SunPower Beneish M-Score Historical Data
The historical data trend for SunPower'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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SunPower Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.85 |
-2.43 |
-2.91 |
-1.86 |
-2.40 |
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SunPower 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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-1.86 |
-1.44 |
-1.63 |
-2.08 |
-2.40 |
Competitive Comparison
For the Solar subindustry, SunPower'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.
SunPower Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, SunPower's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SunPower's Beneish M-Score falls into.
SunPower 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 SunPower 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 * 0.9842 | + | 0.528 * 1.635 | + | 0.404 * 1.2541 | + | 0.892 * 0.9674 | + | 0.115 * 0.7157 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.049 | + | 4.679 * -0.052617 | - | 0.327 * 1.0912 |
| = | -2.40 |
* 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 $220 Mil.
Revenue was 356.905 + 430.69 + 463.36 + 434.267 = $1,685 Mil.
Gross Profit was 10.979 + 72.509 + 73.929 + 81.038 = $238 Mil.
Total Current Assets was $829 Mil.
Total Assets was $1,347 Mil.
Property, Plant and Equipment(Net PPE) was $177 Mil.
Depreciation, Depletion and Amortization(DDA) was $52 Mil.
Selling, General, & Admin. Expense(SGA) was $393 Mil.
Total Current Liabilities was $884 Mil.
Long-Term Debt & Capital Lease Obligation was $24 Mil.
Net Income was -123.899 + -37.364 + -31.208 + -54.636 = $-247 Mil.
Non Operating Income was -8.048 + -5.77 + 0.289 + -10.983 = $-25 Mil.
Cash Flow from Operations was -40.043 + 46.497 + -19.171 + -138.999 = $-152 Mil.
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Total Receivables was $231 Mil.
Revenue was 497.968 + 476.393 + 417.464 + 350.118 = $1,742 Mil.
Gross Profit was 113.764 + 116.665 + 90.727 + 81.845 = $403 Mil.
Total Current Assets was $1,253 Mil.
Total Assets was $1,764 Mil.
Property, Plant and Equipment(Net PPE) was $155 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General, & Admin. Expense(SGA) was $387 Mil.
Total Current Liabilities was $1,052 Mil.
Long-Term Debt & Capital Lease Obligation was $38 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) |
| = | (219.661 / 1685.222) | / | (230.703 / 1741.943) |
| = | 0.130345 | / | 0.13244 |
| | = | 0.9842 |
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) |
| = | (403.001 / 1741.943) | / | (238.455 / 1685.222) |
| = | 0.231351 | / | 0.141498 |
| | = | 1.635 |
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 - (828.766 + 177.38) / 1347.084) | / | (1 - (1252.519 + 155.178) / 1763.626) |
| = | 0.253093 | / | 0.201817 |
| | = | 1.2541 |
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 |
| = | 1685.222 | / | 1741.943 |
| | = | 0.9674 |
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)) |
| = | (30.291 / (30.291 + 155.178)) | / | (52.442 / (52.442 + 177.38)) |
| = | 0.163321 | / | 0.228185 |
| | = | 0.7157 |
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) |
| = | (393.026 / 1685.222) | / | (387.26 / 1741.943) |
| = | 0.233219 | / | 0.222315 |
| | = | 1.049 |
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) |
| = | ((23.868 + 883.919) / 1347.084) | / | ((37.533 + 1051.636) / 1763.626) |
| = | 0.67389 | / | 0.617574 |
| | = | 1.0912 |
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 |
| = | (-247.107 - -24.512 | - | -151.716) | / | 1347.084 |
| | = | -0.052617 |
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.
SunPower has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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