Clever Leaves Holdings Inc.
CLVR Healthcare Drug Manufacturers Specialty & Generic
Clever Leaves Holdings Inc.’s revenue for fiscal 2023 (year ended December 2023) was $17.4 million, up 6.14% from fiscal 2022. Revenue growth for five consecutive years, operating cash flow growth for three.
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Clever Leaves Holdings Inc. (CLVR) Beneish M-score
Clever Leaves Holdings Inc.'s Beneish M-score for fiscal 2023 is −3.86; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2023 | −3.86 | (0.51) |
| FY2022 | −3.36 | (1.70) |
| FY2021 | −1.66 | 0.60 |
| FY2020 | −2.26 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.49 | — | 0.45 | |
| Gross margin index | 1.17 | — | 0.62 | |
| Asset quality index | 0.70 | — | 0.28 | |
| Sales growth index | 1.06 | — | 0.95 | |
| Depreciation index | 3.40 | — | 0.39 | |
| SG&A index | 0.73 | — | −0.13 | |
| Total accruals to total assets | (0.27) | — | −1.24 | |
| Leverage index | 1.04 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.86 | ||
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 |
|---|---|
| PROCF Sofgen Pharma S.A compare | −4.6× |
| CLVR Clever Leaves Holdings Inc. | −3.9× |
| CPIX Cumberland Pharmaceuticals Inc. compare | −2.6× |
| OGI Organigram Global Inc. compare | −1.8× |
| ORGO Organogenesis compare | −1.4× |
| BGM BGM Group Ltd. compare | −0.9× |
| DERM Journey Medical Corporation compare | −0.8× |
| CRDL Cardiol Therapeutics Inc. compare | — |
| CTOR Citius Oncology, Inc. compare | — |
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