Northland Power Beneish M-Score Historical Data
The historical data trend for Northland Power'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.
Northland Power Beneish M-Score Chart
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Northland Power Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.80 |
-2.56 |
-2.94 |
-2.52 |
-2.92 |
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Northland Power 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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-2.89 |
-2.92 |
-2.28 |
-1.83 |
-1.96 |
Competitive Comparison of Northland Power's Beneish M-Score
For the Utilities - Renewable subindustry, Northland Power'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.
Northland Power's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Northland Power's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Northland Power's Beneish M-Score falls into.
Northland Power 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 Northland Power 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 * 1.7557 | + | 0.528 * 0.9884 | + | 0.404 * 0.8985 | + | 0.892 * 1.0674 | + | 0.115 * 0.9235 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1384 | + | 4.679 * -0.032911 | - | 0.327 * 0.996 |
| = | -1.96 |
* 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 $418 Mil.
Revenue was 362.102 + 385.972 + 557.713 + 466.772 = $1,773 Mil.
Gross Profit was 328.133 + 352.7 + 515.259 + 422.148 = $1,618 Mil.
Total Current Assets was $1,064 Mil.
Total Assets was $10,143 Mil.
Property, Plant and Equipment(Net PPE) was $6,678 Mil.
Depreciation, Depletion and Amortization(DDA) was $503 Mil.
Selling, General, & Admin. Expense(SGA) was $92 Mil.
Total Current Liabilities was $909 Mil.
Long-Term Debt & Capital Lease Obligation was $4,892 Mil.
Net Income was -131.524 + 179.562 + 55.853 + -212.876 = $-109 Mil.
Non Operating Income was -149.914 + 173.649 + -64.842 + -322.141 = $-363 Mil.
Cash Flow from Operations was 144.635 + 124.771 + 217.393 + 101.274 = $588 Mil.
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Total Receivables was $223 Mil.
Revenue was 379.344 + 354.92 + 454.375 + 471.929 = $1,661 Mil.
Gross Profit was 338.716 + 321.743 + 415.774 + 422.209 = $1,498 Mil.
Total Current Assets was $1,102 Mil.
Total Assets was $10,824 Mil.
Property, Plant and Equipment(Net PPE) was $6,870 Mil.
Depreciation, Depletion and Amortization(DDA) was $475 Mil.
Selling, General, & Admin. Expense(SGA) was $76 Mil.
Total Current Liabilities was $1,208 Mil.
Long-Term Debt & Capital Lease Obligation was $5,007 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) |
| = | (418.143 / 1772.559) | / | (223.122 / 1660.568) |
| = | 0.235898 | / | 0.134365 |
| | = | 1.7557 |
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) |
| = | (1498.442 / 1660.568) | / | (1618.24 / 1772.559) |
| = | 0.902367 | / | 0.91294 |
| | = | 0.9884 |
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 - (1063.548 + 6677.932) / 10142.943) | / | (1 - (1102.389 + 6869.854) / 10824.42) |
| = | 0.236762 | / | 0.263495 |
| | = | 0.8985 |
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 |
| = | 1772.559 | / | 1660.568 |
| | = | 1.0674 |
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)) |
| = | (474.945 / (474.945 + 6869.854)) | / | (502.828 / (502.828 + 6677.932)) |
| = | 0.064664 | / | 0.070024 |
| | = | 0.9235 |
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) |
| = | (91.839 / 1772.559) | / | (75.578 / 1660.568) |
| = | 0.051812 | / | 0.045513 |
| | = | 1.1384 |
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) |
| = | ((4891.658 + 908.983) / 10142.943) | / | ((5006.641 + 1208.376) / 10824.42) |
| = | 0.571889 | / | 0.574166 |
| | = | 0.996 |
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 |
| = | (-108.985 - -363.248 | - | 588.073) | / | 10142.943 |
| | = | -0.032911 |
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.
Northland Power has a M-score of -1.96 suggests that the company is unlikely to be a manipulator.
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