Vistra Beneish M-Score Historical Data
The historical data trend for Vistra's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Vistra Beneish M-Score Chart
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Vistra Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.98 |
-0.91 |
-2.83 |
-3.55 |
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Vistra Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.52 |
-2.87 |
-3.05 |
-3.55 |
-2.97 |
Competitive Comparison of Vistra's Beneish M-Score
For the Utilities - Independent Power Producers subindustry, Vistra's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Vistra's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Vistra's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vistra's Beneish M-Score falls into.
Vistra Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Vistra 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 * 1.3373 | + | 0.528 * 0.6126 | + | 0.404 * 0.9722 | + | 0.892 * 0.8564 | + | 0.115 * 1.3642 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3007 | + | 4.679 * -0.098739 | - | 0.327 * 0.9504 |
| = | -2.97 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €1,592 Mil.
Revenue was 2809.68 + 2822.526 + 3828.582 + 2943.447 = €12,404 Mil.
Gross Profit was 772.8 + 779.45 + 1467.342 + 1171.287 = €4,191 Mil.
Total Current Assets was €8,678 Mil.
Total Assets was €35,124 Mil.
Property, Plant and Equipment(Net PPE) was €16,630 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,880 Mil.
Selling, General, & Admin. Expense(SGA) was €1,268 Mil.
Total Current Liabilities was €8,073 Mil.
Long-Term Debt & Capital Lease Obligation was €13,782 Mil.
Net Income was -32.2 + -168.728 + 470.374 + 439.348 = €709 Mil.
Non Operating Income was 103.04 + -91.7 + 6.559 + 146.757 = €165 Mil.
Cash Flow from Operations was 287.04 + 807.877 + 1461.72 + 1455.571 = €4,012 Mil.
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Total Receivables was €1,390 Mil.
Revenue was 4132.95 + 3652.336 + 5197.46 + 1502.248 = €14,485 Mil.
Gross Profit was 1712.956 + 616.432 + 1623.07 + -954.514 = €2,998 Mil.
Total Current Assets was €8,884 Mil.
Total Assets was €29,063 Mil.
Property, Plant and Equipment(Net PPE) was €11,825 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,902 Mil.
Selling, General, & Admin. Expense(SGA) was €1,139 Mil.
Total Current Liabilities was €7,623 Mil.
Long-Term Debt & Capital Lease Obligation was €11,404 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1591.6 / 12404.235) | / | (1389.792 / 14484.994) |
| = | 0.128311 | / | 0.095947 |
| | = | 1.3373 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (2997.944 / 14484.994) | / | (4190.879 / 12404.235) |
| = | 0.206969 | / | 0.337859 |
| | = | 0.6126 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (8678.36 + 16629.92) / 35123.76) | / | (1 - (8884.208 + 11825.374) / 29063.278) |
| = | 0.279454 | / | 0.287431 |
| | = | 0.9722 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 12404.235 | / | 14484.994 |
| | = | 0.8564 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (1901.648 / (1901.648 + 11825.374)) | / | (1879.647 / (1879.647 + 16629.92)) |
| = | 0.138533 | / | 0.10155 |
| | = | 1.3642 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (1268.171 / 12404.235) | / | (1138.582 / 14484.994) |
| = | 0.102237 | / | 0.078604 |
| | = | 1.3007 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((13781.6 + 8073) / 35123.76) | / | ((11404.14 + 7623.308) / 29063.278) |
| = | 0.622217 | / | 0.65469 |
| | = | 0.9504 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (708.794 - 164.656 | - | 4012.208) | / | 35123.76 |
| | = | -0.098739 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Vistra has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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