Algonquin Power & Utilities Beneish M-Score Historical Data
The historical data trend for Algonquin Power & Utilities's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Algonquin Power & Utilities Beneish M-Score Chart
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Algonquin Power & Utilities Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.41 |
-2.15 |
-2.29 |
-2.53 |
-2.80 |
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Algonquin Power & Utilities Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.53 |
-2.68 |
-2.80 |
-2.74 |
-2.80 |
Competitive Comparison of Algonquin Power & Utilities's Beneish M-Score
For the Utilities - Diversified subindustry, Algonquin Power & Utilities's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Algonquin Power & Utilities's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Algonquin Power & Utilities's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Algonquin Power & Utilities's Beneish M-Score falls into.
Algonquin Power & Utilities Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Algonquin Power & Utilities 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 * 1.0793 | + | 0.528 * 0.9273 | + | 0.404 * 0.8443 | + | 0.892 * 0.9753 | + | 0.115 * 1.0137 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.1138 | + | 4.679 * -0.110771 | - | 0.327 * 0.9746 |
| = | -2.89 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $422.57 Mil.
Revenue was 584.828 + 573.199 + 598.626 + 737.1 = $2,493.75 Mil.
Gross Profit was 418.433 + 452.203 + 489.001 + 535.758 = $1,895.40 Mil.
Total Current Assets was $1,135.09 Mil.
Total Assets was $16,961.76 Mil.
Property, Plant and Equipment(Net PPE) was $9,450.10 Mil.
Depreciation, Depletion and Amortization(DDA) was $476.68 Mil.
Selling, General, & Admin. Expense(SGA) was $7.41 Mil.
Total Current Liabilities was $1,497.41 Mil.
Long-Term Debt & Capital Lease Obligation was $6,207.04 Mil.
Net Income was -186.438 + -1305.699 + 200.766 + -89.146 = $-1,380.52 Mil.
Non Operating Income was 9.124 + 11.596 + 171.345 + -175.421 = $16.64 Mil.
Cash Flow from Operations was 48.118 + 66.654 + 236.201 + 130.745 = $481.72 Mil.
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Total Receivables was $401.44 Mil.
Revenue was 585.651 + 564.768 + 627.871 + 778.627 = $2,556.92 Mil.
Gross Profit was 385.7 + 427.026 + 485.715 + 503.671 = $1,802.11 Mil.
Total Current Assets was $1,066.35 Mil.
Total Assets was $18,373.96 Mil.
Property, Plant and Equipment(Net PPE) was $9,126.77 Mil.
Depreciation, Depletion and Amortization(DDA) was $467.00 Mil.
Selling, General, & Admin. Expense(SGA) was $66.77 Mil.
Total Current Liabilities was $1,685.18 Mil.
Long-Term Debt & Capital Lease Obligation was $6,878.30 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (422.571 / 2493.753) | / | (401.44 / 2556.917) |
| = | 0.169452 | / | 0.157002 |
| | = | 1.0793 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (1802.112 / 2556.917) | / | (1895.395 / 2493.753) |
| = | 0.704799 | / | 0.760057 |
| | = | 0.9273 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (1135.09 + 9450.095) / 16961.757) | / | (1 - (1066.345 + 9126.773) / 18373.961) |
| = | 0.375938 | / | 0.445241 |
| | = | 0.8443 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 2493.753 | / | 2556.917 |
| | = | 0.9753 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (466.996 / (466.996 + 9126.773)) | / | (476.679 / (476.679 + 9450.095)) |
| = | 0.048677 | / | 0.04802 |
| | = | 1.0137 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (7.413 / 2493.753) | / | (66.773 / 2556.917) |
| = | 0.002973 | / | 0.026115 |
| | = | 0.1138 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((6207.04 + 1497.41) / 16961.757) | / | ((6878.299 + 1685.18) / 18373.961) |
| = | 0.454225 | / | 0.466066 |
| | = | 0.9746 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (-1380.517 - 16.644 | - | 481.718) | / | 16961.757 |
| | = | -0.110771 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Algonquin Power & Utilities has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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