PNM Resources Beneish M-Score Historical Data
The historical data trend for PNM Resources'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.
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PNM Resources Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-2.48 |
-2.59 |
-2.25 |
-2.72 |
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PNM Resources 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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-2.25 |
-2.35 |
-2.56 |
-2.69 |
-2.72 |
Competitive Comparison
For the Utilities - Regulated Electric subindustry, PNM Resources'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.
PNM Resources Beneish M-Score Distribution
For the Utilities - Regulated industry and Utilities sector, PNM Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PNM Resources's Beneish M-Score falls into.
PNM Resources 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 PNM Resources 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 * 1.1762 | + | 0.528 * 0.9189 | + | 0.404 * 0.9861 | + | 0.892 * 0.862 | + | 0.115 * 1.066 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1812 | + | 4.679 * -0.040817 | - | 0.327 * 1.0555 |
| = | -2.72 |
* 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 $274 Mil.
Revenue was 412.114 + 505.851 + 477.156 + 544.077 = $1,939 Mil.
Gross Profit was 211.039 + 275.15 + 279.105 + 280.033 = $1,045 Mil.
Total Current Assets was $476 Mil.
Total Assets was $10,253 Mil.
Property, Plant and Equipment(Net PPE) was $7,821 Mil.
Depreciation, Depletion and Amortization(DDA) was $354 Mil.
Selling, General, & Admin. Expense(SGA) was $250 Mil.
Total Current Liabilities was $1,231 Mil.
Long-Term Debt & Capital Lease Obligation was $4,409 Mil.
Net Income was -50.095 + 37.858 + 45.436 + 55.146 = $88 Mil.
Non Operating Income was -46.67 + -6.846 + 2.131 + 7.042 = $-44 Mil.
Cash Flow from Operations was 138.567 + 170.161 + 134.642 + 107.801 = $551 Mil.
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Total Receivables was $270 Mil.
Revenue was 575.819 + 729.888 + 499.73 + 444.118 = $2,250 Mil.
Gross Profit was 249.414 + 361.08 + 261.635 + 242.138 = $1,114 Mil.
Total Current Assets was $411 Mil.
Total Assets was $9,257 Mil.
Property, Plant and Equipment(Net PPE) was $7,056 Mil.
Depreciation, Depletion and Amortization(DDA) was $341 Mil.
Selling, General, & Admin. Expense(SGA) was $246 Mil.
Total Current Liabilities was $890 Mil.
Long-Term Debt & Capital Lease Obligation was $3,934 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) |
| = | (273.569 / 1939.198) | / | (269.813 / 2249.555) |
| = | 0.141073 | / | 0.119941 |
| | = | 1.1762 |
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) |
| = | (1114.267 / 2249.555) | / | (1045.327 / 1939.198) |
| = | 0.495328 | / | 0.539051 |
| | = | 0.9189 |
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 - (475.543 + 7821.43) / 10252.605) | / | (1 - (410.978 + 7055.646) / 9257.377) |
| = | 0.190745 | / | 0.193441 |
| | = | 0.9861 |
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 |
| = | 1939.198 | / | 2249.555 |
| | = | 0.862 |
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)) |
| = | (341.123 / (341.123 + 7055.646)) | / | (353.692 / (353.692 + 7821.43)) |
| = | 0.046118 | / | 0.043264 |
| | = | 1.066 |
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) |
| = | (250.096 / 1939.198) | / | (245.615 / 2249.555) |
| = | 0.128969 | / | 0.109184 |
| | = | 1.1812 |
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) |
| = | ((4408.642 + 1230.76) / 10252.605) | / | ((3933.93 + 890.37) / 9257.377) |
| = | 0.550046 | / | 0.52113 |
| | = | 1.0555 |
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 |
| = | (88.345 - -44.343 | - | 551.171) | / | 10252.605 |
| | = | -0.040817 |
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.
PNM Resources has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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