Vivint Solar Beneish M-Score Historical Data
The historical data trend for Vivint Solar'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.
Vivint Solar Beneish M-Score Chart
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Vivint Solar Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-0.07 |
1.09 |
-3.00 |
-3.11 |
-0.20 |
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Vivint Solar Quarterly Data
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Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
| Beneish M-Score |
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-1.18 |
-0.83 |
-0.20 |
-1.89 |
-2.03 |
Competitive Comparison of Vivint Solar's Beneish M-Score
For the Solar subindustry, Vivint Solar'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.
Vivint Solar's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Vivint Solar's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vivint Solar's Beneish M-Score falls into.
Vivint Solar 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 Vivint Solar 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 * 0.9087 | + | 0.528 * 0.7662 | + | 0.404 * 1.1417 | + | 0.892 * 1.2557 | + | 0.115 * 0.9476 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.111 | + | 4.679 * 0.087645 | - | 0.327 * 1.0877 |
| = | -2.05 |
* 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 (Jun20) TTM: | Last Year (Jun19) TTM: |
Total Receivables was $32.2 Mil.
Revenue was 106.394 + 91.151 + 77.064 + 103.849 = $378.5 Mil.
Gross Profit was 46.436 + 16.28 + 3.274 + 35.412 = $101.4 Mil.
Total Current Assets was $409.3 Mil.
Total Assets was $3,105.3 Mil.
Property, Plant and Equipment(Net PPE) was $1,877.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $90.4 Mil.
Selling, General, & Admin. Expense(SGA) was $288.0 Mil.
Total Current Liabilities was $201.4 Mil.
Long-Term Debt & Capital Lease Obligation was $1,801.0 Mil.
Net Income was -1.241 + -40.26 + -33.531 + -13.835 = $-88.9 Mil.
Non Operating Income was -1.145 + -28.358 + 5.223 + -3.907 = $-28.2 Mil.
Cash Flow from Operations was -54.9 + -95.862 + -108.245 + -73.838 = $-332.8 Mil.
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Total Receivables was $28.2 Mil.
Revenue was 90.757 + 69.371 + 63.457 + 77.816 = $301.4 Mil.
Gross Profit was 31.892 + 11.917 + 0.085 + 17.981 = $61.9 Mil.
Total Current Assets was $271.0 Mil.
Total Assets was $2,510.7 Mil.
Property, Plant and Equipment(Net PPE) was $1,659.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $75.5 Mil.
Selling, General, & Admin. Expense(SGA) was $206.4 Mil.
Total Current Liabilities was $303.7 Mil.
Long-Term Debt & Capital Lease Obligation was $1,184.6 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) |
| = | (32.162 / 378.458) | / | (28.186 / 301.401) |
| = | 0.084982 | / | 0.093517 |
| | = | 0.9087 |
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) |
| = | (61.875 / 301.401) | / | (101.402 / 378.458) |
| = | 0.205291 | / | 0.267935 |
| | = | 0.7662 |
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 - (409.261 + 1877.219) / 3105.308) | / | (1 - (270.991 + 1659.787) / 2510.65) |
| = | 0.263687 | / | 0.230965 |
| | = | 1.1417 |
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 |
| = | 378.458 | / | 301.401 |
| | = | 1.2557 |
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)) |
| = | (75.511 / (75.511 + 1659.787)) | / | (90.358 / (90.358 + 1877.219)) |
| = | 0.043515 | / | 0.045923 |
| | = | 0.9476 |
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) |
| = | (287.979 / 378.458) | / | (206.424 / 301.401) |
| = | 0.760927 | / | 0.684882 |
| | = | 1.111 |
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) |
| = | ((1801.019 + 201.376) / 3105.308) | / | ((1184.604 + 303.741) / 2510.65) |
| = | 0.64483 | / | 0.592813 |
| | = | 1.0877 |
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 |
| = | (-88.867 - -28.187 | - | -332.845) | / | 3105.308 |
| | = | 0.087645 |
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.
Vivint Solar has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
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