ZK International Group Co., Ltd.
ZKIN Basic Materials Steel
ZK International Group Co., Ltd.’s revenue for fiscal 2025 (year ended September 2025) was $71.2 million, down 34.2% from fiscal 2024.
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ZK International Group Co., Ltd. (ZKIN) Beneish M-score
ZK International Group Co., Ltd.'s Beneish M-score for fiscal 2025 is −2.55; 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) |
|---|---|---|
| FY2025 | −2.55 | (0.55) |
| FY2024 | −2.00 | 3.20 |
| FY2023 | −5.20 | (2.62) |
| FY2022 | −2.58 | (0.22) |
| FY2021 | −2.36 | (2.42) |
| FY2020 | 0.07 | 1.84 |
| FY2019 | −1.77 | (1.43) |
| FY2018 | −0.34 | 1.76 |
| FY2017 | −2.10 | (0.55) |
| FY2016 | −1.55 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.52 | — | 1.40 | |
| Gross margin index | 1.07 | — | 0.56 | |
| Asset quality index | 1.30 | — | 0.52 | |
| Sales growth index | 0.66 | — | 0.59 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 1.33 | — | −0.23 | |
| Total accruals to total assets | (0.08) | — | −0.35 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.55 | ||
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 |
|---|---|
| SID National Steel Company compare | −2.6× |
| ZKIN ZK International Group Co., Ltd. | −2.5× |
| NWPX NWPX Infrastructure, Inc. compare | −2.5× |
| MTUS Metallus Inc. compare | −2.2× |
| FRD Friedman Industries Inc. compare | −2.2× |
| MTL Mechel PAO compare | −1.9× |
| MSB Mesabi Trust compare | −1.0× |
| LUD Luda Technology Group Limited compare | — |
| ASTL Algoma Steel Group Inc. 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