ADDvantage Technologies Group, Inc.
AEYGQ Technology Electronics & Computer Distribution
ADDvantage Technologies Group, Inc.’s revenue for fiscal 2022 (year ended December 2022) was $97.0 million, roughly unchanged from fiscal 2022.
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ADDvantage Technologies Group, Inc. (AEYGQ) Beneish M-score
ADDvantage Technologies Group, Inc.'s Beneish M-score for fiscal 2022 cannot be worked out: no comparable prior fiscal year (a missing year or a changed year end).
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | −2.99 | (0.98) |
| FY2021 | −2.00 | 2.98 |
| FY2020 | −4.98 | (3.80) |
| FY2019 | −1.18 | 2.82 |
| FY2018 | −4.00 | (1.54) |
| FY2017 | −2.46 | 0.06 |
| FY2016 | −2.52 | — |
How fiscal 2022’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | — | — | n/a | — |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | — | — | n/a | — |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | (0.06) | — | −0.29 | |
| Leverage index | — | — | n/a | — |
| Beneish M-score | n/a — no comparable prior fiscal year (a missing year or a changed year end) | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TAIT Taitron Components Incorporated compare | −2.8× |
| IZM ICZOOM Group Inc. compare | −2.6× |
| CNXN PC Connection, Inc. compare | −2.4× |
| SCSC ScanSource, Inc. compare | −2.4× |
| NSIT Insight Enterprises, Inc. compare | −2.4× |
| CLMB Climb Global Solutions, Inc. compare | −2.3× |
| ARW Arrow Electronics, Inc. compare | −2.0× |
| AVT Avnet, Inc. compare | −1.9× |
| AEYGQ ADDvantage Technologies Group, Inc. | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI