Plug Power Beneish M-Score Historical Data
The historical data trend for Plug Power'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.
Plug Power Beneish M-Score Chart
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Plug Power Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-4.24 |
- |
- |
-1.85 |
-2.05 |
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Plug Power Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.85 |
-1.31 |
-0.76 |
-1.63 |
-2.05 |
Competitive Comparison of Plug Power's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Plug Power'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.
Plug Power's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Plug Power's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Plug Power's Beneish M-Score falls into.
Plug Power 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 Plug Power 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 * 1.5175 | + | 0.528 * 0.4864 | + | 0.404 * 1.057 | + | 0.892 * 1.2707 | + | 0.115 * 1.182 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9135 | + | 4.679 * 0.016431 | - | 0.327 * 1.476 |
| = | -2.05 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $370.1 Mil.
Revenue was 222.161 + 198.711 + 260.182 + 210.286 = $891.3 Mil.
Gross Profit was -222.287 + -137.965 + -78.143 + -69.396 = $-507.8 Mil.
Total Current Assets was $1,787.0 Mil.
Total Assets was $4,902.7 Mil.
Property, Plant and Equipment(Net PPE) was $2,004.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $71.1 Mil.
Selling, General, & Admin. Expense(SGA) was $422.5 Mil.
Total Current Liabilities was $964.8 Mil.
Long-Term Debt & Capital Lease Obligation was $809.0 Mil.
Net Income was -642.395 + -283.479 + -236.398 + -206.561 = $-1,368.8 Mil.
Non Operating Income was -278.353 + -15.708 + -33.893 + -14.866 = $-342.8 Mil.
Cash Flow from Operations was -242.651 + -238.908 + -348.092 + -276.919 = $-1,106.6 Mil.
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Total Receivables was $191.9 Mil.
Revenue was 220.742 + 188.628 + 151.267 + 140.804 = $701.4 Mil.
Gross Profit was -80.478 + -46.063 + -32.465 + -35.349 = $-194.4 Mil.
Total Current Assets was $3,305.3 Mil.
Total Assets was $5,764.3 Mil.
Property, Plant and Equipment(Net PPE) was $1,223.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $51.6 Mil.
Selling, General, & Admin. Expense(SGA) was $363.9 Mil.
Total Current Liabilities was $635.3 Mil.
Long-Term Debt & Capital Lease Obligation was $777.7 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) |
| = | (370.059 / 891.34) | / | (191.906 / 701.441) |
| = | 0.415172 | / | 0.273588 |
| | = | 1.5175 |
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) |
| = | (-194.355 / 701.441) | / | (-507.791 / 891.34) |
| = | -0.27708 | / | -0.569694 |
| | = | 0.4864 |
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 - (1786.965 + 2004.688) / 4902.738) | / | (1 - (3305.298 + 1223.115) / 5764.276) |
| = | 0.226625 | / | 0.2144 |
| | = | 1.057 |
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 |
| = | 891.34 | / | 701.441 |
| | = | 1.2707 |
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)) |
| = | (51.597 / (51.597 + 1223.115)) | / | (71.083 / (71.083 + 2004.688)) |
| = | 0.040477 | / | 0.034244 |
| | = | 1.182 |
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) |
| = | (422.469 / 891.34) | / | (363.93 / 701.441) |
| = | 0.473971 | / | 0.518832 |
| | = | 0.9135 |
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) |
| = | ((808.971 + 964.8) / 4902.738) | / | ((777.651 + 635.275) / 5764.276) |
| = | 0.361792 | / | 0.245118 |
| | = | 1.476 |
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 |
| = | (-1368.833 - -342.82 | - | -1106.57) | / | 4902.738 |
| | = | 0.016431 |
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.
Plug Power has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
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