Taoping Inc.
TAOP Technology Software Infrastructure
Follow TAOP
Taoping Inc. (TAOP) Beneish M-score
Taoping Inc.'s Beneish M-score for fiscal 2025 is 27.52; 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 | 27.52 | 30.32 |
| FY2024 | −2.80 | (0.65) |
| FY2023 | −2.15 | (1.68) |
| FY2022 | −0.47 | 1.31 |
| FY2021 | −1.78 | 4.11 |
| FY2020 | −5.89 | (6.03) |
| FY2019 | 0.14 | 2.58 |
| FY2018 | −2.44 | (0.95) |
| FY2017 | −1.49 | 2.90 |
| FY2016 | −4.38 | (2.53) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.39 | — | 1.28 | |
| Gross margin index | 1.94 | — | 1.02 | |
| Asset quality index | 75.98 | — | 30.70 | |
| Sales growth index | 0.84 | — | 0.75 | |
| Depreciation index | 1.14 | — | 0.13 | |
| SG&A index | 1.86 | — | −0.32 | |
| Total accruals to total assets | (0.19) | — | −0.89 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Flagged by the model | 27.52 | ||
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 |
|---|---|
| MARK Remark Holdings, Inc. compare | −12.1× |
| CETX Cemtrex Inc. compare | −5.0× |
| SONM DNA X, Inc. compare | −2.5× |
| AUID authID Inc. compare | −2.5× |
| CSAI Cloudastructure Inc. compare | −0.1× |
| YYAI AiRWA Inc. compare | 0.8× |
| TAOP Taoping Inc. | 27.5× |
| CYAB Cyabra, Inc. compare | — |
| FAASF DigiAsia Corp. 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