XPLR Infrastructure LP Beneish M-Score Historical Data
The historical data trend for XPLR Infrastructure LP'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.
XPLR Infrastructure LP Beneish M-Score Chart
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XPLR Infrastructure LP Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.74 |
1.55 |
-2.43 |
-2.48 |
-3.27 |
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XPLR Infrastructure LP Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
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Mar21 |
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Mar22 |
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Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.48 |
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-3.27 |
Competitive Comparison of XPLR Infrastructure LP's Beneish M-Score
For the Utilities - Renewable subindustry, XPLR Infrastructure LP'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.
XPLR Infrastructure LP's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, XPLR Infrastructure LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where XPLR Infrastructure LP's Beneish M-Score falls into.
XPLR Infrastructure LP 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 XPLR Infrastructure LP 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 * 0.1695 | + | 0.528 * 0.877 | + | 0.404 * 0.9913 | + | 0.892 * 1.141 | + | 0.115 * 0.9862 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.021338 | - | 0.327 * 0.9557 |
| = | -3.27 |
* 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 $339 Mil.
Revenue was $1,230 Mil.
Gross Profit was $726 Mil.
Total Current Assets was $860 Mil.
Total Assets was $20,292 Mil.
Property, Plant and Equipment(Net PPE) was $14,555 Mil.
Depreciation, Depletion and Amortization(DDA) was $632 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,087 Mil.
Long-Term Debt & Capital Lease Obligation was $4,609 Mil.
Net Income was $-23 Mil.
Gross Profit was $-390 Mil.
Cash Flow from Operations was $800 Mil.
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Total Receivables was $1,753 Mil.
Revenue was $1,078 Mil.
Gross Profit was $558 Mil.
Total Current Assets was $2,216 Mil.
Total Assets was $22,511 Mil.
Property, Plant and Equipment(Net PPE) was $14,837 Mil.
Depreciation, Depletion and Amortization(DDA) was $635 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,671 Mil.
Long-Term Debt & Capital Lease Obligation was $4,941 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) |
| = | (339 / 1230) | / | (1753 / 1078) |
| = | 0.27561 | / | 1.62616 |
| | = | 0.1695 |
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) |
| = | (558 / 1078) | / | (726 / 1230) |
| = | 0.517625 | / | 0.590244 |
| | = | 0.877 |
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 - (860 + 14555) / 20292) | / | (1 - (2216 + 14837) / 22511) |
| = | 0.240341 | / | 0.242459 |
| | = | 0.9913 |
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 |
| = | 1230 | / | 1078 |
| | = | 1.141 |
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)) |
| = | (635 / (635 + 14837)) | / | (632 / (632 + 14555)) |
| = | 0.041042 | / | 0.041615 |
| | = | 0.9862 |
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 / 1230) | / | (0 / 1078) |
| = | 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) |
| = | ((4609 + 1087) / 20292) | / | ((4941 + 1671) / 22511) |
| = | 0.280702 | / | 0.293723 |
| | = | 0.9557 |
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 |
| = | (-23 - -390 | - | 800) | / | 20292 |
| | = | -0.021338 |
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.
XPLR Infrastructure LP has a M-score of -3.27 suggests that the company is unlikely to be a manipulator.
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