New Jersey Resources Beneish M-Score Historical Data
The historical data trend for New Jersey Resources'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 Jersey Resources Beneish M-Score Chart
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New Jersey Resources Annual Data
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Trend |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.91 |
-2.48 |
-2.48 |
-3.28 |
-2.41 |
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New Jersey Resources Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.28 |
-3.37 |
-2.36 |
-2.26 |
-2.41 |
Competitive Comparison of New Jersey Resources's Beneish M-Score
For the Utilities - Regulated Gas subindustry, New Jersey Resources'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 Jersey Resources's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, New Jersey Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where New Jersey Resources's Beneish M-Score falls into.
New Jersey Resources 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 Jersey Resources 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 * 1.2118 | + | 0.528 * 0.8156 | + | 0.404 * 0.9732 | + | 0.892 * 0.9152 | + | 0.115 * 0.9874 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.025665 | - | 0.327 * 0.9877 |
| = | -2.41 |
* 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 $117 Mil.
Revenue was 395.78 + 275.636 + 657.913 + 467.21 = $1,797 Mil.
Gross Profit was 194.991 + 55.186 + 239.526 + 195.295 = $685 Mil.
Total Current Assets was $555 Mil.
Total Assets was $6,982 Mil.
Property, Plant and Equipment(Net PPE) was $5,588 Mil.
Depreciation, Depletion and Amortization(DDA) was $167 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $888 Mil.
Long-Term Debt & Capital Lease Obligation was $3,039 Mil.
Net Income was 91.126 + -11.574 + 120.812 + 89.411 = $290 Mil.
Non Operating Income was 10.237 + 9.555 + 15.42 + 6.341 = $42 Mil.
Cash Flow from Operations was 64.513 + 24.292 + 292.187 + 46.415 = $427 Mil.
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Total Receivables was $106 Mil.
Revenue was 331.325 + 264.075 + 644.027 + 723.567 = $1,963 Mil.
Gross Profit was 106.601 + 49.731 + 226.428 + 227.723 = $610 Mil.
Total Current Assets was $532 Mil.
Total Assets was $6,537 Mil.
Property, Plant and Equipment(Net PPE) was $5,198 Mil.
Depreciation, Depletion and Amortization(DDA) was $153 Mil.
Selling, General, & Admin. Expense(SGA) was $29 Mil.
Total Current Liabilities was $807 Mil.
Long-Term Debt & Capital Lease Obligation was $2,916 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) |
| = | (117.119 / 1796.539) | / | (105.604 / 1962.994) |
| = | 0.065191 | / | 0.053797 |
| | = | 1.2118 |
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) |
| = | (610.483 / 1962.994) | / | (684.998 / 1796.539) |
| = | 0.310996 | / | 0.381288 |
| | = | 0.8156 |
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 - (554.595 + 5587.708) / 6981.645) | / | (1 - (532.077 + 5197.795) / 6537.496) |
| = | 0.120221 | / | 0.123537 |
| | = | 0.9732 |
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 |
| = | 1796.539 | / | 1962.994 |
| | = | 0.9152 |
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)) |
| = | (152.941 / (152.941 + 5197.795)) | / | (166.567 / (166.567 + 5587.708)) |
| = | 0.028583 | / | 0.028947 |
| | = | 0.9874 |
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 / 1796.539) | / | (29.274 / 1962.994) |
| = | 0 | / | 0.014913 |
| | = | 0 |
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) |
| = | ((3038.767 + 887.774) / 6981.645) | / | ((2916.04 + 806.603) / 6537.496) |
| = | 0.562409 | / | 0.569429 |
| | = | 0.9877 |
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 |
| = | (289.775 - 41.553 | - | 427.407) | / | 6981.645 |
| | = | -0.025665 |
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 Jersey Resources has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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