New Fortress Energy Beneish M-Score Historical Data
The historical data trend for New Fortress 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.
New Fortress Energy Beneish M-Score Chart
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New Fortress Energy Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.03 |
-2.53 |
0.85 |
-2.08 |
-2.47 |
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New Fortress Energy Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.04 |
-2.47 |
-2.54 |
-2.04 |
-2.29 |
Competitive Comparison of New Fortress Energy's Beneish M-Score
For the Utilities - Regulated Gas subindustry, New Fortress 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.
New Fortress Energy's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, New Fortress Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where New Fortress Energy's Beneish M-Score falls into.
New Fortress 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 New Fortress 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 * 1.1199 | + | 0.528 * 1.1957 | + | 0.404 * 0.8234 | + | 0.892 * 1.1103 | + | 0.115 * 1.0963 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0776 | + | 4.679 * -0.008497 | - | 0.327 * 1.0137 |
| = | -2.29 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $536 Mil.
Revenue was 567.535 + 428.006 + 690.321 + 758.358 = $2,444 Mil.
Gross Profit was 201.927 + 158.351 + 384.26 + 428.843 = $1,173 Mil.
Total Current Assets was $1,034 Mil.
Total Assets was $11,970 Mil.
Property, Plant and Equipment(Net PPE) was $9,827 Mil.
Depreciation, Depletion and Amortization(DDA) was $185 Mil.
Selling, General, & Admin. Expense(SGA) was $272 Mil.
Total Current Liabilities was $2,709 Mil.
Long-Term Debt & Capital Lease Obligation was $7,357 Mil.
Net Income was 9.299 + -88.854 + 54.081 + 217.207 = $192 Mil.
Non Operating Income was 1.198 + -53.386 + -107.377 + 19.237 = $-140 Mil.
Cash Flow from Operations was -16.768 + 92.918 + 70.05 + 287.572 = $434 Mil.
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Total Receivables was $431 Mil.
Revenue was 514.462 + 561.345 + 579.131 + 546.369 = $2,201 Mil.
Gross Profit was 250.11 + 290.437 + 354.231 + 368.753 = $1,264 Mil.
Total Current Assets was $866 Mil.
Total Assets was $9,796 Mil.
Property, Plant and Equipment(Net PPE) was $7,828 Mil.
Depreciation, Depletion and Amortization(DDA) was $162 Mil.
Selling, General, & Admin. Expense(SGA) was $227 Mil.
Total Current Liabilities was $1,911 Mil.
Long-Term Debt & Capital Lease Obligation was $6,216 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) |
| = | (536.055 / 2444.22) | / | (431.11 / 2201.307) |
| = | 0.219315 | / | 0.195843 |
| | = | 1.1199 |
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) |
| = | (1263.531 / 2201.307) | / | (1173.381 / 2444.22) |
| = | 0.573991 | / | 0.480064 |
| | = | 1.1957 |
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 - (1033.956 + 9827.262) / 11969.896) | / | (1 - (866.201 + 7828.153) / 9796.37) |
| = | 0.092622 | / | 0.112492 |
| | = | 0.8234 |
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 |
| = | 2444.22 | / | 2201.307 |
| | = | 1.1103 |
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)) |
| = | (162.257 / (162.257 + 7828.153)) | / | (185.452 / (185.452 + 9827.262)) |
| = | 0.020306 | / | 0.018522 |
| | = | 1.0963 |
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) |
| = | (271.776 / 2444.22) | / | (227.147 / 2201.307) |
| = | 0.111191 | / | 0.103187 |
| | = | 1.0776 |
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) |
| = | ((7357.345 + 2709.065) / 11969.896) | / | ((6215.61 + 1911.203) / 9796.37) |
| = | 0.840977 | / | 0.829574 |
| | = | 1.0137 |
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 |
| = | (191.733 - -140.328 | - | 433.772) | / | 11969.896 |
| | = | -0.008497 |
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.
New Fortress Energy has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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