Gaia Co Beneish M-Score Historical Data
The historical data trend for Gaia 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.
Gaia Co Beneish M-Score Chart
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Gaia Co Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
-4.43 |
-3.70 |
-2.88 |
-1.97 |
-2.01 |
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Gaia Co Semi-Annual Data
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Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
-4.43 |
-3.70 |
-2.88 |
-1.97 |
-2.01 |
Competitive Comparison of Gaia Co's Beneish M-Score
For the Leisure subindustry, Gaia 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.
Gaia Co's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Gaia Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gaia Co's Beneish M-Score falls into.
Gaia 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 Gaia 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 * 1.2453 | + | 0.528 * 1.3244 | + | 0.404 * 0.8774 | + | 0.892 * 0.8391 | + | 0.115 * 1.2853 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9536 | + | 4.679 * 0.052478 | - | 0.327 * 1.0508 |
| = | -2.01 |
* 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 ₩4,186 Mil.
Revenue was ₩31,676 Mil.
Gross Profit was ₩10,668 Mil.
Total Current Assets was ₩12,877 Mil.
Total Assets was ₩15,032 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,340 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩738 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,924 Mil.
Total Current Liabilities was ₩8,984 Mil.
Long-Term Debt & Capital Lease Obligation was ₩9 Mil.
Net Income was ₩-2,594 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩-3,382 Mil.
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Total Receivables was ₩4,006 Mil.
Revenue was ₩37,748 Mil.
Gross Profit was ₩16,836 Mil.
Total Current Assets was ₩13,535 Mil.
Total Assets was ₩15,455 Mil.
Property, Plant and Equipment(Net PPE) was ₩966 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩812 Mil.
Selling, General, & Admin. Expense(SGA) was ₩9,903 Mil.
Total Current Liabilities was ₩8,798 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 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) |
| = | (4185.744 / 31675.783) | / | (4005.704 / 37747.914) |
| = | 0.132143 | / | 0.106117 |
| | = | 1.2453 |
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) |
| = | (16835.845 / 37747.914) | / | (10667.585 / 31675.783) |
| = | 0.446007 | / | 0.336774 |
| | = | 1.3244 |
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 - (12877.398 + 1339.694) / 15031.887) | / | (1 - (13534.686 + 965.68) / 15455.148) |
| = | 0.054204 | / | 0.061778 |
| | = | 0.8774 |
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 |
| = | 31675.783 | / | 37747.914 |
| | = | 0.8391 |
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)) |
| = | (811.636 / (811.636 + 965.68)) | / | (738.265 / (738.265 + 1339.694)) |
| = | 0.456664 | / | 0.355284 |
| | = | 1.2853 |
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) |
| = | (7923.831 / 31675.783) | / | (9902.537 / 37747.914) |
| = | 0.250154 | / | 0.262333 |
| | = | 0.9536 |
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) |
| = | ((8.594 + 8983.585) / 15031.887) | / | ((0 + 8798.126) / 15455.148) |
| = | 0.598207 | / | 0.569268 |
| | = | 1.0508 |
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 |
| = | (-2593.639 - 0 | - | -3382.48) | / | 15031.887 |
| | = | 0.052478 |
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.
Gaia Co has a M-score of -2.01 suggests that the company is unlikely to be a manipulator.
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