Dynegy Beneish M-Score Historical Data
The historical data trend for Dynegy'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.
Dynegy Beneish M-Score Chart
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Dynegy Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-1.06 |
0.29 |
-2.37 |
-2.45 |
-2.59 |
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Dynegy Quarterly Data
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Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
| Beneish M-Score |
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-2.45 |
-2.46 |
-2.74 |
-2.63 |
-2.59 |
Competitive Comparison of Dynegy's Beneish M-Score
For the Utilities - Independent Power Producers subindustry, Dynegy'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.
Dynegy's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Dynegy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dynegy's Beneish M-Score falls into.
Dynegy 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 Dynegy 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 * 1.1852 | + | 0.528 * 1.1959 | + | 0.404 * 0.5132 | + | 0.892 * 1.1214 | + | 0.115 * 1.0694 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0469 | + | 4.679 * -0.057089 | - | 0.327 * 1.0726 |
| = | -2.59 |
* 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 (Dec17) TTM: | Last Year (Dec16) TTM: |
Total Receivables was $513 Mil.
Revenue was 994 + 1437 + 1164 + 1247 = $4,842 Mil.
Gross Profit was 287 + 650 + 483 + 490 = $1,910 Mil.
Total Current Assets was $1,524 Mil.
Total Assets was $11,771 Mil.
Property, Plant and Equipment(Net PPE) was $8,884 Mil.
Depreciation, Depletion and Amortization(DDA) was $823 Mil.
Selling, General, & Admin. Expense(SGA) was $189 Mil.
Total Current Liabilities was $1,049 Mil.
Long-Term Debt & Capital Lease Obligation was $8,328 Mil.
Net Income was -93 + -132 + -296 + 597 = $76 Mil.
Non Operating Income was -91 + -75 + -103 + 432 = $163 Mil.
Cash Flow from Operations was 84 + 271 + 81 + 149 = $585 Mil.
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Total Receivables was $386 Mil.
Revenue was 1107 + 1184 + 904 + 1123 = $4,318 Mil.
Gross Profit was 524 + 524 + 411 + 578 = $2,037 Mil.
Total Current Assets was $2,987 Mil.
Total Assets was $13,053 Mil.
Property, Plant and Equipment(Net PPE) was $7,121 Mil.
Depreciation, Depletion and Amortization(DDA) was $710 Mil.
Selling, General, & Admin. Expense(SGA) was $161 Mil.
Total Current Liabilities was $916 Mil.
Long-Term Debt & Capital Lease Obligation was $8,778 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) |
| = | (513 / 4842) | / | (386 / 4318) |
| = | 0.105948 | / | 0.089393 |
| | = | 1.1852 |
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) |
| = | (2037 / 4318) | / | (1910 / 4842) |
| = | 0.471746 | / | 0.394465 |
| | = | 1.1959 |
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 - (1524 + 8884) / 11771) | / | (1 - (2987 + 7121) / 13053) |
| = | 0.115793 | / | 0.225619 |
| | = | 0.5132 |
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 |
| = | 4842 | / | 4318 |
| | = | 1.1214 |
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)) |
| = | (710 / (710 + 7121)) | / | (823 / (823 + 8884)) |
| = | 0.090665 | / | 0.084784 |
| | = | 1.0694 |
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) |
| = | (189 / 4842) | / | (161 / 4318) |
| = | 0.039033 | / | 0.037286 |
| | = | 1.0469 |
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) |
| = | ((8328 + 1049) / 11771) | / | ((8778 + 916) / 13053) |
| = | 0.796619 | / | 0.742665 |
| | = | 1.0726 |
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 |
| = | (76 - 163 | - | 585) | / | 11771 |
| | = | -0.057089 |
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.
Dynegy has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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