Bloom Energy Beneish M-Score Historical Data
The historical data trend for Bloom 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.
Bloom Energy Beneish M-Score Chart
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Bloom Energy Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.98 |
-1.66 |
-2.63 |
-1.40 |
-2.40 |
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Bloom Energy 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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-1.40 |
-0.76 |
-0.69 |
0.17 |
-2.40 |
Competitive Comparison of Bloom Energy's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Bloom 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.
Bloom Energy's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Bloom Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bloom Energy's Beneish M-Score falls into.
Bloom 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 Bloom 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 * 1.1472 | + | 0.528 * 0.8337 | + | 0.404 * 0.4318 | + | 0.892 * 1.112 | + | 0.115 * 0.8677 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.872 | + | 4.679 * 0.032787 | - | 0.327 * 1.0014 |
| = | -2.40 |
* 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 $394 Mil.
Revenue was 356.916 + 400.268 + 301.095 + 275.191 = $1,333 Mil.
Gross Profit was 92.391 + -5.214 + 56.35 + 54.267 = $198 Mil.
Total Current Assets was $1,693 Mil.
Total Assets was $2,414 Mil.
Property, Plant and Equipment(Net PPE) was $633 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General, & Admin. Expense(SGA) was $251 Mil.
Total Current Liabilities was $470 Mil.
Long-Term Debt & Capital Lease Obligation was $1,394 Mil.
Net Income was 4.511 + -168.999 + -66.061 + -71.567 = $-302 Mil.
Non Operating Income was 0.439 + -3.106 + -4.829 + -1.226 = $-9 Mil.
Cash Flow from Operations was 121.833 + -133.169 + -46.485 + -314.71 = $-373 Mil.
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Total Receivables was $309 Mil.
Revenue was 462.576 + 292.274 + 243.236 + 201.039 = $1,199 Mil.
Gross Profit was 71.377 + 50.944 + -1.97 + 27.937 = $148 Mil.
Total Current Assets was $1,056 Mil.
Total Assets was $1,947 Mil.
Property, Plant and Equipment(Net PPE) was $727 Mil.
Depreciation, Depletion and Amortization(DDA) was $62 Mil.
Selling, General, & Admin. Expense(SGA) was $259 Mil.
Total Current Liabilities was $542 Mil.
Long-Term Debt & Capital Lease Obligation was $960 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) |
| = | (393.572 / 1333.47) | / | (308.507 / 1199.125) |
| = | 0.295149 | / | 0.257277 |
| | = | 1.1472 |
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) |
| = | (148.288 / 1199.125) | / | (197.794 / 1333.47) |
| = | 0.123664 | / | 0.14833 |
| | = | 0.8337 |
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 - (1693.167 + 633.084) / 2413.677) | / | (1 - (1055.963 + 727.369) / 1946.627) |
| = | 0.036221 | / | 0.083886 |
| | = | 0.4318 |
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 |
| = | 1333.47 | / | 1199.125 |
| | = | 1.112 |
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)) |
| = | (61.608 / (61.608 + 727.369)) | / | (62.609 / (62.609 + 633.084)) |
| = | 0.078086 | / | 0.089995 |
| | = | 0.8677 |
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) |
| = | (250.836 / 1333.47) | / | (258.674 / 1199.125) |
| = | 0.188108 | / | 0.215719 |
| | = | 0.872 |
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) |
| = | ((1394.396 + 470.422) / 2413.677) | / | ((959.982 + 541.946) / 1946.627) |
| = | 0.772605 | / | 0.771554 |
| | = | 1.0014 |
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 |
| = | (-302.116 - -8.722 | - | -372.531) | / | 2413.677 |
| | = | 0.032787 |
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.
Bloom Energy has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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