MetroGas Beneish M-Score Historical Data
The historical data trend for MetroGas'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.
MetroGas Beneish M-Score Chart
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MetroGas Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.40 |
-2.70 |
-1.69 |
-1.51 |
-2.19 |
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MetroGas 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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-1.51 |
-0.76 |
-0.32 |
0.49 |
-2.19 |
Competitive Comparison of MetroGas's Beneish M-Score
For the Utilities - Regulated Gas subindustry, MetroGas'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.
MetroGas's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, MetroGas's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MetroGas's Beneish M-Score falls into.
MetroGas 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 MetroGas 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 * 1.3029 | + | 0.528 * 0.7422 | + | 0.404 * 0.6373 | + | 0.892 * 1.3263 | + | 0.115 * 0.7581 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.737 | + | 4.679 * -0.017131 | - | 0.327 * 0.8064 |
| = | -2.19 |
* 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 ARS166,652 Mil.
Revenue was 254731 + 324126 + 232011 + 64744 = ARS875,612 Mil.
Gross Profit was 88679 + 122980 + 78115 + 8930 = ARS298,704 Mil.
Total Current Assets was ARS294,323 Mil.
Total Assets was ARS1,100,677 Mil.
Property, Plant and Equipment(Net PPE) was ARS778,303 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS42,380 Mil.
Selling, General, & Admin. Expense(SGA) was ARS26,426 Mil.
Total Current Liabilities was ARS360,260 Mil.
Long-Term Debt & Capital Lease Obligation was ARS18,560 Mil.
Net Income was 26983 + 44133 + 52045 + 19116 = ARS142,277 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 54371 + 81174 + 18600 + 6988 = ARS161,133 Mil.
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Total Receivables was ARS96,440 Mil.
Revenue was 172173 + 234354 + 180154 + 73517 = ARS660,198 Mil.
Gross Profit was 47437 + 61558 + 49870 + 8301 = ARS167,166 Mil.
Total Current Assets was ARS170,345 Mil.
Total Assets was ARS993,640 Mil.
Property, Plant and Equipment(Net PPE) was ARS783,557 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS31,923 Mil.
Selling, General, & Admin. Expense(SGA) was ARS27,035 Mil.
Total Current Liabilities was ARS406,547 Mil.
Long-Term Debt & Capital Lease Obligation was ARS17,547 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) |
| = | (166652 / 875612) | / | (96440 / 660198) |
| = | 0.190326 | / | 0.146077 |
| | = | 1.3029 |
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) |
| = | (167166 / 660198) | / | (298704 / 875612) |
| = | 0.253206 | / | 0.341137 |
| | = | 0.7422 |
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 - (294323 + 778303) / 1100677) | / | (1 - (170345 + 783557) / 993640) |
| = | 0.025485 | / | 0.039992 |
| | = | 0.6373 |
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 |
| = | 875612 | / | 660198 |
| | = | 1.3263 |
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)) |
| = | (31923 / (31923 + 783557)) | / | (42380 / (42380 + 778303)) |
| = | 0.039146 | / | 0.05164 |
| | = | 0.7581 |
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) |
| = | (26426 / 875612) | / | (27035 / 660198) |
| = | 0.03018 | / | 0.04095 |
| | = | 0.737 |
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) |
| = | ((18560 + 360260) / 1100677) | / | ((17547 + 406547) / 993640) |
| = | 0.34417 | / | 0.426809 |
| | = | 0.8064 |
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 |
| = | (142277 - 0 | - | 161133) | / | 1100677 |
| | = | -0.017131 |
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.
MetroGas has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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