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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 -15.20. And the median was -2.72.
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 * 0.9251||+||0.528 * 0.9727||+||0.404 * 0.9942||+||0.892 * 1.0098||+||0.115 * 1.0418|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.004||+||4.679 * -0.0593||-||0.327 * 0.9653|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|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.
Net Income was 152.066 + 196.339 + 368.582 + 195.164 = $912 Mil.
Non Operating Income was 13.215 + -18.879 + 23.807 + 40.322 = $58 Mil.
Cash Flow from Operations was 985.394 + 643.851 + 964.83 + 446.862 = $3,041 Mil.
|Accounts Receivable was $885 Mil.
Revenue was 3202.604 + 2730.822 + 2822.338 + 2578.913 = $11,335 Mil.
Gross Profit was 1502.326 + 1356.926 + 1642.007 + 1371.223 = $5,872 Mil.
Total Current Assets was $3,129 Mil.
Total Assets was $34,199 Mil.
Property, Plant and Equipment(Net PPE) was $26,541 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,126 Mil.
Selling, General & Admin. Expense(SGA) was $274 Mil.
Total Current Liabilities was $3,468 Mil.
Long-Term Debt was $11,205 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)|
|=||(826.797 / 11445.75)||/||(885.098 / 11334.677)|
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)|
|=||(1459.009 / 11334.677)||/||(1529.667 / 11445.75)|
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 - (3057.446 + 28966.911) / 36878.651)||/||(1 - (3129.346 + 26541.482) / 34198.752)|
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))|
|=||(1126.133 / (1126.133 + 26541.482))||/||(1177.705 / (1177.705 + 28966.911))|
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)|
|=||(278.031 / 11445.75)||/||(274.24 / 11334.677)|
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)|
|=||((11499.47 + 3774.528) / 36878.651)||/||((11205.319 + 3467.748) / 34198.752)|
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|
|=||(912.151 - 58.465||-||3040.937)||/||36878.651|
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 -2.82 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