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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 -1.64. The lowest was -15.21. 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 * 0.9293||+||0.528 * 0.9059||+||0.404 * 0.966||+||0.892 * 0.9434||+||0.115 * 0.9998|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7892||+||4.679 * -0.0543||-||0.327 * 1.0062|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $725 Mil.|
Revenue was 2645.821 + 2901.312 + 2515.134 + 2962.219 = $11,024 Mil.
Gross Profit was 1502.946 + 1812.312 + 1475.598 + 1529.667 = $6,321 Mil.
Total Current Assets was $2,910 Mil.
Total Assets was $39,054 Mil.
Property, Plant and Equipment(Net PPE) was $31,206 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,249 Mil.
Selling, General & Admin. Expense(SGA) was $225 Mil.
Total Current Liabilities was $4,058 Mil.
Long-Term Debt was $12,491 Mil.
Net Income was 209.025 + 426.463 + 196.931 + 152.066 = $984 Mil.
Non Operating Income was 13.085 + 14.115 + 28.189 + 25.503 = $81 Mil.
Cash Flow from Operations was 535.917 + 980.877 + 523.651 + 985.394 = $3,026 Mil.
|Accounts Receivable was $827 Mil.
Revenue was 2928.628 + 2869.807 + 2685.096 + 3202.604 = $11,686 Mil.
Gross Profit was 1459.009 + 1682.596 + 1425.231 + 1502.326 = $6,069 Mil.
Total Current Assets was $3,364 Mil.
Total Assets was $36,958 Mil.
Property, Plant and Equipment(Net PPE) was $28,757 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,151 Mil.
Selling, General & Admin. Expense(SGA) was $302 Mil.
Total Current Liabilities was $4,065 Mil.
Long-Term Debt was $11,500 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)|
|=||(724.606 / 11024.486)||/||(826.506 / 11686.135)|
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)|
|=||(1812.312 / 11686.135)||/||(1502.946 / 11024.486)|
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 - (2910.445 + 31205.851) / 39053.535)||/||(1 - (3364.38 + 28756.916) / 36957.884)|
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))|
|=||(1151.057 / (1151.057 + 28756.916))||/||(1249.39 / (1249.39 + 31205.851))|
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)|
|=||(224.679 / 11024.486)||/||(301.772 / 11686.135)|
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)|
|=||((12490.719 + 4058.297) / 39053.535)||/||((11499.634 + 4064.583) / 36957.884)|
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|
|=||(984.485 - 80.892||-||3025.839)||/||39053.535|
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 -2.88 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