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iSun (ISUN) Beneish M-Score : -2.13 (As of May. 20, 2024)


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What is iSun 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 -2.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISUN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.84   Med: -1.62   Max: 8.12
Current: -2.13

During the past 10 years, the highest Beneish M-Score of iSun was 8.12. The lowest was -3.84. And the median was -1.62.


iSun Beneish M-Score Historical Data

The historical data trend for iSun'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.

iSun Beneish M-Score Chart

iSun Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only - 8.12 -1.10 -3.84 -2.13

iSun Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.84 -4.35 -3.45 -2.90 -2.13

Competitive Comparison of iSun's Beneish M-Score

For the Solar subindustry, iSun'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.


iSun's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, iSun's Beneish M-Score distribution charts can be found below:

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



iSun 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 iSun 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 * 1.2673+0.528 * 1.1157+0.404 * 0.8098+0.892 * 1.2515+0.115 * 1.6063
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7215+4.679 * -0.039625-0.327 * 1.1074
=-2.13

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $25.55 Mil.
Revenue was 25.409 + 27.909 + 25.006 + 17.359 = $95.68 Mil.
Gross Profit was 3.002 + 5.428 + 5.937 + 3.549 = $17.92 Mil.
Total Current Assets was $31.48 Mil.
Total Assets was $66.70 Mil.
Property, Plant and Equipment(Net PPE) was $14.13 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.71 Mil.
Selling, General, & Admin. Expense(SGA) was $22.70 Mil.
Total Current Liabilities was $35.35 Mil.
Long-Term Debt & Capital Lease Obligation was $14.08 Mil.
Net Income was -11.661 + -2.248 + -2.511 + -2.997 = $-19.42 Mil.
Non Operating Income was -7.363 + -0.178 + -0.299 + 0.006 = $-7.83 Mil.
Cash Flow from Operations was -5.151 + -2.324 + -1.966 + 0.501 = $-8.94 Mil.
Total Receivables was $16.11 Mil.
Revenue was 25.856 + 19.034 + 16.476 + 15.087 = $76.45 Mil.
Gross Profit was 5.432 + 3.617 + 3.753 + 3.17 = $15.97 Mil.
Total Current Assets was $25.72 Mil.
Total Assets was $67.48 Mil.
Property, Plant and Equipment(Net PPE) was $15.40 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.73 Mil.
Selling, General, & Admin. Expense(SGA) was $25.14 Mil.
Total Current Liabilities was $30.22 Mil.
Long-Term Debt & Capital Lease Obligation was $14.94 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)
=(25.547 / 95.683) / (16.107 / 76.453)
=0.266996 / 0.210678
=1.2673

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)
=(15.972 / 76.453) / (17.916 / 95.683)
=0.208913 / 0.187243
=1.1157

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 - (31.477 + 14.126) / 66.701) / (1 - (25.723 + 15.4) / 67.481)
=0.316307 / 0.390599
=0.8098

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
=95.683 / 76.453
=1.2515

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))
=(7.732 / (7.732 + 15.4)) / (3.712 / (3.712 + 14.126))
=0.334256 / 0.208095
=1.6063

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)
=(22.697 / 95.683) / (25.135 / 76.453)
=0.23721 / 0.328764
=0.7215

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)
=((14.076 + 35.354) / 66.701) / ((14.937 + 30.221) / 67.481)
=0.741068 / 0.669196
=1.1074

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
=(-19.417 - -7.834 - -8.94) / 66.701
=-0.039625

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.

iSun has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.


iSun (ISUN) Business Description

Traded in Other Exchanges
Address
400 Avenue D, Suite 10, Williston, VT, USA, 05495
iSun Inc is a solar energy services and infrastructure deployment company. Its service provides services include solar, storage, and electric vehicle infrastructure, design, development and professional services, engineering, procurement, installation, O&M, and storage. It operates in all solar markets including residential, commercial, industrial, and utility segments.
Executives
Claudia Michel Meer director 5425 WICKFORD DRIVE, NORTH BETHESDA MD 20852
Frederick Jr Myrick director, 10 percent owner, officer: Executive Vice President 1 HICKORY LANE, ESSEX JUNCTION VT 05452
Jeffrey Peck director, 10 percent owner, officer: Chief Executive Officer 618 BRENNAN WOODS DRIVE, WILLISTON VT 05495
John Patrick Sullivan officer: Chief Financial Officer 97 OVERLAKE PARK, BURLINGTON VT 05401
Michael Paul D'amato officer: Chief Strategy Officer 208 MIDWOOD STREET, BROOKLYN NY 11225
Daniel Reid Dus officer: President of iSun Industrial 850 SUMMER ST, M9, LEE MA 01238
Andrew Christian Matthy director 400 AVENUE D, WILLISTON VT 05495
Merritt Harold Kenneth Jr. officer: Secretary C/O ISUN, INC., 400 AVE D, SUITE 10, WILLISTON VT 05495
Sass Peress officer: Chief Innovation Officer 7501 MOUNTAIN SIGHTS, APT 505, MONTREAL A8 H4P0A8
Mats Wennberg 10 percent owner 240 S PINEAPPLE AVE, STE 701, SARASOTA FL 34236
Joseph A Bobier other: Member of group that owns 10% 240 S PINEAPPLE AVE, STE 701, SARASOTA FL 34236
Roger G Branton 10 percent owner 240 S PINEAPPLE AVE, STE 701, SARASOTA FL 34236
Richard L Mooers 10 percent owner 240 S PINEAPPLE AVE, STE 701, SARASOTA FL 34236
Douglas Rose director 802 HITCHING POST RD, VISTA CA 92081
Stewart I. Martin director 598 SW 16TH STREET, BOCA RATON FL 33432

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