NorthWestern Energy Group Beneish M-Score Historical Data
The historical data trend for NorthWestern Energy Group'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.
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NorthWestern Energy Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.15 |
-2.61 |
-2.33 |
-2.37 |
-2.84 |
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NorthWestern Energy Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.34 |
-2.61 |
-2.67 |
-2.84 |
Competitive Comparison
For the Utilities - Diversified subindustry, NorthWestern Energy Group'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.
NorthWestern Energy Group Beneish M-Score Distribution
For the Utilities - Regulated industry and Utilities sector, NorthWestern Energy Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NorthWestern Energy Group's Beneish M-Score falls into.
NorthWestern Energy Group 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 NorthWestern Energy Group 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 * 0.9005 | + | 0.528 * 0.9414 | + | 0.404 * 0.9906 | + | 0.892 * 0.9623 | + | 0.115 * 0.9896 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0719 | + | 4.679 * -0.040909 | - | 0.327 * 1.0003 |
| = | -2.84 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $212 Mil.
Revenue was 356.009 + 321.09 + 290.502 + 454.542 = $1,422 Mil.
Gross Profit was 201.177 + 178.907 + 168.084 + 233.189 = $781 Mil.
Total Current Assets was $407 Mil.
Total Assets was $7,601 Mil.
Property, Plant and Equipment(Net PPE) was $6,040 Mil.
Depreciation, Depletion and Amortization(DDA) was $210 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $535 Mil.
Long-Term Debt & Capital Lease Obligation was $2,690 Mil.
Net Income was 83.142 + 29.335 + 19.124 + 62.53 = $194 Mil.
Non Operating Income was 2.906 + 4.127 + 4.062 + 4.737 = $16 Mil.
Cash Flow from Operations was 62.309 + 132.857 + 80.366 + 213.699 = $489 Mil.
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Total Receivables was $245 Mil.
Revenue was 425.283 + 335.068 + 323.004 + 394.482 = $1,478 Mil.
Gross Profit was 211.624 + 171.494 + 174.666 + 206.615 = $764 Mil.
Total Current Assets was $539 Mil.
Total Assets was $7,318 Mil.
Property, Plant and Equipment(Net PPE) was $5,657 Mil.
Depreciation, Depletion and Amortization(DDA) was $195 Mil.
Selling, General, & Admin. Expense(SGA) was $114 Mil.
Total Current Liabilities was $621 Mil.
Long-Term Debt & Capital Lease Obligation was $2,483 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) |
| = | (212.257 / 1422.143) | / | (244.952 / 1477.837) |
| = | 0.149252 | / | 0.16575 |
| | = | 0.9005 |
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) |
| = | (764.399 / 1477.837) | / | (781.357 / 1422.143) |
| = | 0.517242 | / | 0.549422 |
| | = | 0.9414 |
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 - (407.006 + 6039.801) / 7600.652) | / | (1 - (538.824 + 5657.48) / 7317.783) |
| = | 0.151809 | / | 0.153254 |
| | = | 0.9906 |
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 |
| = | 1422.143 | / | 1477.837 |
| | = | 0.9623 |
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)) |
| = | (195.02 / (195.02 + 5657.48)) | / | (210.474 / (210.474 + 6039.801)) |
| = | 0.033323 | / | 0.033674 |
| | = | 0.9896 |
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) |
| = | (117.36 / 1422.143) | / | (113.776 / 1477.837) |
| = | 0.082523 | / | 0.076988 |
| | = | 1.0719 |
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) |
| = | ((2690.096 + 534.898) / 7600.652) | / | ((2483.156 + 620.845) / 7317.783) |
| = | 0.424305 | / | 0.424172 |
| | = | 1.0003 |
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 |
| = | (194.131 - 15.832 | - | 489.231) | / | 7600.652 |
| | = | -0.040909 |
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.
NorthWestern Energy Group has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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