GNI Group Beneish M-Score Historical Data
The historical data trend for GNI Group'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.
GNI Group Beneish M-Score Chart
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GNI Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.26 |
-2.53 |
-1.94 |
-1.88 |
-2.14 |
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GNI Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.88 |
-2.31 |
-1.19 |
-2.28 |
-2.14 |
Competitive Comparison of GNI Group's Beneish M-Score
For the Biotechnology subindustry, GNI Group'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.
GNI Group's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, GNI Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GNI Group's Beneish M-Score falls into.
GNI Group 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 GNI Group 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 * 0.8522 | + | 0.528 * 0.9815 | + | 0.404 * 1.1467 | + | 0.892 * 1.4932 | + | 0.115 * 1.0925 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.934 | + | 4.679 * 0.02476 | - | 0.327 * 1.476 |
| = | -2.14 |
* 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 円3,973 Mil.
Revenue was 5462.676 + 6451.35 + 9890.409 + 4206.135 = 円26,011 Mil.
Gross Profit was 4252.7 + 5423.144 + 9122.552 + 3632.777 = 円22,431 Mil.
Total Current Assets was 円30,907 Mil.
Total Assets was 円62,394 Mil.
Property, Plant and Equipment(Net PPE) was 円6,053 Mil.
Depreciation, Depletion and Amortization(DDA) was 円608 Mil.
Selling, General, & Admin. Expense(SGA) was 円15,293 Mil.
Total Current Liabilities was 円8,194 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,750 Mil.
Net Income was 5880.928 + 554.468 + 1661.679 + -2.874 = 円8,094 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 2106.349 + 3570.61 + 162.419 + 709.959 = 円6,549 Mil.
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Total Receivables was 円3,122 Mil.
Revenue was 4657.935 + 4606.213 + 4221.327 + 3933.49 = 円17,419 Mil.
Gross Profit was 3890.764 + 3833.629 + 3636.114 + 3384.048 = 円14,745 Mil.
Total Current Assets was 円17,147 Mil.
Total Assets was 円33,907 Mil.
Property, Plant and Equipment(Net PPE) was 円4,706 Mil.
Depreciation, Depletion and Amortization(DDA) was 円522 Mil.
Selling, General, & Admin. Expense(SGA) was 円10,966 Mil.
Total Current Liabilities was 円3,503 Mil.
Long-Term Debt & Capital Lease Obligation was 円158 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) |
| = | (3973.476 / 26010.57) | / | (3122.463 / 17418.965) |
| = | 0.152764 | / | 0.179257 |
| | = | 0.8522 |
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) |
| = | (14744.555 / 17418.965) | / | (22431.173 / 26010.57) |
| = | 0.846466 | / | 0.862387 |
| | = | 0.9815 |
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 - (30907.282 + 6053.186) / 62394.37) | / | (1 - (17147.264 + 4706.384) / 33906.981) |
| = | 0.407631 | / | 0.355482 |
| | = | 1.1467 |
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 |
| = | 26010.57 | / | 17418.965 |
| | = | 1.4932 |
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)) |
| = | (521.666 / (521.666 + 4706.384)) | / | (608.422 / (608.422 + 6053.186)) |
| = | 0.099782 | / | 0.091333 |
| | = | 1.0925 |
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) |
| = | (15292.838 / 26010.57) | / | (10965.655 / 17418.965) |
| = | 0.587947 | / | 0.629524 |
| | = | 0.934 |
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) |
| = | ((1750.276 + 8193.776) / 62394.37) | / | ((157.744 + 3503.492) / 33906.981) |
| = | 0.159374 | / | 0.107979 |
| | = | 1.476 |
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 |
| = | (8094.201 - 0 | - | 6549.337) | / | 62394.37 |
| | = | 0.02476 |
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.
GNI Group has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.
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