Enbridge Beneish M-Score Historical Data
The historical data trend for Enbridge'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.
Enbridge Beneish M-Score Chart
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Enbridge Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-3.04 |
-2.27 |
-2.72 |
-3.01 |
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Enbridge Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.20 |
-3.39 |
-3.29 |
-3.01 |
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Competitive Comparison of Enbridge's Beneish M-Score
For the Oil & Gas Midstream subindustry, Enbridge'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.
Enbridge's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Enbridge's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enbridge's Beneish M-Score falls into.
Enbridge 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 Enbridge 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 * 1.2651 | + | 0.528 * 0.7964 | + | 0.404 * 0.9927 | + | 0.892 * 0.8114 | + | 0.115 * 1.0667 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2886 | + | 4.679 * -0.051727 | - | 0.327 * 1.008 |
| = | -2.63 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €3,402 Mil.
Revenue was 7502.187 + 7722.321 + 6816.812 + 7247.28 = €29,289 Mil.
Gross Profit was 3292.996 + 3242.582 + 2665.371 + 3041.468 = €12,242 Mil.
Total Current Assets was €6,805 Mil.
Total Assets was €129,622 Mil.
Property, Plant and Equipment(Net PPE) was €77,105 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,204 Mil.
Selling, General, & Admin. Expense(SGA) was €1,409 Mil.
Total Current Liabilities was €10,003 Mil.
Long-Term Debt & Capital Lease Obligation was €55,316 Mil.
Net Income was 1027.66 + 1242.625 + 430.033 + 1344.276 = €4,045 Mil.
Non Operating Income was 98.552 + 732.042 + -84.483 + 731.536 = €1,478 Mil.
Cash Flow from Operations was 2141.637 + 2605.549 + 2135.62 + 2389.129 = €9,272 Mil.
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Total Receivables was €3,314 Mil.
Revenue was 8242.381 + 9328.124 + 8762.823 + 9763.66 = €36,097 Mil.
Gross Profit was 3207.532 + 3284.717 + 2928.008 + 2596.254 = €12,017 Mil.
Total Current Assets was €6,770 Mil.
Total Assets was €120,868 Mil.
Property, Plant and Equipment(Net PPE) was €71,162 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,163 Mil.
Selling, General, & Admin. Expense(SGA) was €6,017 Mil.
Total Current Liabilities was €11,453 Mil.
Long-Term Debt & Capital Lease Obligation was €48,970 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) |
| = | (3401.743 / 29288.6) | / | (3314.017 / 36096.988) |
| = | 0.116146 | / | 0.091809 |
| | = | 1.2651 |
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) |
| = | (12016.511 / 36096.988) | / | (12242.417 / 29288.6) |
| = | 0.332895 | / | 0.417993 |
| | = | 0.7964 |
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 - (6804.846 + 77105.053) / 129621.72) | / | (1 - (6770.015 + 71161.612) / 120867.778) |
| = | 0.352656 | / | 0.355232 |
| | = | 0.9927 |
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 |
| = | 29288.6 | / | 36096.988 |
| | = | 0.8114 |
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)) |
| = | (3162.759 / (3162.759 + 71161.612)) | / | (3203.763 / (3203.763 + 77105.053)) |
| = | 0.042553 | / | 0.039893 |
| | = | 1.0667 |
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) |
| = | (1408.885 / 29288.6) | / | (6016.562 / 36096.988) |
| = | 0.048104 | / | 0.166678 |
| | = | 0.2886 |
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) |
| = | ((55315.544 + 10003.369) / 129621.72) | / | ((48969.641 + 11452.643) / 120867.778) |
| = | 0.50392 | / | 0.499904 |
| | = | 1.008 |
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 |
| = | (4044.594 - 1477.647 | - | 9271.935) | / | 129621.72 |
| | = | -0.051727 |
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.
Enbridge has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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