WANG & LEE GROUP, Inc.
WLGSF Industrials Engineering & Construction
WANG & LEE GROUP, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $4.0 million, down 42.1% from fiscal 2023.
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WANG & LEE GROUP, Inc. (WLGSF) Beneish M-score
WANG & LEE GROUP, Inc.'s Beneish M-score for fiscal 2024 is −0.47; 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 | −0.47 | (1.32) |
| FY2023 | 0.85 | 3.30 |
| FY2022 | −2.45 | 0.57 |
| FY2021 | −3.02 | (1.33) |
| FY2020 | −1.69 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.91 | — | 0.84 | |
| Gross margin index | 3.43 | — | 1.81 | |
| Asset quality index | 5.81 | — | 2.35 | |
| Sales growth index | 0.58 | — | 0.52 | |
| Depreciation index | 0.50 | — | 0.06 | |
| SG&A index | 1.59 | — | −0.27 | |
| Total accruals to total assets | (0.11) | — | −0.52 | |
| Leverage index | 1.24 | — | −0.41 | |
| Beneish M-score | Flagged by the model | −0.47 | ||
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 |
|---|---|
| AXNX Mint Incorporation Limited compare | −9.8× |
| MSGY Masonglory Limited compare | −4.0× |
| FGL Founder Group Limited compare | −1.8× |
| FBGL FBS Global Limited compare | −1.4× |
| OFAL OFA Group compare | −1.2× |
| WLGSF WANG & LEE GROUP, Inc. | −0.5× |
| RITRF Reitar Logtech Holdings Limited compare | 1.4× |
| MGN Megan Holdings Limited compare | 3.7× |
| ZDAI DirectBooking Technology Co., Ltd. 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