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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 -2.64 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Entergy Corp was -2.64. The lowest was -2.86. And the median was -2.74.
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 * 1.0583||+||0.528 * 1.0483||+||0.404 * 0.948||+||0.892 * 1.1057||+||0.115 * 0.9035|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1851||+||4.679 * -0.0568||-||0.327 * 1.0059|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $1,172 Mil.|
Revenue was 2691.906 + 3351.959 + 2738.208 + 2608.874 = $11,391 Mil.
Gross Profit was 1696.507 + 2076.402 + 1696.392 + 1664.693 = $7,134 Mil.
Total Current Assets was $3,930 Mil.
Total Assets was $43,406 Mil.
Property, Plant and Equipment(Net PPE) was $28,081 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,012 Mil.
Selling, General & Admin. Expense(SGA) was $242 Mil.
Total Current Liabilities was $4,061 Mil.
Long-Term Debt was $12,171 Mil.
Net Income was 151.352 + 244.182 + 168.055 + 166.982 = $731 Mil.
Non Operating Income was -3.392 + 7.462 + 9.883 + -6.06 = $8 Mil.
Cash Flow from Operations was 989.76 + 1083.554 + 571.916 + 543.989 = $3,189 Mil.
|Accounts Receivable was $1,002 Mil.
Revenue was 2436.259 + 2963.56 + 2518.6 + 2383.659 = $10,302 Mil.
Gross Profit was 1621.393 + 1968.156 + 1678.323 + 1495.972 = $6,764 Mil.
Total Current Assets was $3,683 Mil.
Total Assets was $43,203 Mil.
Property, Plant and Equipment(Net PPE) was $27,555 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,772 Mil.
Selling, General & Admin. Expense(SGA) was $185 Mil.
Total Current Liabilities was $4,106 Mil.
Long-Term Debt was $11,955 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)|
|=||(1172.186 / 11390.947)||/||(1001.715 / 10302.078)|
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)|
|=||(2076.402 / 10302.078)||/||(1696.507 / 11390.947)|
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 - (3929.691 + 28081.019) / 43406.446)||/||(1 - (3683.126 + 27554.584) / 43202.502)|
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))|
|=||(1771.649 / (1771.649 + 27554.584))||/||(2012.076 / (2012.076 + 28081.019))|
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)|
|=||(242.103 / 11390.947)||/||(184.76 / 10302.078)|
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)|
|=||((12171.367 + 4060.572) / 43406.446)||/||((11954.859 + 4106.321) / 43202.502)|
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|
|=||(730.571 - 7.893||-||3189.219)||/||43406.446|
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 -2.64 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