First Solar Beneish M-Score Historical Data
The historical data trend for First Solar'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.
|
First Solar Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.43 |
-2.86 |
-1.88 |
0.85 |
-0.37 |
|
First Solar Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.85 |
-1.86 |
-2.44 |
-1.81 |
-0.37 |
Competitive Comparison
For the Solar subindustry, First Solar'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.
First Solar Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, First Solar's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where First Solar's Beneish M-Score falls into.
First Solar 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 First Solar 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 * 3.3707 | + | 0.528 * 0.068 | + | 0.404 * 1.1816 | + | 0.892 * 1.267 | + | 0.115 * 1.0794 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9469 | + | 4.679 * 0.029706 | - | 0.327 * 1.1496 |
| = | -0.37 |
* 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 $1,408 Mil.
Revenue was 1158.553 + 801.09 + 810.673 + 548.286 = $3,319 Mil.
Gross Profit was 502.033 + 376.175 + 310.42 + 112.051 = $1,301 Mil.
Total Current Assets was $4,635 Mil.
Total Assets was $10,365 Mil.
Property, Plant and Equipment(Net PPE) was $4,499 Mil.
Depreciation, Depletion and Amortization(DDA) was $308 Mil.
Selling, General, & Admin. Expense(SGA) was $198 Mil.
Total Current Liabilities was $1,306 Mil.
Long-Term Debt & Capital Lease Obligation was $518 Mil.
Net Income was 349.239 + 268.398 + 170.579 + 42.561 = $831 Mil.
Non Operating Income was -31.046 + -1.809 + -39.11 + -7.42 = $-79 Mil.
Cash Flow from Operations was 561.109 + 165.427 + -89.678 + -34.598 = $602 Mil.
|
Total Receivables was $330 Mil.
Revenue was 1002.391 + 628.933 + 620.955 + 367.04 = $2,619 Mil.
Gross Profit was 60.613 + 20.982 + -23.2 + 11.463 = $70 Mil.
Total Current Assets was $3,791 Mil.
Total Assets was $8,251 Mil.
Property, Plant and Equipment(Net PPE) was $3,630 Mil.
Depreciation, Depletion and Amortization(DDA) was $270 Mil.
Selling, General, & Admin. Expense(SGA) was $165 Mil.
Total Current Liabilities was $1,038 Mil.
Long-Term Debt & Capital Lease Obligation was $225 Mil.
|
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) |
| = | (1407.622 / 3318.602) | / | (329.611 / 2619.319) |
| = | 0.424161 | / | 0.125838 |
| | = | 3.3707 |
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) |
| = | (69.858 / 2619.319) | / | (1300.679 / 3318.602) |
| = | 0.02667 | / | 0.391936 |
| | = | 0.068 |
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 - (4634.809 + 4498.753) / 10365.132) | / | (1 - (3791.421 + 3630.087) / 8251.228) |
| = | 0.118819 | / | 0.100557 |
| | = | 1.1816 |
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 |
| = | 3318.602 | / | 2619.319 |
| | = | 1.267 |
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)) |
| = | (269.724 / (269.724 + 3630.087)) | / | (307.994 / (307.994 + 4498.753)) |
| = | 0.069163 | / | 0.064075 |
| | = | 1.0794 |
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) |
| = | (197.622 / 3318.602) | / | (164.724 / 2619.319) |
| = | 0.05955 | / | 0.062888 |
| | = | 0.9469 |
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) |
| = | ((517.793 + 1306.158) / 10365.132) | / | ((224.938 + 1038.048) / 8251.228) |
| = | 0.17597 | / | 0.153066 |
| | = | 1.1496 |
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 |
| = | (830.777 - -79.385 | - | 602.26) | / | 10365.132 |
| | = | 0.029706 |
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.
First Solar has a M-score of -0.37 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
FSLR has been successfully added to your