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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.
Xcel Energy Inc has a M-score of -2.72 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Xcel Energy Inc was -1.12. The lowest was -15.19. And the median was -2.73.
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 * 0.9346||+||0.528 * 1.0457||+||0.404 * 0.9071||+||0.892 * 1.0755||+||0.115 * 1.0584|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0074||+||4.679 * -0.05||-||0.327 * 1.0188|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $1,352 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.
Net Income was 195.164 + 261.221 + 150.055 + 364.752 = $971 Mil.
Non Operating Income was 40.322 + 22.998 + 65.276 + 30.206 = $159 Mil.
Cash Flow from Operations was 446.862 + 592.649 + 581.128 + 928.683 = $2,549 Mil.
|Accounts Receivable was $1,345 Mil.
Revenue was 2578.913 + 2782.849 + 2551.135 + 2724.341 = $10,637 Mil.
Gross Profit was 1371.223 + 1410.02 + 1320.32 + 1660.521 = $5,762 Mil.
Total Current Assets was $2,818 Mil.
Total Assets was $32,266 Mil.
Property, Plant and Equipment(Net PPE) was $24,813 Mil.
Depreciation, Depletion and Amortization(DDA) was $987 Mil.
Selling, General & Admin. Expense(SGA) was $263 Mil.
Total Current Liabilities was $2,697 Mil.
Long-Term Debt was $10,816 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)|
|=||(1352.403 / 11440.86)||/||(1345.363 / 10637.238)|
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)|
|=||(1502.326 / 10637.238)||/||(1425.231 / 11440.86)|
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 - (3123.82 + 27070.377) / 34717.644)||/||(1 - (2818.2 + 24813.411) / 32266.262)|
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))|
|=||(986.963 / (986.963 + 24813.411))||/||(1015.08 / (1015.08 + 27070.377))|
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)|
|=||(284.629 / 11440.86)||/||(262.682 / 10637.238)|
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)|
|=||((11752.778 + 3059.929) / 34717.644)||/||((10816.477 + 2696.81) / 32266.262)|
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|
|=||(971.192 - 158.802||-||2549.322)||/||34717.644|
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 -2.72 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