ALLETE Beneish M-Score Historical Data
The historical data trend for ALLETE'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.
ALLETE Beneish M-Score Chart
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ALLETE Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.41 |
-2.41 |
-2.34 |
-2.66 |
-2.70 |
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ALLETE Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
Sep25 |
| Beneish M-Score |
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0.00 |
-2.70 |
0.00 |
0.00 |
0.00 |
FRA:AEBA vs SRE, AES: Beneish M-Score Comparison
For the Utilities - Diversified subindustry, ALLETE'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.
ALLETE Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, ALLETE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ALLETE's Beneish M-Score falls into.
ALLETE 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 ALLETE 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 * 1.3264 | + | 0.528 * 0.8022 | + | 0.404 * 0.9542 | + | 0.892 * 0.8475 | + | 0.115 * 0.9634 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.047644 | - | 0.327 * 1.0101 |
| = | -2.67 |
* 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 €141 Mil.
Revenue was €1,461 Mil.
Gross Profit was €475 Mil.
Total Current Assets was €416 Mil.
Total Assets was €6,450 Mil.
Property, Plant and Equipment(Net PPE) was €4,948 Mil.
Depreciation, Depletion and Amortization(DDA) was €266 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €386 Mil.
Long-Term Debt & Capital Lease Obligation was €1,628 Mil.
Net Income was €171 Mil.
Gross Profit was €42 Mil.
Cash Flow from Operations was €437 Mil.
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Total Receivables was €126 Mil.
Revenue was €1,724 Mil.
Gross Profit was €449 Mil.
Total Current Assets was €429 Mil.
Total Assets was €6,104 Mil.
Property, Plant and Equipment(Net PPE) was €4,597 Mil.
Depreciation, Depletion and Amortization(DDA) was €237 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €346 Mil.
Long-Term Debt & Capital Lease Obligation was €1,540 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) |
| = | (141.436 / 1460.959) | / | (125.812 / 1723.777) |
| = | 0.09681 | / | 0.072986 |
| | = | 1.3264 |
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) |
| = | (449.238 / 1723.777) | / | (474.635 / 1460.959) |
| = | 0.260613 | / | 0.324879 |
| | = | 0.8022 |
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 - (415.616 + 4948.333) / 6450.357) | / | (1 - (429.248 + 4597.288) / 6103.919) |
| = | 0.168426 | / | 0.176507 |
| | = | 0.9542 |
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 |
| = | 1460.959 | / | 1723.777 |
| | = | 0.8475 |
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)) |
| = | (237.32 / (237.32 + 4597.288)) | / | (265.681 / (265.681 + 4948.333)) |
| = | 0.049088 | / | 0.050955 |
| | = | 0.9634 |
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) |
| = | (0 / 1460.959) | / | (0 / 1723.777) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((1627.989 + 386.011) / 6450.357) | / | ((1540.468 + 346.259) / 6103.919) |
| = | 0.312231 | / | 0.309101 |
| | = | 1.0101 |
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 |
| = | (171.232 - 42.02 | - | 436.531) | / | 6450.357 |
| | = | -0.047644 |
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.
ALLETE has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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