Ormat Technologies Beneish M-Score Historical Data
The historical data trend for Ormat Technologies'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.
Ormat Technologies Beneish M-Score Chart
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Ormat Technologies Annual Data
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Dec15 |
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Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.95 |
-2.85 |
-2.49 |
-2.21 |
-2.86 |
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Ormat Technologies Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Mar24 |
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Mar25 |
| Beneish M-Score |
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-2.53 |
-2.55 |
-2.73 |
-2.86 |
-2.64 |
Competitive Comparison of Ormat Technologies's Beneish M-Score
For the Utilities - Renewable subindustry, Ormat Technologies'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.
Ormat Technologies's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Ormat Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ormat Technologies's Beneish M-Score falls into.
Ormat Technologies 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 Ormat Technologies 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 * 1.1101 | + | 0.528 * 1.0195 | + | 0.404 * 0.9915 | + | 0.892 * 1.0195 | + | 0.115 * 0.931 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0433 | + | 4.679 * -0.055742 | - | 0.327 * 1.031 |
| = | -2.64 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $240.0 Mil.
Revenue was 229.762 + 230.741 + 211.784 + 212.963 = $885.3 Mil.
Gross Profit was 72.927 + 73.561 + 58.862 + 61.386 = $266.7 Mil.
Total Current Assets was $600.9 Mil.
Total Assets was $5,838.9 Mil.
Property, Plant and Equipment(Net PPE) was $4,378.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $270.3 Mil.
Selling, General, & Admin. Expense(SGA) was $95.2 Mil.
Total Current Liabilities was $619.2 Mil.
Long-Term Debt & Capital Lease Obligation was $2,226.2 Mil.
Net Income was 40.362 + 40.821 + 22.082 + 22.243 = $125.5 Mil.
Non Operating Income was 19.337 + 13.293 + 21.428 + 13.204 = $67.3 Mil.
Cash Flow from Operations was 88.01 + 158.619 + 106.396 + 30.695 = $383.7 Mil.
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Total Receivables was $212.1 Mil.
Revenue was 224.166 + 241.34 + 208.056 + 194.796 = $868.4 Mil.
Gross Profit was 78.81 + 78.456 + 60.003 + 49.49 = $266.8 Mil.
Total Current Assets was $609.2 Mil.
Total Assets was $5,516.8 Mil.
Property, Plant and Equipment(Net PPE) was $4,088.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $234.0 Mil.
Selling, General, & Admin. Expense(SGA) was $89.5 Mil.
Total Current Liabilities was $546.3 Mil.
Long-Term Debt & Capital Lease Obligation was $2,061.4 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) |
| = | (240.019 / 885.25) | / | (212.089 / 868.358) |
| = | 0.271131 | / | 0.244241 |
| | = | 1.1101 |
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) |
| = | (266.759 / 868.358) | / | (266.736 / 885.25) |
| = | 0.307199 | / | 0.301311 |
| | = | 1.0195 |
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 - (600.854 + 4377.955) / 5838.947) | / | (1 - (609.235 + 4087.985) / 5516.844) |
| = | 0.14731 | / | 0.148568 |
| | = | 0.9915 |
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 |
| = | 885.25 | / | 868.358 |
| | = | 1.0195 |
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)) |
| = | (233.987 / (233.987 + 4087.985)) | / | (270.289 / (270.289 + 4377.955)) |
| = | 0.054139 | / | 0.058149 |
| | = | 0.931 |
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) |
| = | (95.231 / 885.25) | / | (89.533 / 868.358) |
| = | 0.107575 | / | 0.103106 |
| | = | 1.0433 |
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) |
| = | ((2226.226 + 619.223) / 5838.947) | / | ((2061.407 + 546.254) / 5516.844) |
| = | 0.487322 | / | 0.472673 |
| | = | 1.031 |
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 |
| = | (125.508 - 67.262 | - | 383.72) | / | 5838.947 |
| | = | -0.055742 |
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.
Ormat Technologies has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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