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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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.95 |
-2.85 |
-2.49 |
-2.21 |
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Ormat Technologies Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.37 |
-2.34 |
-2.15 |
-2.21 |
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 * 1.3533 | + | 0.528 * 1.1503 | + | 0.404 * 0.8613 | + | 0.892 * 1.1298 | + | 0.115 * 0.9954 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9882 | + | 4.679 * -0.046209 | - | 0.327 * 0.9405 |
| = | -2.21 |
* 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 $271.6 Mil.
Revenue was 241.34 + 208.056 + 194.796 + 185.232 = $829.4 Mil.
Gross Profit was 78.456 + 60.003 + 49.49 + 76.069 = $264.0 Mil.
Total Current Assets was $646.0 Mil.
Total Assets was $5,208.3 Mil.
Property, Plant and Equipment(Net PPE) was $3,841.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $224.8 Mil.
Selling, General, & Admin. Expense(SGA) was $86.5 Mil.
Total Current Liabilities was $537.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,811.3 Mil.
Net Income was 35.726 + 35.453 + 24.191 + 29.029 = $124.4 Mil.
Non Operating Income was 19.245 + 11.945 + 13.786 + 10.689 = $55.7 Mil.
Cash Flow from Operations was 139.145 + 39.751 + 74.049 + 56.456 = $309.4 Mil.
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Total Receivables was $177.6 Mil.
Revenue was 205.486 + 175.885 + 169.078 + 183.71 = $734.2 Mil.
Gross Profit was 80.21 + 61.108 + 57.601 + 69.905 = $268.8 Mil.
Total Current Assets was $456.7 Mil.
Total Assets was $4,611.6 Mil.
Property, Plant and Equipment(Net PPE) was $3,413.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $198.8 Mil.
Selling, General, & Admin. Expense(SGA) was $77.5 Mil.
Total Current Liabilities was $343.9 Mil.
Long-Term Debt & Capital Lease Obligation was $1,867.0 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) |
| = | (271.601 / 829.424) | / | (177.638 / 734.159) |
| = | 0.327457 | / | 0.241961 |
| | = | 1.3533 |
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) |
| = | (268.824 / 734.159) | / | (264.018 / 829.424) |
| = | 0.366166 | / | 0.318315 |
| | = | 1.1503 |
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 - (646.003 + 3841.483) / 5208.279) | / | (1 - (456.717 + 3413.872) / 4611.579) |
| = | 0.138394 | / | 0.16068 |
| | = | 0.8613 |
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 |
| = | 829.424 | / | 734.159 |
| | = | 1.1298 |
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)) |
| = | (198.792 / (198.792 + 3413.872)) | / | (224.797 / (224.797 + 3841.483)) |
| = | 0.055026 | / | 0.055283 |
| | = | 0.9954 |
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) |
| = | (86.485 / 829.424) | / | (77.467 / 734.159) |
| = | 0.104271 | / | 0.105518 |
| | = | 0.9882 |
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) |
| = | ((1811.327 + 537.012) / 5208.279) | / | ((1867.011 + 343.91) / 4611.579) |
| = | 0.450886 | / | 0.479428 |
| | = | 0.9405 |
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 |
| = | (124.399 - 55.665 | - | 309.401) | / | 5208.279 |
| | = | -0.046209 |
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 -2.21 suggests that the company is unlikely to be a manipulator.
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