Constellation Energy Beneish M-Score Historical Data
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 Beneish M-Score Chart
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Constellation Energy Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-1.44 |
-2.24 |
-1.81 |
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Constellation Energy Quarterly Data
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Dec19 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.22 |
-1.83 |
-2.07 |
-1.81 |
-1.71 |
Competitive Comparison of Constellation Energy's Beneish M-Score
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.
Constellation Energy's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
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.
Constellation Energy 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 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 * 1.519 | + | 0.528 * 0.7522 | + | 0.404 * 0.9929 | + | 0.892 * 1.029 | + | 0.115 * 0.9581 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.085107 | - | 0.327 * 0.967 |
| = | -1.71 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $3,637 Mil.
Revenue was 6788 + 5382 + 6550 + 5475 = $24,195 Mil.
Gross Profit was 859 + 1298 + 1896 + 1538 = $5,591 Mil.
Total Current Assets was $9,631 Mil.
Total Assets was $52,252 Mil.
Property, Plant and Equipment(Net PPE) was $21,566 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,965 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $6,545 Mil.
Long-Term Debt & Capital Lease Obligation was $7,321 Mil.
Net Income was 118 + 852 + 1200 + 814 = $2,984 Mil.
Non Operating Income was -51 + 241 + -88 + 69 = $171 Mil.
Cash Flow from Operations was 107 + -1016 + -112 + -613 = $-1,634 Mil.
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Total Receivables was $2,327 Mil.
Revenue was 6161 + 5796 + 6111 + 5446 = $23,514 Mil.
Gross Profit was 1258 + 356 + 1391 + 1082 = $4,087 Mil.
Total Current Assets was $8,460 Mil.
Total Assets was $52,014 Mil.
Property, Plant and Equipment(Net PPE) was $22,446 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,952 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $5,922 Mil.
Long-Term Debt & Capital Lease Obligation was $8,352 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) |
| = | (3637 / 24195) | / | (2327 / 23514) |
| = | 0.15032 | / | 0.098962 |
| | = | 1.519 |
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) |
| = | (4087 / 23514) | / | (5591 / 24195) |
| = | 0.173811 | / | 0.231081 |
| | = | 0.7522 |
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 - (9631 + 21566) / 52252) | / | (1 - (8460 + 22446) / 52014) |
| = | 0.402951 | / | 0.405814 |
| | = | 0.9929 |
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 |
| = | 24195 | / | 23514 |
| | = | 1.029 |
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)) |
| = | (1952 / (1952 + 22446)) | / | (1965 / (1965 + 21566)) |
| = | 0.080007 | / | 0.083507 |
| | = | 0.9581 |
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 / 24195) | / | (0 / 23514) |
| = | 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) |
| = | ((7321 + 6545) / 52252) | / | ((8352 + 5922) / 52014) |
| = | 0.265368 | / | 0.274426 |
| | = | 0.967 |
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 |
| = | (2984 - 171 | - | -1634) | / | 52252 |
| | = | 0.085107 |
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 -1.71 signals that the company is likely to be a manipulator.
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