PPL Beneish M-Score Historical Data
The historical data trend for PPL'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.
PPL Beneish M-Score Chart
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PPL Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.16 |
-2.95 |
-1.14 |
-1.82 |
-2.58 |
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PPL 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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-1.82 |
-1.84 |
-2.43 |
-2.61 |
-2.58 |
Competitive Comparison of PPL's Beneish M-Score
For the Utilities - Regulated Electric subindustry, PPL'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.
PPL's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, PPL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PPL's Beneish M-Score falls into.
PPL 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 PPL 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 * 0.981 | + | 0.528 * 0.927 | + | 0.404 * 0.9868 | + | 0.892 * 1.0519 | + | 0.115 * 0.9612 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7658 | + | 4.679 * -0.023371 | - | 0.327 * 1.038 |
| = | -2.58 |
* 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 $1,649 Mil.
Revenue was 2031 + 2043 + 1823 + 2415 = $8,312 Mil.
Gross Profit was 797 + 851 + 707 + 921 = $3,276 Mil.
Total Current Assets was $2,932 Mil.
Total Assets was $39,236 Mil.
Property, Plant and Equipment(Net PPE) was $31,418 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,335 Mil.
Selling, General, & Admin. Expense(SGA) was $-29 Mil.
Total Current Liabilities was $3,340 Mil.
Long-Term Debt & Capital Lease Obligation was $14,611 Mil.
Net Income was 113 + 230 + 112 + 285 = $740 Mil.
Non Operating Income was -111 + -1 + -2 + 13 = $-101 Mil.
Cash Flow from Operations was 110 + 806 + 412 + 430 = $1,758 Mil.
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Total Receivables was $1,598 Mil.
Revenue was 2290 + 2134 + 1696 + 1782 = $7,902 Mil.
Gross Profit was 747 + 753 + 602 + 785 = $2,887 Mil.
Total Current Assets was $2,824 Mil.
Total Assets was $37,837 Mil.
Property, Plant and Equipment(Net PPE) was $30,238 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,233 Mil.
Selling, General, & Admin. Expense(SGA) was $-36 Mil.
Total Current Liabilities was $3,789 Mil.
Long-Term Debt & Capital Lease Obligation was $12,889 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) |
| = | (1649 / 8312) | / | (1598 / 7902) |
| = | 0.198388 | / | 0.202227 |
| | = | 0.981 |
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) |
| = | (2887 / 7902) | / | (3276 / 8312) |
| = | 0.365351 | / | 0.394129 |
| | = | 0.927 |
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 - (2932 + 31418) / 39236) | / | (1 - (2824 + 30238) / 37837) |
| = | 0.124528 | / | 0.126199 |
| | = | 0.9868 |
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 |
| = | 8312 | / | 7902 |
| | = | 1.0519 |
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)) |
| = | (1233 / (1233 + 30238)) | / | (1335 / (1335 + 31418)) |
| = | 0.039179 | / | 0.04076 |
| | = | 0.9612 |
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) |
| = | (-29 / 8312) | / | (-36 / 7902) |
| = | -0.003489 | / | -0.004556 |
| | = | 0.7658 |
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) |
| = | ((14611 + 3340) / 39236) | / | ((12889 + 3789) / 37837) |
| = | 0.457514 | / | 0.440785 |
| | = | 1.038 |
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 |
| = | (740 - -101 | - | 1758) | / | 39236 |
| | = | -0.023371 |
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.
PPL has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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