SolarEdge Technologies Beneish M-Score Historical Data
The historical data trend for SolarEdge Technologies'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.
SolarEdge Technologies Beneish M-Score Chart
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SolarEdge Technologies Annual Data
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Dec20 |
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Dec23 |
| Beneish M-Score |
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-2.12 |
-3.15 |
-1.55 |
-1.49 |
-2.54 |
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SolarEdge Technologies Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-1.49 |
-1.89 |
-1.60 |
-2.11 |
-2.54 |
Competitive Comparison of SolarEdge Technologies's Beneish M-Score
For the Solar subindustry, SolarEdge Technologies'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.
SolarEdge Technologies's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, SolarEdge Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SolarEdge Technologies's Beneish M-Score falls into.
SolarEdge Technologies 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 SolarEdge Technologies 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 * 0.7779 | + | 0.528 * 1.1485 | + | 0.404 * 0.7402 | + | 0.892 * 0.957 | + | 0.115 * 0.9738 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1933 | + | 4.679 * 0.047857 | - | 0.327 * 0.9309 |
| = | -2.54 |
* 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 $788 Mil.
Revenue was 316.044 + 725.305 + 991.29 + 943.889 = $2,977 Mil.
Gross Profit was -56.425 + 142.817 + 317.305 + 300.126 = $704 Mil.
Total Current Assets was $3,304 Mil.
Total Assets was $4,588 Mil.
Property, Plant and Equipment(Net PPE) was $679 Mil.
Depreciation, Depletion and Amortization(DDA) was $57 Mil.
Selling, General, & Admin. Expense(SGA) was $311 Mil.
Total Current Liabilities was $893 Mil.
Long-Term Debt & Capital Lease Obligation was $714 Mil.
Net Income was -162.383 + -61.176 + 119.51 + 138.378 = $34 Mil.
Non Operating Income was -5.939 + -0.484 + 0 + 1.309 = $-5 Mil.
Cash Flow from Operations was -139.91 + 40.585 + -88.711 + 7.923 = $-180 Mil.
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Total Receivables was $1,059 Mil.
Revenue was 890.702 + 836.723 + 727.774 + 655.08 = $3,110 Mil.
Gross Profit was 261.047 + 222.001 + 182.642 + 178.958 = $845 Mil.
Total Current Assets was $2,900 Mil.
Total Assets was $4,266 Mil.
Property, Plant and Equipment(Net PPE) was $607 Mil.
Depreciation, Depletion and Amortization(DDA) was $50 Mil.
Selling, General, & Admin. Expense(SGA) was $272 Mil.
Total Current Liabilities was $890 Mil.
Long-Term Debt & Capital Lease Obligation was $716 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) |
| = | (788.349 / 2976.528) | / | (1058.978 / 3110.279) |
| = | 0.264855 | / | 0.340477 |
| | = | 0.7779 |
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) |
| = | (844.648 / 3110.279) | / | (703.823 / 2976.528) |
| = | 0.271567 | / | 0.236458 |
| | = | 1.1485 |
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 - (3304.306 + 678.746) / 4587.731) | / | (1 - (2899.658 + 606.723) / 4265.949) |
| = | 0.131803 | / | 0.178054 |
| | = | 0.7402 |
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 |
| = | 2976.528 | / | 3110.279 |
| | = | 0.957 |
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)) |
| = | (49.676 / (49.676 + 606.723)) | / | (57.196 / (57.196 + 678.746)) |
| = | 0.07568 | / | 0.077718 |
| | = | 0.9738 |
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) |
| = | (310.822 / 2976.528) | / | (272.176 / 3110.279) |
| = | 0.104424 | / | 0.087509 |
| | = | 1.1933 |
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) |
| = | ((714.343 + 893.231) / 4587.731) | / | ((716.092 + 889.717) / 4265.949) |
| = | 0.350407 | / | 0.376425 |
| | = | 0.9309 |
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 |
| = | (34.329 - -5.114 | - | -180.113) | / | 4587.731 |
| | = | 0.047857 |
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.
SolarEdge Technologies has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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