CZAVF (CEZ AS) Beneish M-Score : -3.03 (As of Jun. 26, 2025)

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What is CEZ AS Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CEZ AS's Beneish M-Score or its related term are showing as below:

CZAVF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.03 Med: -2.72 Max: -1.15
Current: -3.03

During the past 13 years, the highest Beneish M-Score of CEZ AS was -1.15. The lowest was -4.03. And the median was -2.72.

CEZ AS Beneish M-Score Historical Data

The historical data trend for CEZ AS'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.

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CEZ AS Beneish M-Score Chart

CEZ AS Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.02

-2.14

-1.15

-4.03

-3.13

CEZ AS Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-3.09	-2.75	-3.13	-3.13	-3.03

Competitive Comparison of CEZ AS's Beneish M-Score

For the Utilities - Regulated Electric subindustry, CEZ AS'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.

CEZ AS's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, CEZ AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CEZ AS's Beneish M-Score falls into.

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CEZ AS 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 CEZ AS for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8481

0.528 * 0.8362

0.404 * 0.8621

0.892 * 1.1301

0.115 * 1.008

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.452

4.679 * -0.098279

0.327 * 1.0627

-3.03

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was $2,657 Mil.
Revenue was 4006.833 + 4679.519 + 3558.839 + 3197.53 = $15,443 Mil.
Gross Profit was 2262.563 + 2541.603 + 1741.806 + 1619.171 = $8,165 Mil.
Total Current Assets was $10,274 Mil.
Total Assets was $38,892 Mil.
Property, Plant and Equipment(Net PPE) was $24,799 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,207 Mil.
Selling, General, & Admin. Expense(SGA) was $16 Mil.
Total Current Liabilities was $7,752 Mil.
Long-Term Debt & Capital Lease Obligation was $9,265 Mil.
Net Income was 547.207 + 270.54 + 103.724 + 328.193 = $1,250 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1413.767 + 649.238 + 1742.027 + 1266.881 = $5,072 Mil.

Total Receivables was $2,772 Mil.
Revenue was 3730.076 + 3200.823 + 3336.769 + 3397.318 = $13,665 Mil.
Gross Profit was 2089.484 + 896.64 + 1504.533 + 1551.176 = $6,042 Mil.
Total Current Assets was $12,040 Mil.
Total Assets was $35,447 Mil.
Property, Plant and Equipment(Net PPE) was $19,369 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,738 Mil.
Selling, General, & Admin. Expense(SGA) was $31 Mil.
Total Current Liabilities was $8,858 Mil.
Long-Term Debt & Capital Lease Obligation was $5,736 Mil.

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)
	=	(2656.902 / 15442.721)	/	(2771.996 / 13664.986)
	=	0.172049	/	0.202854
	=	0.8481

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)
	=	(6041.833 / 13664.986)	/	(8165.143 / 15442.721)
	=	0.44214	/	0.528737
	=	0.8362

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 - (10273.809 + 24798.815) / 38891.969)	/	(1 - (12039.704 + 19369.121) / 35446.786)
	=	0.098204	/	0.113916
	=	0.8621

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
	=	15442.721	/	13664.986
	=	1.1301

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))
	=	(1738.415 / (1738.415 + 19369.121))	/	(2206.598 / (2206.598 + 24798.815))
	=	0.08236	/	0.081709
	=	1.008

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)
	=	(16.009 / 15442.721)	/	(31.35 / 13664.986)
	=	0.001037	/	0.002294
	=	0.452

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)
	=	((9264.537 + 7752.272) / 38891.969)	/	((5736.228 + 8857.667) / 35446.786)
	=	0.43754	/	0.411713
	=	1.0627

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
	=	(1249.664 - 0	-	5071.913)	/	38891.969
	=	-0.098279

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.

CEZ AS has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.

CEZ AS Beneish M-Score Related Terms

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CEZ AS Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » CEZ AS (OTCPK:CZAVF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CEZ:Poland 0NZF:UK CEZ:Germany CEZ:Czech Republic

Address

Duhova 2/1444, Prague 4, Prague, CZE, 140 53

Website

https://www.cez.cz

CEZ AS is a Czech energy company of which the government of the Czech Republic is the majority shareholder. The core business of the company is the generation, distribution, trade, and sale of electricity and heat. With its subsidiaries, the company operates a portfolio of both conventional and renewable energy power plants. Total energy production is mainly split between facilities utilizing thermal and nuclear inputs. CEZ segments comprise Generation; Distribution; Sales and Mining. The majority of its revenue is derived from the Generation segment.