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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Constellation Energy's Beneish M-Score or its related term are showing as below:
During the past 6 years, the highest Beneish M-Score of Constellation Energy was -1.52. The lowest was -2.97. And the median was -2.12.
The historical data trend for Constellation Energy'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.
Constellation Energy Annual Data | |||||||||||||||
Trend | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | -2.97 | -2.08 | -1.52 | -2.16 |
Constellation Energy Quarterly Data | ||||||||||||||||
Dec18 | Dec19 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.52 | - | - | - | -2.16 |
For the Utilities - Renewable subindustry, Constellation Energy'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.
For the Utilities - Independent Power Producers industry and Utilities sector, Constellation Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Constellation Energy's Beneish M-Score falls into.
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 Constellation Energy 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 * 0.8433 | + | 0.528 * 0.6741 | + | 0.404 * 1.0606 | + | 0.892 * 1.0196 | + | 0.115 * 1.0874 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1 | + | 4.679 * 0.127093 | - | 0.327 * 1.0376 | |||||||
= | -2.16 |
* 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 $2,851 Mil. Revenue was $24,918 Mil. Gross Profit was $3,232 Mil. Total Current Assets was $8,299 Mil. Total Assets was $50,758 Mil. Property, Plant and Equipment(Net PPE) was $22,116 Mil. Depreciation, Depletion and Amortization(DDA) was $1,883 Mil. Selling, General, & Admin. Expense(SGA) was $0 Mil. Total Current Liabilities was $6,319 Mil. Long-Term Debt & Capital Lease Obligation was $7,496 Mil. Net Income was $1,623 Mil. Gross Profit was $473 Mil. Cash Flow from Operations was $-5,301 Mil. |
Total Receivables was $3,316 Mil. Revenue was $24,440 Mil. Gross Profit was $2,137 Mil. Total Current Assets was $9,360 Mil. Total Assets was $46,909 Mil. Property, Plant and Equipment(Net PPE) was $19,822 Mil. Depreciation, Depletion and Amortization(DDA) was $1,849 Mil. Selling, General, & Admin. Expense(SGA) was $0 Mil. Total Current Liabilities was $7,839 Mil. Long-Term Debt & Capital Lease Obligation was $4,466 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) |
= | (2851 / 24918) | / | (3316 / 24440) | |
= | 0.114415 | / | 0.135679 | |
= | 0.8433 |
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) | |
= | (2137 / 24440) | / | (3232 / 24918) | |
= | 0.087439 | / | 0.129705 | |
= | 0.6741 |
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 - (8299 + 22116) / 50758) | / | (1 - (9360 + 19822) / 46909) | |
= | 0.400784 | / | 0.377902 | |
= | 1.0606 |
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 | |
= | 24918 | / | 24440 | |
= | 1.0196 |
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)) |
= | (1849 / (1849 + 19822)) | / | (1883 / (1883 + 22116)) | |
= | 0.085321 | / | 0.078462 | |
= | 1.0874 |
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 / 24918) | / | (0 / 24440) | |
= | 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) |
= | ((7496 + 6319) / 50758) | / | ((4466 + 7839) / 46909) | |
= | 0.272174 | / | 0.262316 | |
= | 1.0376 |
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 | |
= | (1623 - 473 | - | -5301) | / | 50758 | |
= | 0.127093 |
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.
Constellation Energy has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Constellation Energy's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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Dhiaa M. Jamil | director | DUKE ENERGY CORPORATION, 550 SOUTH TRYON STREET - DEC45A, CHARLOTTE NC 28202 |
Robert J Lawless | director | C/O CARPENTER TECHNOLOGY CORP, 1047 NORTH PARK ROAD, WYOMISSING PA 19610 |
De Balmann Yves C | director | 360 MADISON AVE 20TH FL, C/O BREGAL INVESTMENTS, NEW YORK NY 10017 |
Khandpur K Ashish | director | 3M COMPANY LEGAL AFFAIRS, 3M CENTER, ST PAUL MN 55144-1000 |
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Michael Koehler | officer: EVP & Chief Admin Officer | 1310 POINT STREET, BALTIMORE MD 21231 |
Matthew N Bauer | officer: SVP & Controller | 1310 POINT STREET, BALTIMORE MD 21231 |
Kathleen Barron | officer: EVP & Chief Strategy Officer | 1310 POINT STREET, BALTIMORE MD 21231 |
David O. Dardis | officer: EVP & General Counsel | 1310 POINT STREET, BALTIMORE MD 21231 |
Daniel L. Eggers | officer: EVP & CFO | 1310 POINT STREET, BALTIMORE MD 21231 |
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