ITC Holdings Beneish M-Score Historical Data
The historical data trend for ITC Holdings'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.
ITC Holdings Beneish M-Score Chart
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ITC Holdings Annual Data
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Dec06 |
Dec07 |
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Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.75 |
-2.75 |
-2.52 |
-2.51 |
-2.73 |
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ITC Holdings Quarterly Data
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Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
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Mar13 |
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Sep13 |
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Mar14 |
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Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
| Beneish M-Score |
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-2.68 |
-2.67 |
-2.73 |
-2.61 |
-2.59 |
Competitive Comparison of ITC Holdings's Beneish M-Score
For the Utilities - Regulated Electric subindustry, ITC Holdings'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.
ITC Holdings's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, ITC Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ITC Holdings's Beneish M-Score falls into.
ITC Holdings 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 ITC Holdings 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 * 2.3934 | + | 0.528 * 1 | + | 0.404 * 0.8803 | + | 0.892 * 1.0254 | + | 0.115 * 0.987 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2492 | + | 4.679 * -0.050258 | - | 0.327 * 0.9801 |
| = | -1.50 |
* 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 (Jun16) TTM: | Last Year (Jun15) TTM: |
Total Receivables was $292 Mil.
Revenue was 298.044 + 280.133 + 224.034 + 273.189 = $1,075 Mil.
Gross Profit was 298.044 + 280.133 + 224.034 + 273.189 = $1,075 Mil.
Total Current Assets was $361 Mil.
Total Assets was $8,067 Mil.
Property, Plant and Equipment(Net PPE) was $6,409 Mil.
Depreciation, Depletion and Amortization(DDA) was $153 Mil.
Selling, General, & Admin. Expense(SGA) was $167 Mil.
Total Current Liabilities was $785 Mil.
Long-Term Debt & Capital Lease Obligation was $4,147 Mil.
Net Income was 70.726 + 64.237 + 37.365 + 65.573 = $238 Mil.
Non Operating Income was 8.175 + 6.625 + 7.67 + 5.433 = $28 Mil.
Cash Flow from Operations was 169.266 + 87.816 + 169.457 + 188.889 = $615 Mil.
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Total Receivables was $119 Mil.
Revenue was 275.058 + 272.487 + 231.097 + 270.134 = $1,049 Mil.
Gross Profit was 275.058 + 272.487 + 231.097 + 270.134 = $1,049 Mil.
Total Current Assets was $202 Mil.
Total Assets was $7,283 Mil.
Property, Plant and Equipment(Net PPE) was $5,752 Mil.
Depreciation, Depletion and Amortization(DDA) was $135 Mil.
Selling, General, & Admin. Expense(SGA) was $130 Mil.
Total Current Liabilities was $480 Mil.
Long-Term Debt & Capital Lease Obligation was $4,063 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) |
| = | (292.455 / 1075.4) | / | (119.168 / 1048.776) |
| = | 0.27195 | / | 0.113626 |
| | = | 2.3934 |
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) |
| = | (1048.776 / 1048.776) | / | (1075.4 / 1075.4) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (361.095 + 6409.44) / 8066.966) | / | (1 - (202.019 + 5751.63) / 7283.22) |
| = | 0.160709 | / | 0.182553 |
| | = | 0.8803 |
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 |
| = | 1075.4 | / | 1048.776 |
| | = | 1.0254 |
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)) |
| = | (135.376 / (135.376 + 5751.63)) | / | (152.9 / (152.9 + 6409.44)) |
| = | 0.022996 | / | 0.0233 |
| | = | 0.987 |
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) |
| = | (166.702 / 1075.4) | / | (130.148 / 1048.776) |
| = | 0.155014 | / | 0.124095 |
| | = | 1.2492 |
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) |
| = | ((4146.892 + 785.018) / 8066.966) | / | ((4063.277 + 480.067) / 7283.22) |
| = | 0.611371 | / | 0.62381 |
| | = | 0.9801 |
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 |
| = | (237.901 - 27.903 | - | 615.428) | / | 8066.966 |
| | = | -0.050258 |
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.
ITC Holdings has a M-score of -1.50 signals that the company is likely to be a manipulator.
ITC Holdings (ITC Holdings) Business Description
Traded in Other Exchanges
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ITC Holdings Corp was incorporated in 2002 in the State of Michigan for the purpose of acquiring ITC Transmission. The Company, along with its subsidiaries, is engaged in transmission of electricity in the United States. Through its operating subsidiaries, ITCTransmission, METC, ITC Midwest and ITC Great Plains, it operates high-voltage systems in Michigan's Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma that transmit electricity from generating stations to local distribution facilities connected to its systems. The Company operates, maintains and invests in transmission infrastructure in order to enhance system integrity and reliability, reduces transmission constraints and allows new generating resources to interconnect to its transmission systems. Its Regulated Operating Subsidiaries are independent electric transmission utilities, with rates regulated by the FERC and established on a cost-of-service model. The Company's Regulated Operating Subsidiaries earns revenues through tariff rates charged for the use of their electric transmission systems by its customers, which include investor-owned utilities, municipalities, cooperatives, power marketers and alternative energy suppliers. The Company's operations are subject to federal, state and local environmental laws and regulations, which impose limitations on the discharge of pollutants into the environment, establish standards for the management, treatment, storage, transportation and disposal of hazardous materials and of solid and hazardous wastes, and impose obligations to investigate and remediate contamination in certain circumstances.
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