Fortum Oyj Beneish M-Score Historical Data
The historical data trend for Fortum Oyj'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.
Fortum Oyj Beneish M-Score Chart
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Fortum Oyj Annual Data
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Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.76 |
6.29 |
11.06 |
-1.58 |
-4.04 |
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Fortum Oyj Quarterly Data
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Dec19 |
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Sep24 |
| Beneish M-Score |
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-4.04 |
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Competitive Comparison of Fortum Oyj's Beneish M-Score
For the Utilities - Renewable subindustry, Fortum Oyj'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.
Fortum Oyj's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Fortum Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fortum Oyj's Beneish M-Score falls into.
Fortum Oyj 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 Fortum Oyj 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 * 0.4467 | + | 0.528 * 0.8691 | + | 0.404 * 1.1159 | + | 0.892 * 0.8887 | + | 0.115 * 1.0491 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1155 | + | 4.679 * -0.207482 | - | 0.327 * 0.7583 |
| = | -4.02 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $2,117 Mil.
Revenue was $7,318 Mil.
Gross Profit was $3,045 Mil.
Total Current Assets was $8,014 Mil.
Total Assets was $20,435 Mil.
Property, Plant and Equipment(Net PPE) was $7,210 Mil.
Depreciation, Depletion and Amortization(DDA) was $391 Mil.
Selling, General, & Admin. Expense(SGA) was $113 Mil.
Total Current Liabilities was $4,045 Mil.
Long-Term Debt & Capital Lease Obligation was $4,987 Mil.
Net Income was $-2,256 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,984 Mil.
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Total Receivables was $5,333 Mil.
Revenue was $8,235 Mil.
Gross Profit was $2,978 Mil.
Total Current Assets was $11,625 Mil.
Total Assets was $25,044 Mil.
Property, Plant and Equipment(Net PPE) was $7,697 Mil.
Depreciation, Depletion and Amortization(DDA) was $440 Mil.
Selling, General, & Admin. Expense(SGA) was $114 Mil.
Total Current Liabilities was $10,722 Mil.
Long-Term Debt & Capital Lease Obligation was $3,875 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) |
| = | (2116.685 / 7318.43) | / | (5332.627 / 8235.169) |
| = | 0.289227 | / | 0.647543 |
| | = | 0.4467 |
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) |
| = | (2977.754 / 8235.169) | / | (3044.711 / 7318.43) |
| = | 0.36159 | / | 0.416033 |
| | = | 0.8691 |
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 - (8014.177 + 7210.469) / 20435.115) | / | (1 - (11625 + 7697.034) / 25044.492) |
| = | 0.254976 | / | 0.228492 |
| | = | 1.1159 |
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 |
| = | 7318.43 | / | 8235.169 |
| | = | 0.8887 |
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)) |
| = | (439.619 / (439.619 + 7697.034)) | / | (391.494 / (391.494 + 7210.469)) |
| = | 0.054029 | / | 0.051499 |
| | = | 1.0491 |
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) |
| = | (113.413 / 7318.43) | / | (114.407 / 8235.169) |
| = | 0.015497 | / | 0.013892 |
| | = | 1.1155 |
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) |
| = | ((4986.914 + 4044.711) / 20435.115) | / | ((3875 + 10722.458) / 25044.492) |
| = | 0.441966 | / | 0.582861 |
| | = | 0.7583 |
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 |
| = | (-2256.27 - 0 | - | 1983.642) | / | 20435.115 |
| | = | -0.207482 |
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.
Fortum Oyj has a M-score of -4.02 suggests that the company is unlikely to be a manipulator.
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