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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 * 1.05||+||0.528 * 0.9265||+||0.404 * 0.9791||+||0.892 * 0.9691||+||0.115 * 0.8821|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0031||+||4.679 * -0.0481||-||0.327 * 1.0077|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $754 Mil.|
Revenue was 3040.147 + 2499.849 + 2772.273 + 2645.821 = $10,958 Mil.
Gross Profit was 1926.67 + 1545.478 + 1590.059 + 1502.946 = $6,565 Mil.
Total Current Assets was $3,076 Mil.
Total Assets was $40,325 Mil.
Property, Plant and Equipment(Net PPE) was $32,207 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,391 Mil.
Selling, General & Admin. Expense(SGA) was $237 Mil.
Total Current Liabilities was $3,454 Mil.
Long-Term Debt was $13,403 Mil.
Net Income was 457.795 + 196.795 + 241.312 + 209.025 = $1,105 Mil.
Non Operating Income was 27.565 + 18.641 + 26.129 + 24.644 = $97 Mil.
Cash Flow from Operations was 1000.315 + 622.476 + 790.063 + 535.917 = $2,949 Mil.
|Accounts Receivable was $741 Mil.
Revenue was 2901.312 + 2515.134 + 2962.219 + 2928.628 = $11,307 Mil.
Gross Profit was 1812.312 + 1475.598 + 1529.667 + 1459.009 = $6,277 Mil.
Total Current Assets was $3,344 Mil.
Total Assets was $38,030 Mil.
Property, Plant and Equipment(Net PPE) was $29,829 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,130 Mil.
Selling, General & Admin. Expense(SGA) was $243 Mil.
Total Current Liabilities was $3,085 Mil.
Long-Term Debt was $12,691 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)|
|=||(754.248 / 10958.09)||/||(741.23 / 11307.293)|
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)|
|=||(6276.586 / 11307.293)||/||(6565.153 / 10958.09)|
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 - (3076.163 + 32206.696) / 40324.75)||/||(1 - (3344.422 + 29828.609) / 38029.696)|
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))|
|=||(1130.433 / (1130.433 + 29828.609))||/||(1390.712 / (1390.712 + 32206.696))|
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)|
|=||(236.685 / 10958.09)||/||(243.48 / 11307.293)|
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)|
|=||((13402.583 + 3453.972) / 40324.75)||/||((12690.751 + 3085.02) / 38029.696)|
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|
|=||(1104.927 - 96.979||-||2948.771)||/||40324.75|
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 -2.75 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