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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Xcel Energy Inc was -1.23. The lowest was -3.90. And the median was -2.66.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Xcel Energy Inc 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 * 0.9238||+||0.528 * 0.9502||+||0.404 * 1.0028||+||0.892 * 0.9856||+||0.115 * 0.9302|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9316||+||4.679 * -0.06||-||0.327 * 0.9706|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $676 Mil.|
Revenue was 2515.134 + 2962.219 + 2928.628 + 2869.807 = $11,276 Mil.
Gross Profit was 1475.598 + 1529.667 + 1459.009 + 1682.596 = $6,147 Mil.
Total Current Assets was $3,049 Mil.
Total Assets was $37,269 Mil.
Property, Plant and Equipment(Net PPE) was $29,350 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,187 Mil.
Selling, General & Admin. Expense(SGA) was $261 Mil.
Total Current Liabilities was $3,537 Mil.
Long-Term Debt was $11,896 Mil.
Net Income was 196.931 + 152.066 + 196.339 + 368.582 = $914 Mil.
Non Operating Income was 15.859 + 13.215 + -18.879 + 23.807 = $34 Mil.
Cash Flow from Operations was 523.651 + 985.394 + 643.851 + 964.83 = $3,118 Mil.
|Accounts Receivable was $743 Mil.
Revenue was 2685.096 + 3202.604 + 2730.822 + 2822.338 = $11,441 Mil.
Gross Profit was 1425.231 + 1502.326 + 1356.926 + 1642.007 = $5,926 Mil.
Total Current Assets was $3,124 Mil.
Total Assets was $34,718 Mil.
Property, Plant and Equipment(Net PPE) was $27,070 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,015 Mil.
Selling, General & Admin. Expense(SGA) was $285 Mil.
Total Current Liabilities was $3,060 Mil.
Long-Term Debt was $11,753 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(676.223 / 11275.788)||/||(742.73 / 11440.86)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(1529.667 / 11440.86)||/||(1475.598 / 11275.788)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (3048.922 + 29350.364) / 37268.809)||/||(1 - (3123.82 + 27070.377) / 34717.644)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(1015.08 / (1015.08 + 27070.377))||/||(1186.551 / (1186.551 + 29350.364))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(261.338 / 11275.788)||/||(284.629 / 11440.86)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((11896.126 + 3537.251) / 37268.809)||/||((11752.778 + 3059.929) / 34717.644)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(913.918 - 34.002||-||3117.726)||/||37268.809|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Xcel Energy Inc has a M-score of -2.86 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Xcel Energy Inc Annual Data
Xcel Energy Inc Quarterly Data