Greenland Technologies Holding Corporation
GTEC Consumer Cyclical Auto Parts
Greenland Technologies Holding Corporation’s revenue for fiscal 2025 (year ended December 2025) was $90.7 million, up 8.04% from fiscal 2024. In the quarter to June 2026, revenue grew 37.6%, EPS grew 165.0% and free cash flow grew 175.0%, each against the same quarter a year earlier.
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Greenland Technologies Holding Corporation (GTEC) Beneish M-score
Greenland Technologies Holding Corporation's Beneish M-score for fiscal 2025 is −2.93; 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) |
|---|---|---|
| FY2025 | −2.93 | (0.41) |
| FY2024 | −2.53 | 1.53 |
| FY2023 | −4.06 | (2.10) |
| FY2022 | −1.95 | 0.03 |
| FY2021 | −1.98 | 0.33 |
| FY2020 | −2.31 | (3.25) |
| FY2019 | 0.94 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.06 | — | 0.98 | |
| Gross margin index | 0.86 | — | 0.45 | |
| Asset quality index | 0.88 | — | 0.36 | |
| Sales growth index | 1.08 | — | 0.96 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 2.25 | — | −0.39 | |
| Total accruals to total assets | (0.06) | — | −0.28 | |
| Leverage index | 0.82 | — | −0.27 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.93 | ||
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 |
|---|---|
| FRSX Foresight Autonomous Holdings Ltd. American Depositary Shares compare | −3.7× |
| WPRT Westport Fuel Systems Inc. compare | −3.3× |
| INEO INNEOVA Holdings Limited compare | −3.1× |
| GTEC Greenland Technologies Holding Corporation | −2.9× |
| PRTS CarParts.com, Inc. compare | −2.9× |
| INVZ Innoviz Technologies Ltd. compare | −2.8× |
| MKDW MKDWELL Tech Inc. compare | −2.4× |
| SYPR Sypris Solutions, Inc. compare | −1.8× |
| WKSP Worksport Ltd. compare | −1.5× |
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