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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 -15.21. And the median was -2.75.
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 * 0.9319||+||0.528 * 0.9044||+||0.404 * 0.9535||+||0.892 * 0.9466||+||0.115 * 0.9888|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8675||+||4.679 * -0.0471||-||0.327 * 1.0096|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $729 Mil.|
Revenue was 2772.273 + 2645.821 + 2901.312 + 2515.134 = $10,835 Mil.
Gross Profit was 1590.059 + 1502.946 + 1812.312 + 1475.598 = $6,381 Mil.
Total Current Assets was $2,733 Mil.
Total Assets was $39,070 Mil.
Property, Plant and Equipment(Net PPE) was $31,433 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,293 Mil.
Selling, General & Admin. Expense(SGA) was $228 Mil.
Total Current Liabilities was $3,189 Mil.
Long-Term Debt was $13,148 Mil.
Net Income was 241.312 + 209.025 + 426.463 + 196.931 = $1,074 Mil.
Non Operating Income was 26.129 + 13.085 + 14.115 + 28.189 = $82 Mil.
Cash Flow from Operations was 790.063 + 535.917 + 980.877 + 523.651 = $2,831 Mil.
|Accounts Receivable was $827 Mil.
Revenue was 2962.219 + 2928.628 + 2869.807 + 2685.096 = $11,446 Mil.
Gross Profit was 1529.667 + 1459.009 + 1682.596 + 1425.231 = $6,097 Mil.
Total Current Assets was $3,057 Mil.
Total Assets was $36,879 Mil.
Property, Plant and Equipment(Net PPE) was $28,967 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,178 Mil.
Selling, General & Admin. Expense(SGA) was $278 Mil.
Total Current Liabilities was $3,775 Mil.
Long-Term Debt was $11,499 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)|
|=||(729.386 / 10834.54)||/||(826.797 / 11445.75)|
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)|
|=||(6096.503 / 11445.75)||/||(6380.915 / 10834.54)|
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 - (2732.617 + 31433.406) / 39069.844)||/||(1 - (3057.446 + 28966.911) / 36878.651)|
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))|
|=||(1177.705 / (1177.705 + 28966.911))||/||(1293.048 / (1293.048 + 31433.406))|
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)|
|=||(228.31 / 10834.54)||/||(278.031 / 11445.75)|
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)|
|=||((13148.395 + 3188.568) / 39069.844)||/||((11499.47 + 3774.528) / 36878.651)|
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|
|=||(1073.731 - 81.518||-||2830.508)||/||39069.844|
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