wire • 05-25-2022
By PRNewswire PRNewswire • 07-12-2022
Disclaimers: GuruFocus.com is not operated by a broker or a dealer. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. This investment adviser does not provide advice to individual investors. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.