MicroCloud Hologram Inc.
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MicroCloud Hologram Inc. (HOLO) Beneish M-score
MicroCloud Hologram Inc.'s Beneish M-score for fiscal 2025 is −2.95; 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 | −2.95 | (1.89) |
| FY2024 | −1.06 | 4.89 |
| FY2023 | −5.95 | (3.75) |
| FY2022 | −2.20 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.70 | — | 0.64 | |
| Gross margin index | 1.06 | — | 0.56 | |
| Asset quality index | 0.32 | — | 0.13 | |
| Sales growth index | 1.39 | — | 1.24 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index | 0.59 | — | −0.10 | |
| Total accruals to total assets | (0.04) | — | −0.18 | |
| Leverage index | 1.56 | — | −0.51 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.95 | ||
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 |
|---|---|
| WBX Wallbox N.V. compare | −4.9× |
| DAIO Data I/O Corporation compare | −3.5× |
| LINK Interlink Electronics, Inc. compare | −3.2× |
| HOLO MicroCloud Hologram Inc. | −2.9× |
| CPSH CPS Technologies Corp. compare | −2.8× |
| ELTK Eltek Ltd. compare | −2.0× |
| DSWL Deswell Industries, Inc. compare | −1.8× |
| SELXF Semilux International Ltd. compare | — |
| REFR Research Frontiers Incorporated 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