SHINECO
SISI Consumer Defensive Farm Products
In the quarter to March 2025, revenue fell 72.5%, EPS grew 75.1% and free cash flow fell 22.3%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for five.
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SHINECO (SISI) Beneish M-score
SHINECO's Beneish M-score for fiscal 2024 is 13.68; 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) |
|---|---|---|
| FY2024 | 13.68 | 17.56 |
| FY2023 | −3.89 | (0.96) |
| FY2020 | −2.92 | 0.34 |
| FY2019 | −3.26 | (0.47) |
| FY2018 | −2.79 | (2.18) |
| FY2017 | −0.62 | 2.58 |
| FY2016 | −3.20 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.60 | — | 2.39 | |
| Gross margin index | 2.55 | — | 1.34 | |
| Asset quality index | 2.01 | — | 0.81 | |
| Sales growth index | 17.81 | — | 15.88 | |
| Depreciation index | 1.15 | — | 0.13 | |
| SG&A index | 0.11 | — | −0.02 | |
| Total accruals to total assets | (0.35) | — | −1.63 | |
| Leverage index | 1.21 | — | −0.40 | |
| Beneish M-score | Flagged by the model | 13.68 | ||
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 |
|---|---|
| SDOT Sadot Group Inc. compare | −138× |
| AAGR African Agriculture Holdings Inc. compare | −11.0× |
| DTCKF Davis Commodities Limited compare | −3.4× |
| LOCL Local Bounti Corporation compare | −3.3× |
| AGRZ Agroz Inc. compare | −0.8× |
| SISI SHINECO | 13.7× |
| AQB AquaBounty Technologies, Inc. compare | — |
| PME Pingtan Marine Enterprise Ltd. compare | — |
| EDBL Edible Garden AG 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