Entergy Arkansas Beneish M-Score Historical Data
The historical data trend for Entergy Arkansas'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.
Entergy Arkansas Beneish M-Score Chart
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Entergy Arkansas Annual Data
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Entergy Arkansas Quarterly Data
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Competitive Comparison of Entergy Arkansas's Beneish M-Score
For the Utilities - Regulated Electric subindustry, Entergy Arkansas'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.
Entergy Arkansas's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Entergy Arkansas's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Entergy Arkansas's Beneish M-Score falls into.
Entergy Arkansas 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 Entergy Arkansas 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 * 1.2081 | + | 0.528 * 1.1207 | + | 0.404 * 0.9917 | + | 0.892 * 1.0689 | + | 0.115 * 0.9508 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6569 | + | 4.679 * -0.026656 | - | 0.327 * 1.0418 |
| = | -2.25 |
* 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 (Sep18) TTM: | Last Year (Jun17) TTM: |
Total Receivables was $364.89 Mil.
Revenue was 568.399 + 494.605 + 495.68 + 673.226 = $2,231.91 Mil.
Gross Profit was 326.686 + 304.111 + 314.687 + 453.561 = $1,399.05 Mil.
Total Current Assets was $932.39 Mil.
Total Assets was $10,618.67 Mil.
Property, Plant and Equipment(Net PPE) was $7,059.06 Mil.
Depreciation, Depletion and Amortization(DDA) was $449.58 Mil.
Selling, General, & Admin. Expense(SGA) was $28.86 Mil.
Total Current Liabilities was $777.23 Mil.
Long-Term Debt & Capital Lease Obligation was $3,242.28 Mil.
Net Income was 128.89 + 82.556 + -5.648 + 92.638 = $298.44 Mil.
Non Operating Income was -3.063 + -3.881 + 52.788 + -3.332 = $42.51 Mil.
Cash Flow from Operations was 135.99 + 38.59 + 188.005 + 176.39 = $538.98 Mil.
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Total Receivables was $282.56 Mil.
Revenue was 496.662 + 474.351 + 462.384 + 654.599 = $2,088.00 Mil.
Gross Profit was 354.084 + 300.19 + 329.599 + 482.875 = $1,466.75 Mil.
Total Current Assets was $780.68 Mil.
Total Assets was $9,899.26 Mil.
Property, Plant and Equipment(Net PPE) was $6,648.90 Mil.
Depreciation, Depletion and Amortization(DDA) was $401.39 Mil.
Selling, General, & Admin. Expense(SGA) was $41.10 Mil.
Total Current Liabilities was $647.14 Mil.
Long-Term Debt & Capital Lease Obligation was $2,949.56 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) |
| = | (364.89 / 2231.91) | / | (282.558 / 2087.996) |
| = | 0.163488 | / | 0.135325 |
| | = | 1.2081 |
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) |
| = | (1466.748 / 2087.996) | / | (1399.045 / 2231.91) |
| = | 0.702467 | / | 0.626838 |
| | = | 1.1207 |
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 - (932.39 + 7059.062) / 10618.668) | / | (1 - (780.675 + 6648.899) / 9899.259) |
| = | 0.247415 | / | 0.249482 |
| | = | 0.9917 |
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 |
| = | 2231.91 | / | 2087.996 |
| | = | 1.0689 |
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)) |
| = | (401.385 / (401.385 + 6648.899)) | / | (449.582 / (449.582 + 7059.062)) |
| = | 0.056932 | / | 0.059875 |
| | = | 0.9508 |
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) |
| = | (28.859 / 2231.91) | / | (41.101 / 2087.996) |
| = | 0.01293 | / | 0.019684 |
| | = | 0.6569 |
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) |
| = | ((3242.282 + 777.233) / 10618.668) | / | ((2949.561 + 647.142) / 9899.259) |
| = | 0.378533 | / | 0.363331 |
| | = | 1.0418 |
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 |
| = | (298.436 - 42.512 | - | 538.975) | / | 10618.668 |
| | = | -0.026656 |
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.
Entergy Arkansas has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.
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