Territorial Generating Co No 1 PJSC (MIC:TGKA) Beneish M-Score: 0.00 (As of Jun. 29, 2026)


What is Territorial Generating Co No 1 PJSC Beneish M-Score?

Territorial Generating Co No 1 PJSC MIC:TGKA +6.86% Beneish M-Score is 0.00 as of Jun. 29, 2026.

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.

The historical rank and industry rank for Territorial Generating Co No 1 PJSC's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Territorial Generating Co No 1 PJSC was 0.00. The lowest was 0.00. And the median was 0.00.

Territorial Generating Co No 1 PJSC Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Territorial Generating Co No 1 PJSC'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.

Territorial Generating Co No 1 PJSC Beneish M-Score Chart

Territorial Generating Co No 1 PJSC Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.57 -2.20 2.03 -0.20 -2.58

Territorial Generating Co No 1 PJSC Quarterly Data
Jun17 Dec17 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Jun23 Sep23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.54 -2.77 0.00 -4.51 -7.22

MIC:TGKA vs NEE, SO, DUK: Beneish M-Score Comparison

For the Utilities - Regulated Electric subindustry, Territorial Generating Co No 1 PJSC'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.

Territorial Generating Co No 1 PJSC Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Territorial Generating Co No 1 PJSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Territorial Generating Co No 1 PJSC's Beneish M-Score falls into.


Territorial Generating Co No 1 PJSC 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 Territorial Generating Co No 1 PJSC 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 * 0.9671+0.528 * 0.8669+0.404 * 1.0116+0.892 * 0.7107+0.115 * 1.0878
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 25.5181+4.679 * -0.046874-0.327 * 0.9314
=-7.24

* 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 (Sep23) TTM:Last Year (Mar22) TTM:
Total Receivables was ₽16,052 Mil.
Revenue was 17435 + 20676 + 15637 + 21693 = ₽75,441 Mil.
Gross Profit was 9848 + 9706 + 8774 + 10204 = ₽38,532 Mil.
Total Current Assets was ₽25,447 Mil.
Total Assets was ₽202,393 Mil.
Property, Plant and Equipment(Net PPE) was ₽169,831 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽11,908 Mil.
Selling, General, & Admin. Expense(SGA) was ₽4,370 Mil.
Total Current Liabilities was ₽22,792 Mil.
Long-Term Debt & Capital Lease Obligation was ₽9,655 Mil.
Net Income was -802 + 150 + -3513 + 803 = ₽-3,362 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₽0 Mil.
Cash Flow from Operations was -645 + 0 + -7338 + 14108 = ₽6,125 Mil.
 Total Receivables was ₽23,356 Mil.
Revenue was 36379 + 30529 + 16823 + 22425 = ₽106,156 Mil.
Gross Profit was 16355 + 11292 + 7535 + 11821 = ₽47,003 Mil.
Total Current Assets was ₽34,617 Mil.
Total Assets was ₽197,636 Mil.
Property, Plant and Equipment(Net PPE) was ₽156,151 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽11,984 Mil.
Selling, General, & Admin. Expense(SGA) was ₽241 Mil.
Total Current Liabilities was ₽17,160 Mil.
Long-Term Debt & Capital Lease Obligation was ₽16,857 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)
=(16052 / 75441) / (23356 / 106156)
=0.212776 / 0.220016
=0.9671

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)
=(47003 / 106156) / (38532 / 75441)
=0.442773 / 0.510757
=0.8669

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 - (25447 + 169831) / 202393) / (1 - (34617 + 156151) / 197636)
=0.035154 / 0.034751
=1.0116

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
=75441 / 106156
=0.7107

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))
=(11984 / (11984 + 156151)) / (11908 / (11908 + 169831))
=0.071276 / 0.065523
=1.0878

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)
=(4370 / 75441) / (241 / 106156)
=0.057926 / 0.00227
=25.5181

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)
=((9655 + 22792) / 202393) / ((16857 + 17160) / 197636)
=0.160317 / 0.172119
=0.9314

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
=(-3362 - 0 - 6125) / 202393
=-0.046874

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.

Territorial Generating Co No 1 PJSC has a M-score of -7.24 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Territorial Generating Co No 1 PJSC (MIC:TGKA) has a Beneish M-Score of 0.00 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Territorial Generating Co No 1 PJSC and its competitors.
Is Territorial Generating Co No 1 PJSC's Beneish M-Score too high?
Territorial Generating Co No 1 PJSC's current Beneish M-Score is 0.00.
How does Territorial Generating Co No 1 PJSC's Beneish M-Score compare to NEE and SO?
Territorial Generating Co No 1 PJSC's Beneish M-Score of 0.00 can be compared against companies in the Utilities - Regulated industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Territorial Generating Co No 1 PJSC and its competitors. Territorial Generating Co No 1 PJSC's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Territorial Generating Co No 1 PJSC stock overvalued right now?
Territorial Generating Co No 1 PJSC (MIC:TGKA) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Territorial Generating Co No 1 PJSC (MIC:TGKA), the current Beneish M-Score is 0.00 as of Jun. 29, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Territorial Generating Co No 1 PJSC Business Description

Address 16 Dobrolyubova Prospect, 2A Building, Litera A, Arena Hall Business Centre, Saint Petersburg, RUS, 197198
Territorial Generating Co No 1 PJSC is involved in the production of electricity and heat in the North-West region of Russia. It operates approximately 52 electric generating stations in four regions of Russia: St. Petersburg, Republic of Karelia, Leningrad Oblast, and Murmansk Oblast. The company's operating segment includes TPP of Nevsky branch, HPS of Nevsky branch. Heating Grid, Kolsky branch, Karelsky branch and Murmanskaya TPP. It generates maximum revenue from the TPP of Nevsky branch.