PLANET GREEN HOLDINGS CORP.
PLAG Industrials Conglomerates
In the quarter to June 2026, revenue grew 25,390.3%, EPS grew 27.3%, free cash flow fell 200.7% and total debt fell 99.9%, each against the same quarter a year earlier.
Follow PLAG
PLANET GREEN HOLDINGS CORP. (PLAG) Beneish M-score
PLANET GREEN HOLDINGS CORP.'s Beneish M-score for fiscal 2025 is −9.88; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −9.88 | (7.21) |
| FY2024 | −2.67 | 0.66 |
| FY2023 | −3.33 | 0.23 |
| FY2022 | −3.56 | (10.20) |
| FY2021 | 6.64 | 7.70 |
| FY2020 | −1.06 | (640.77) |
| FY2019 | 639.71 | 638.63 |
| FY2018 | 1.07 | 7.34 |
| FY2016 | −6.27 | (3.51) |
| FY2015 | −2.76 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.03 | — | 1.87 | |
| Gross margin index | 3.56 | — | 1.88 | |
| Asset quality index | 0.33 | — | 0.13 | |
| Sales growth index | 0.65 | — | 0.58 | |
| Depreciation index | 0.81 | — | 0.09 | |
| SG&A index | 8.86 | — | −1.52 | |
| Total accruals to total assets | (1.57) | — | −7.33 | |
| Leverage index | 2.25 | — | −0.73 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −9.88 | ||
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 |
|---|---|
| PLAG PLANET GREEN HOLDINGS CORP. | −9.9× |
| TUSK Mammoth Energy Services, Inc. compare | −2.9× |
| BOOM DMC Global compare | −2.8× |
| HHS Harte Hanks, Inc. compare | −2.5× |
| ALPP Alpine 4 Holdings, Inc. compare | −1.7× |
| STRR Star Equity Holdings, Inc. compare | −1.0× |
| MAMK MaxsMaking Inc. compare | −0.9× |
| AIRT Air T, Inc. compare | −0.9× |
| LGPS LogProstyle Inc. compare | −0.2× |
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