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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 -2.74.
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 * 1.0628||+||0.528 * 0.9143||+||0.404 * 0.9618||+||0.892 * 0.9595||+||0.115 * 0.9534|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9176||+||4.679 * -0.0488||-||0.327 * 1.0158|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $690 Mil.|
Revenue was 2499.849 + 2772.273 + 2645.821 + 2901.312 = $10,819 Mil.
Gross Profit was 1545.478 + 1590.059 + 1502.946 + 1812.312 = $6,451 Mil.
Total Current Assets was $2,704 Mil.
Total Assets was $39,490 Mil.
Property, Plant and Equipment(Net PPE) was $31,823 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,352 Mil.
Selling, General & Admin. Expense(SGA) was $230 Mil.
Total Current Liabilities was $3,506 Mil.
Long-Term Debt was $13,105 Mil.
Net Income was 196.795 + 241.312 + 209.025 + 426.463 = $1,074 Mil.
Non Operating Income was 18.641 + 26.129 + 13.085 + 14.115 = $72 Mil.
Cash Flow from Operations was 622.476 + 790.063 + 535.917 + 980.877 = $2,929 Mil.
|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.
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)|
|=||(689.564 / 10819.255)||/||(676.223 / 11275.788)|
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)|
|=||(6146.87 / 11275.788)||/||(6450.795 / 10819.255)|
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 - (2704.099 + 31823.282) / 39490.164)||/||(1 - (3048.922 + 29350.364) / 37268.809)|
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))|
|=||(1186.551 / (1186.551 + 29350.364))||/||(1352.119 / (1352.119 + 31823.282))|
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)|
|=||(230.085 / 10819.255)||/||(261.338 / 11275.788)|
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)|
|=||((13104.77 + 3506.381) / 39490.164)||/||((11896.126 + 3537.251) / 37268.809)|
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|
|=||(1073.595 - 71.97||-||2929.333)||/||39490.164|
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 -2.74 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