Archaea Energy Beneish M-Score Historical Data
The historical data trend for Archaea 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.
Archaea Energy Beneish M-Score Chart
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Archaea Energy Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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- |
- |
- |
14.42 |
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Archaea Energy Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
| Beneish M-Score |
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- |
14.42 |
- |
15.76 |
6.97 |
Competitive Comparison of Archaea Energy's Beneish M-Score
For the Utilities - Renewable subindustry, Archaea 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.
Archaea Energy's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Archaea Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Archaea Energy's Beneish M-Score falls into.
Archaea 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 Archaea 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 * 0.1125 | + | 0.528 * -0.3321 | + | 0.404 * 0.9039 | + | 0.892 * 13.8898 | + | 0.115 * 0.1847 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2941 | + | 4.679 * -0.061069 | - | 0.327 * 1.7003 |
| = | 6.97 |
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was $47.3 Mil.
Revenue was 102.271 + 74.45 + 54.131 + 55.125 = $286.0 Mil.
Gross Profit was 18.937 + 11.704 + 11.439 + 12.29 = $54.4 Mil.
Total Current Assets was $420.0 Mil.
Total Assets was $2,347.0 Mil.
Property, Plant and Equipment(Net PPE) was $602.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $50.4 Mil.
Selling, General, & Admin. Expense(SGA) was $96.6 Mil.
Total Current Liabilities was $150.8 Mil.
Long-Term Debt & Capital Lease Obligation was $893.5 Mil.
Net Income was -14.991 + 21.95 + -18.427 + 1.858 = $-9.6 Mil.
Non Operating Income was -4.784 + 40.875 + -18.372 + 12.247 = $30.0 Mil.
Cash Flow from Operations was 20.465 + 38.223 + 18.469 + 26.598 = $103.8 Mil.
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Total Receivables was $30.2 Mil.
Revenue was 11.781 + 5.127 + 1.654 + 2.027 = $20.6 Mil.
Gross Profit was -1.454 + -0.106 + 0.444 + -0.184 = $-1.3 Mil.
Total Current Assets was $239.6 Mil.
Total Assets was $1,387.2 Mil.
Property, Plant and Equipment(Net PPE) was $281.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.1 Mil.
Selling, General, & Admin. Expense(SGA) was $23.7 Mil.
Total Current Liabilities was $33.8 Mil.
Long-Term Debt & Capital Lease Obligation was $329.3 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) |
| = | (47.255 / 285.977) | / | (30.244 / 20.589) |
| = | 0.165241 | / | 1.46894 |
| | = | 0.1125 |
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) |
| = | (-1.3 / 20.589) | / | (54.37 / 285.977) |
| = | -0.063141 | / | 0.19012 |
| | = | -0.3321 |
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 - (419.987 + 602.751) / 2347.042) | / | (1 - (239.64 + 281.61) / 1387.245) |
| = | 0.564244 | / | 0.624255 |
| | = | 0.9039 |
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 |
| = | 285.977 | / | 20.589 |
| | = | 13.8898 |
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)) |
| = | (4.071 / (4.071 + 281.61)) | / | (50.404 / (50.404 + 602.751)) |
| = | 0.01425 | / | 0.07717 |
| | = | 0.1847 |
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) |
| = | (96.61 / 285.977) | / | (23.65 / 20.589) |
| = | 0.337824 | / | 1.148672 |
| | = | 0.2941 |
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) |
| = | ((893.481 + 150.83) / 2347.042) | / | ((329.254 + 33.763) / 1387.245) |
| = | 0.444948 | / | 0.261682 |
| | = | 1.7003 |
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 |
| = | (-9.61 - 29.966 | - | 103.755) | / | 2347.042 |
| | = | -0.061069 |
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.
Archaea Energy has a M-score of 6.97 signals that the company is likely to be a manipulator.
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