Northland Power Beneish M-Score Historical Data
The historical data trend for Northland Power'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.
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Northland Power Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
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-2.80 |
-2.56 |
-2.94 |
-2.52 |
-2.92 |
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Northland Power 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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-2.52 |
-2.86 |
-3.17 |
-2.89 |
-2.92 |
Competitive Comparison
For the Utilities - Renewable subindustry, Northland Power'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.
Northland Power Beneish M-Score Distribution
For the Utilities - Independent Power Producers industry and Utilities sector, Northland Power's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Northland Power's Beneish M-Score falls into.
Northland Power 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 Northland Power 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 * 0.8253 | + | 0.528 * 0.983 | + | 0.404 * 1.2543 | + | 0.892 * 0.8841 | + | 0.115 * 0.9788 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5124 | + | 4.679 * -0.035384 | - | 0.327 * 0.9955 |
| = | -2.91 |
* 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 $295 Mil.
Revenue was 466.772 + 379.344 + 354.92 + 454.375 = $1,655 Mil.
Gross Profit was 422.148 + 338.716 + 321.743 + 415.774 = $1,498 Mil.
Total Current Assets was $1,078 Mil.
Total Assets was $10,157 Mil.
Property, Plant and Equipment(Net PPE) was $6,843 Mil.
Depreciation, Depletion and Amortization(DDA) was $484 Mil.
Selling, General, & Admin. Expense(SGA) was $86 Mil.
Total Current Liabilities was $951 Mil.
Long-Term Debt & Capital Lease Obligation was $4,798 Mil.
Net Income was -212.876 + 26.728 + 3.267 + 51.081 = $-132 Mil.
Non Operating Income was -322.141 + -8.941 + 20.525 + -43.365 = $-354 Mil.
Cash Flow from Operations was 101.274 + 109.382 + 153.754 + 217.103 = $582 Mil.
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Total Receivables was $405 Mil.
Revenue was 471.929 + 416.713 + 434.858 + 549.016 = $1,873 Mil.
Gross Profit was 422.209 + 362.923 + 378.75 + 502.183 = $1,666 Mil.
Total Current Assets was $1,729 Mil.
Total Assets was $10,469 Mil.
Property, Plant and Equipment(Net PPE) was $6,903 Mil.
Depreciation, Depletion and Amortization(DDA) was $477 Mil.
Selling, General, & Admin. Expense(SGA) was $64 Mil.
Total Current Liabilities was $1,405 Mil.
Long-Term Debt & Capital Lease Obligation was $4,548 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) |
| = | (295.18 / 1655.411) | / | (404.591 / 1872.516) |
| = | 0.178312 | / | 0.216068 |
| | = | 0.8253 |
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) |
| = | (1666.065 / 1872.516) | / | (1498.381 / 1655.411) |
| = | 0.889747 | / | 0.905141 |
| | = | 0.983 |
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 - (1078.335 + 6842.526) / 10156.752) | / | (1 - (1729.081 + 6902.896) / 10469.348) |
| = | 0.220138 | / | 0.1755 |
| | = | 1.2543 |
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 |
| = | 1655.411 | / | 1872.516 |
| | = | 0.8841 |
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)) |
| = | (477.495 / (477.495 + 6902.896)) | / | (484.274 / (484.274 + 6842.526)) |
| = | 0.064698 | / | 0.066096 |
| | = | 0.9788 |
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) |
| = | (85.595 / 1655.411) | / | (64.019 / 1872.516) |
| = | 0.051706 | / | 0.034189 |
| | = | 1.5124 |
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) |
| = | ((4797.539 + 951.114) / 10156.752) | / | ((4547.546 + 1405.117) / 10469.348) |
| = | 0.565993 | / | 0.56858 |
| | = | 0.9955 |
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 |
| = | (-131.8 - -353.922 | - | 581.513) | / | 10156.752 |
| | = | -0.035384 |
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.
Northland Power has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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