H2O America Beneish M-Score Historical Data
The historical data trend for H2O America'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.
H2O America Beneish M-Score Chart
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H2O America Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.40 |
-2.60 |
-2.56 |
-2.48 |
-2.46 |
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H2O America Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.45 |
-2.38 |
-2.35 |
-2.46 |
-2.38 |
Competitive Comparison of H2O America's Beneish M-Score
For the Utilities - Regulated Water subindustry, H2O America'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.
H2O America's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, H2O America's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where H2O America's Beneish M-Score falls into.
H2O America 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 H2O America 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 * 1.0779 | + | 0.528 * 1.0196 | + | 0.404 * 0.9403 | + | 0.892 * 1.1234 | + | 0.115 * 1.0477 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9587 | + | 4.679 * -0.019306 | - | 0.327 * 0.9801 |
| = | -2.38 |
* 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 $135.8 Mil.
Revenue was 167.599 + 197.82 + 225.063 + 176.174 = $766.7 Mil.
Gross Profit was 101.133 + 115.547 + 120.845 + 97.823 = $435.3 Mil.
Total Current Assets was $197.3 Mil.
Total Assets was $4,728.8 Mil.
Property, Plant and Equipment(Net PPE) was $3,496.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $115.8 Mil.
Selling, General, & Admin. Expense(SGA) was $107.8 Mil.
Total Current Liabilities was $296.7 Mil.
Long-Term Debt & Capital Lease Obligation was $1,691.5 Mil.
Net Income was 16.551 + 22.92 + 38.652 + 20.696 = $98.8 Mil.
Non Operating Income was 2.398 + -1.664 + -0.257 + 2.144 = $2.6 Mil.
Cash Flow from Operations was 43.181 + 41.46 + 53.534 + 49.316 = $187.5 Mil.
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Total Receivables was $112.1 Mil.
Revenue was 149.382 + 171.338 + 204.843 + 156.886 = $682.4 Mil.
Gross Profit was 90.901 + 99.769 + 115.744 + 88.702 = $395.1 Mil.
Total Current Assets was $178.1 Mil.
Total Assets was $4,367.5 Mil.
Property, Plant and Equipment(Net PPE) was $3,172.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $110.2 Mil.
Selling, General, & Admin. Expense(SGA) was $100.1 Mil.
Total Current Liabilities was $323.3 Mil.
Long-Term Debt & Capital Lease Obligation was $1,550.3 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) |
| = | (135.752 / 766.656) | / | (112.104 / 682.449) |
| = | 0.17707 | / | 0.164267 |
| | = | 1.0779 |
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) |
| = | (395.116 / 682.449) | / | (435.348 / 766.656) |
| = | 0.578968 | / | 0.567853 |
| | = | 1.0196 |
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 - (197.272 + 3496.645) / 4728.81) | / | (1 - (178.082 + 3172.901) / 4367.512) |
| = | 0.218849 | / | 0.232748 |
| | = | 0.9403 |
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 |
| = | 766.656 | / | 682.449 |
| | = | 1.1234 |
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)) |
| = | (110.22 / (110.22 + 3172.901)) | / | (115.757 / (115.757 + 3496.645)) |
| = | 0.033572 | / | 0.032044 |
| | = | 1.0477 |
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) |
| = | (107.802 / 766.656) | / | (100.1 / 682.449) |
| = | 0.140613 | / | 0.146678 |
| | = | 0.9587 |
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) |
| = | ((1691.475 + 296.679) / 4728.81) | / | ((1550.298 + 323.26) / 4367.512) |
| = | 0.420434 | / | 0.428976 |
| | = | 0.9801 |
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 |
| = | (98.819 - 2.621 | - | 187.491) | / | 4728.81 |
| | = | -0.019306 |
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.
H2O America has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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