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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Entergy Corp has a M-score of -2.69 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Entergy Corp was -2.38. The lowest was -3.88. And the median was -2.77.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Entergy Corp for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 0.9602||+||0.528 * 1.0528||+||0.404 * 0.9405||+||0.892 * 1.139||+||0.115 * 0.8998|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1746||+||4.679 * -0.0561||-||0.327 * 1.0057|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $1,128 Mil.|
Revenue was 3208.843 + 2691.906 + 3351.959 + 2738.208 = $11,991 Mil.
Gross Profit was 2030.843 + 1696.507 + 2076.402 + 1696.392 = $7,500 Mil.
Total Current Assets was $4,193 Mil.
Total Assets was $43,877 Mil.
Property, Plant and Equipment(Net PPE) was $28,208 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,056 Mil.
Selling, General & Admin. Expense(SGA) was $249 Mil.
Total Current Liabilities was $3,917 Mil.
Long-Term Debt was $12,230 Mil.
Net Income was 406.053 + 151.352 + 244.182 + 168.055 = $970 Mil.
Non Operating Income was 3.425 + -3.392 + 7.462 + 9.883 = $17 Mil.
Cash Flow from Operations was 767.157 + 989.76 + 1083.554 + 571.916 = $3,412 Mil.
|Accounts Receivable was $1,032 Mil.
Revenue was 2608.874 + 2436.259 + 2963.56 + 2518.6 = $10,527 Mil.
Gross Profit was 1664.693 + 1621.393 + 1968.156 + 1678.323 = $6,933 Mil.
Total Current Assets was $3,323 Mil.
Total Assets was $42,793 Mil.
Property, Plant and Equipment(Net PPE) was $27,570 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,795 Mil.
Selling, General & Admin. Expense(SGA) was $186 Mil.
Total Current Liabilities was $3,896 Mil.
Long-Term Debt was $11,763 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(1128.192 / 11990.916)||/||(1031.56 / 10527.293)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(1696.507 / 10527.293)||/||(2030.843 / 11990.916)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (4193.316 + 28207.908) / 43876.769)||/||(1 - (3322.873 + 27569.509) / 42792.973)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(1794.573 / (1794.573 + 27569.509))||/||(2055.585 / (2055.585 + 28207.908))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(248.798 / 11990.916)||/||(185.961 / 10527.293)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((12230.249 + 3917.461) / 43876.769)||/||((11763.11 + 3896.42) / 42792.973)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(969.642 - 17.378||-||3412.387)||/||43876.769|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Entergy Corp has a M-score of -2.69 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Entergy Corp Annual Data
Entergy Corp Quarterly Data