Gotion High-tech Co Beneish M-Score Historical Data
The historical data trend for Gotion High-tech Co'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.
Gotion High-tech Co Beneish M-Score Chart
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Gotion High-tech Co Annual Data
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Dec14 |
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Dec20 |
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Dec23 |
| Beneish M-Score |
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-2.58 |
-2.10 |
-2.19 |
-1.87 |
-2.22 |
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Gotion High-tech Co Quarterly Data
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Jun19 |
Sep19 |
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Mar24 |
| Beneish M-Score |
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-2.00 |
-2.03 |
-2.18 |
-2.22 |
-2.22 |
Competitive Comparison of Gotion High-tech Co's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Gotion High-tech Co'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.
Gotion High-tech Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Gotion High-tech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gotion High-tech Co's Beneish M-Score falls into.
Gotion High-tech Co 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 Gotion High-tech Co 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 * 1.11 | + | 0.528 * 1.1145 | + | 0.404 * 0.922 | + | 0.892 * 1.2137 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8248 | + | 4.679 * -0.015346 | - | 0.327 * 1.0694 |
| = | -2.22 |
* 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 ¥17,521 Mil.
Revenue was 7507.914 + 9826.998 + 6539.677 + 8061.814 = ¥31,936 Mil.
Gross Profit was 1340.899 + 1647.934 + 1361.131 + 979.724 = ¥5,330 Mil.
Total Current Assets was ¥44,543 Mil.
Total Assets was ¥97,571 Mil.
Property, Plant and Equipment(Net PPE) was ¥39,969 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,390 Mil.
Total Current Liabilities was ¥47,184 Mil.
Long-Term Debt & Capital Lease Obligation was ¥21,006 Mil.
Net Income was 69.138 + 646.507 + 83.145 + 133.466 = ¥932 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 72.153 + 2210.167 + 43.532 + 103.744 = ¥2,430 Mil.
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Total Receivables was ¥13,005 Mil.
Revenue was 7177.001 + 8625.503 + 5788.332 + 4721.663 = ¥26,312 Mil.
Gross Profit was 1359.489 + 2065.369 + 790.683 + 678.428 = ¥4,894 Mil.
Total Current Assets was ¥40,728 Mil.
Total Assets was ¥78,765 Mil.
Property, Plant and Equipment(Net PPE) was ¥26,603 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,388 Mil.
Total Current Liabilities was ¥37,866 Mil.
Long-Term Debt & Capital Lease Obligation was ¥13,608 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) |
| = | (17520.565 / 31936.403) | / | (13004.666 / 26312.499) |
| = | 0.548608 | / | 0.494239 |
| | = | 1.11 |
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) |
| = | (4893.969 / 26312.499) | / | (5329.688 / 31936.403) |
| = | 0.185994 | / | 0.166884 |
| | = | 1.1145 |
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 - (44543.434 + 39968.622) / 97570.587) | / | (1 - (40728.06 + 26603.457) / 78764.579) |
| = | 0.133837 | / | 0.145155 |
| | = | 0.922 |
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 |
| = | 31936.403 | / | 26312.499 |
| | = | 1.2137 |
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 / (0 + 26603.457)) | / | (0 / (0 + 39968.622)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1389.569 / 31936.403) | / | (1388.117 / 26312.499) |
| = | 0.043511 | / | 0.052755 |
| | = | 0.8248 |
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) |
| = | ((21006.463 + 47184.455) / 97570.587) | / | ((13608.483 + 37865.974) / 78764.579) |
| = | 0.698888 | / | 0.653523 |
| | = | 1.0694 |
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 |
| = | (932.256 - 0 | - | 2429.596) | / | 97570.587 |
| | = | -0.015346 |
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.
Gotion High-tech Co has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
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