Southwest Gas Holdings Beneish M-Score Historical Data
The historical data trend for Southwest Gas 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.
Southwest Gas Holdings Beneish M-Score Chart
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Southwest Gas Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.84 |
-2.50 |
-1.55 |
-6.89 |
-2.18 |
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Southwest Gas Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
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Sep22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-6.89 |
-2.02 |
-2.11 |
-2.24 |
-2.18 |
Competitive Comparison of Southwest Gas Holdings's Beneish M-Score
For the Utilities - Regulated Gas subindustry, Southwest Gas 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.
Southwest Gas Holdings's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Southwest Gas Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Southwest Gas Holdings's Beneish M-Score falls into.
Southwest Gas 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 Southwest Gas 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 * 0.9302 | + | 0.528 * 1.0694 | + | 0.404 * 1.1314 | + | 0.892 * 1.0956 | + | 0.115 * 1.1217 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.5283 | + | 4.679 * -0.025905 | - | 0.327 * 0.8942 |
| = | -2.18 |
* 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 $981 Mil.
Revenue was 1367.531 + 1169.492 + 1293.645 + 1603.304 = $5,434 Mil.
Gross Profit was 271.062 + 186.898 + 218.08 + 343.179 = $1,019 Mil.
Total Current Assets was $1,881 Mil.
Total Assets was $11,870 Mil.
Property, Plant and Equipment(Net PPE) was $8,785 Mil.
Depreciation, Depletion and Amortization(DDA) was $441 Mil.
Selling, General, & Admin. Expense(SGA) was $-0 Mil.
Total Current Liabilities was $1,685 Mil.
Long-Term Debt & Capital Lease Obligation was $4,610 Mil.
Net Income was 72.869 + 3.231 + 28.878 + 45.911 = $151 Mil.
Non Operating Income was 8.17 + 1.398 + 5.11 + -65.511 = $-51 Mil.
Cash Flow from Operations was 310.777 + 186.248 + 197.928 + -185.742 = $509 Mil.
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Total Receivables was $963 Mil.
Revenue was 1420.892 + 1125.588 + 1146.12 + 1267.409 = $4,960 Mil.
Gross Profit was 312.407 + 190.226 + 176.276 + 315.956 = $995 Mil.
Total Current Assets was $3,708 Mil.
Total Assets was $13,197 Mil.
Property, Plant and Equipment(Net PPE) was $8,306 Mil.
Depreciation, Depletion and Amortization(DDA) was $470 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $3,423 Mil.
Long-Term Debt & Capital Lease Obligation was $4,403 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) |
| = | (981.484 / 5433.972) | / | (963.084 / 4960.009) |
| = | 0.18062 | / | 0.19417 |
| | = | 0.9302 |
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) |
| = | (994.865 / 4960.009) | / | (1019.219 / 5433.972) |
| = | 0.200577 | / | 0.187564 |
| | = | 1.0694 |
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 - (1881.114 + 8784.582) / 11869.896) | / | (1 - (3707.662 + 8305.672) / 13196.614) |
| = | 0.10145 | / | 0.089665 |
| | = | 1.1314 |
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 |
| = | 5433.972 | / | 4960.009 |
| | = | 1.0956 |
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)) |
| = | (470.455 / (470.455 + 8305.672)) | / | (440.908 / (440.908 + 8784.582)) |
| = | 0.053606 | / | 0.047792 |
| | = | 1.1217 |
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) |
| = | (-0.151 / 5433.972) | / | (0.263 / 4960.009) |
| = | -2.8E-5 | / | 5.3E-5 |
| | = | -0.5283 |
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) |
| = | ((4609.838 + 1684.847) / 11869.896) | / | ((4403.299 + 3422.963) / 13196.614) |
| = | 0.530307 | / | 0.593051 |
| | = | 0.8942 |
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 |
| = | (150.889 - -50.833 | - | 509.211) | / | 11869.896 |
| | = | -0.025905 |
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.
Southwest Gas Holdings has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.
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