Tingo Group, Inc.
TIOG Technology Software Application
Tingo Group, Inc.’s revenue for fiscal 2022 (year ended December 2022) was $146.0 million. Revenue growth for five consecutive years.
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Tingo Group, Inc. (TIOG) Beneish M-score
Tingo Group, Inc.'s Beneish M-score for fiscal 2022 is −0.26; 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) |
|---|---|---|
| FY2022 | −0.26 | (38.06) |
| FY2021 | 37.80 | 43.87 |
| FY2018 | −6.07 | (3.94) |
| FY2017 | −2.13 | 1.34 |
| FY2016 | −3.47 | (0.82) |
| FY2015 | −2.66 | — |
How fiscal 2022’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.41 | — | 0.38 | |
| Gross margin index | 0.37 | — | 0.20 | |
| Asset quality index | 0.63 | — | 0.25 | |
| Sales growth index | 2.62 | — | 2.34 | |
| Depreciation index | 18.46 | — | 2.12 | |
| SG&A index | 0.61 | — | −0.10 | |
| Total accruals to total assets | (0.06) | — | −0.26 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Flagged by the model | −0.26 | ||
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 |
|---|---|
| MRT MARTI TECH INC compare | −5.3× |
| HUCK Huckleberry.ai, Inc. compare | −3.6× |
| EGAN eGain Corporation compare | −3.1× |
| TRAK ReposiTrak Inc. compare | −2.5× |
| RAAS Cloopen Group Holding Limited Sponsored ADR compare | −2.1× |
| TIOG Tingo Group, Inc. | −0.3× |
| RYDE Ryde Group Ltd. compare | 0.0× |
| LAIX LAIX Inc. Sponsored ADR compare | 2.7× |
| TONX TON Strategy Company compare | 7.5× |
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