PPL Beneish M-Score Historical Data
The historical data trend for PPL'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.
PPL Beneish M-Score Chart
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PPL Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.95 |
-1.14 |
-1.90 |
-2.59 |
-2.67 |
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PPL Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.59 |
-2.56 |
-2.69 |
-2.67 |
-2.67 |
Competitive Comparison of PPL's Beneish M-Score
For the Utilities - Regulated Electric subindustry, PPL'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.
PPL's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, PPL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PPL's Beneish M-Score falls into.
PPL 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 PPL 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 * 0.9066 | + | 0.528 * 0.9829 | + | 0.404 * 0.9855 | + | 0.892 * 1.018 | + | 0.115 * 1.0365 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5793 | + | 4.679 * -0.037327 | - | 0.327 * 1.0264 |
| = | -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 $1,522 Mil.
Revenue was 2211 + 2066 + 1881 + 2304 = $8,462 Mil.
Gross Profit was 802 + 840 + 802 + 949 = $3,393 Mil.
Total Current Assets was $2,880 Mil.
Total Assets was $41,069 Mil.
Property, Plant and Equipment(Net PPE) was $33,149 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,357 Mil.
Selling, General, & Admin. Expense(SGA) was $-23 Mil.
Total Current Liabilities was $3,333 Mil.
Long-Term Debt & Capital Lease Obligation was $15,952 Mil.
Net Income was 177 + 214 + 190 + 307 = $888 Mil.
Non Operating Income was 20 + 22 + 26 + 13 = $81 Mil.
Cash Flow from Operations was 511 + 781 + 766 + 282 = $2,340 Mil.
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Total Receivables was $1,649 Mil.
Revenue was 2031 + 2043 + 1823 + 2415 = $8,312 Mil.
Gross Profit was 797 + 851 + 707 + 921 = $3,276 Mil.
Total Current Assets was $2,932 Mil.
Total Assets was $39,236 Mil.
Property, Plant and Equipment(Net PPE) was $31,418 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,335 Mil.
Selling, General, & Admin. Expense(SGA) was $-39 Mil.
Total Current Liabilities was $3,340 Mil.
Long-Term Debt & Capital Lease Obligation was $14,611 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) |
| = | (1522 / 8462) | / | (1649 / 8312) |
| = | 0.179863 | / | 0.198388 |
| | = | 0.9066 |
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) |
| = | (3276 / 8312) | / | (3393 / 8462) |
| = | 0.394129 | / | 0.400969 |
| | = | 0.9829 |
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 - (2880 + 33149) / 41069) | / | (1 - (2932 + 31418) / 39236) |
| = | 0.12272 | / | 0.124528 |
| | = | 0.9855 |
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 |
| = | 8462 | / | 8312 |
| | = | 1.018 |
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)) |
| = | (1335 / (1335 + 31418)) | / | (1357 / (1357 + 33149)) |
| = | 0.04076 | / | 0.039326 |
| | = | 1.0365 |
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) |
| = | (-23 / 8462) | / | (-39 / 8312) |
| = | -0.002718 | / | -0.004692 |
| | = | 0.5793 |
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) |
| = | ((15952 + 3333) / 41069) | / | ((14611 + 3340) / 39236) |
| = | 0.469576 | / | 0.457514 |
| | = | 1.0264 |
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 |
| = | (888 - 81 | - | 2340) | / | 41069 |
| | = | -0.037327 |
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.
PPL has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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