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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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Cleanspark's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Cleanspark was 3.26. The lowest was -62.00. And the median was -2.12.
The historical data trend for Cleanspark'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.
Cleanspark Annual Data | |||||||||||||||||||||
Trend | Sep14 | Sep15 | Sep16 | Sep17 | Sep18 | Sep19 | Sep20 | Sep21 | Sep22 | Sep23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | 1.30 | -6.08 | 1.75 | -3.22 | -3.10 |
Cleanspark 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 | -2.60 | -2.00 | -3.10 | -3.04 | -2.46 |
For the Capital Markets subindustry, Cleanspark'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 Capital Markets industry and Financial Services sector, Cleanspark's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cleanspark'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 Cleanspark 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 | + | 0.528 * 0.3321 | + | 0.404 * 0.3189 | + | 0.892 * 2.3217 | + | 0.115 * 0.8931 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.6551 | + | 4.679 * 0.028485 | - | 0.327 * 0.3657 | |||||||
= | -2.46 |
* 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 $0.0 Mil. Revenue was 111.799 + 73.786 + 53.115 + 45.38 = $284.1 Mil. Gross Profit was 77.501 + 29.569 + 6.957 + 14.294 = $128.3 Mil. Total Current Assets was $687.8 Mil. Total Assets was $1,537.3 Mil. Property, Plant and Equipment(Net PPE) was $832.0 Mil. Depreciation, Depletion and Amortization(DDA) was $142.1 Mil. Selling, General, & Admin. Expense(SGA) was $49.5 Mil. Total Current Liabilities was $55.0 Mil. Long-Term Debt & Capital Lease Obligation was $5.5 Mil. Net Income was 126.735 + 25.909 + -74.879 + -14.219 = $63.5 Mil. Non Operating Income was 116.705 + 34.121 + -7.224 + 1.365 = $145.0 Mil. Cash Flow from Operations was -42.907 + -40.034 + -43.94 + 1.67 = $-125.2 Mil. |
Total Receivables was $0.0 Mil. Revenue was 42.546 + 27.302 + 26.714 + 25.794 = $122.4 Mil. Gross Profit was 20.464 + -2.916 + -6.622 + 7.43 = $18.4 Mil. Total Current Assets was $32.9 Mil. Total Assets was $531.6 Mil. Property, Plant and Equipment(Net PPE) was $479.7 Mil. Depreciation, Depletion and Amortization(DDA) was $71.8 Mil. Selling, General, & Admin. Expense(SGA) was $32.5 Mil. Total Current Liabilities was $41.3 Mil. Long-Term Debt & Capital Lease Obligation was $16.0 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 / 284.08) | / | (0.047 / 122.356) | |
= | 0 | / | 0.000384 | |
= | 0 |
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) | |
= | (18.356 / 122.356) | / | (128.321 / 284.08) | |
= | 0.150021 | / | 0.451707 | |
= | 0.3321 |
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 - (687.771 + 832.047) / 1537.315) | / | (1 - (32.906 + 479.675) / 531.553) | |
= | 0.011382 | / | 0.035692 | |
= | 0.3189 |
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 | |
= | 284.08 | / | 122.356 | |
= | 2.3217 |
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)) |
= | (71.841 / (71.841 + 479.675)) | / | (142.087 / (142.087 + 832.047)) | |
= | 0.130261 | / | 0.14586 | |
= | 0.8931 |
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) |
= | (49.48 / 284.08) | / | (32.531 / 122.356) | |
= | 0.174176 | / | 0.265872 | |
= | 0.6551 |
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) |
= | ((5.521 + 55.026) / 1537.315) | / | ((15.964 + 41.282) / 531.553) | |
= | 0.039385 | / | 0.107696 | |
= | 0.3657 |
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 | |
= | (63.546 - 144.967 | - | -125.211) | / | 1537.315 | |
= | 0.028485 |
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.
Cleanspark has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Cleanspark's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Larry Mcneill | director | 1185 SOUTH 1800 WEST, SUITE 3, WOODS CROSS UT 84087 |
Gary Anthony Vecchiarelli | officer: Chief Financial Officer | 6980 OBANNON DRIVE, LAS VEGAS NV 89117 |
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Amanda Cavaleri | director | 2370 CORPORATE CIRCLE, SUITE 160, HENDERSON NV 89074 |
Zachary Bradford | director, officer: CEO and President | 2391 SOUTH 1560 WEST, WOODS CROSS UT 84087 |
S. Matthew Schultz | director, officer: Executive Chairman | 2391 SOUTH 1560 WEST, WOODS CROSS UT 84087 |
Amer Tadayon | officer: Chief Revenue Officer | 1185 S. 1800 WEST, SUITE 3, WOODS CROSS UT 84087 |
Lori Love | officer: Chief Financial Officer | 70 NORTH MAIN STREET, SUITE 105, BOUNTIFUL UT 84010 |
Anthony M Vastola | officer: Chief Strategy Officer | 70 NORTH MAIN STREET, STE. 105, BOUNTIFUL UT 84010 |
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Michael Gary Barrett | officer: COO | 2391 SOUTH 1560 WEST, WOODS CROSS UT 84087 |
Bruce Lybbert | director, 10 percent owner, officer: Officer | 2391 SOUTH 1560 WEST, WOODS CROSS UT 84087 |
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