PG&E Beneish M-Score Historical Data
The historical data trend for PG&E'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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PG&E Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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|
|
|
|
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-2.13 |
-2.27 |
-2.44 |
-2.29 |
-2.49 |
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PG&E Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
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|
|
|
|
|
|
|
|
|
|
|
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|
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-2.27 |
-2.36 |
-2.49 |
-2.46 |
-2.50 |
Competitive Comparison
For the Utilities - Regulated Electric subindustry, PG&E'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.
PG&E Beneish M-Score Distribution
For the Utilities - Regulated industry and Utilities sector, PG&E's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PG&E's Beneish M-Score falls into.
PG&E 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 PG&E 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 * 1.0075 | + | 0.528 * 0.8409 | + | 0.404 * 0.9666 | + | 0.892 * 1.0294 | + | 0.115 * 0.9569 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.024117 | - | 0.327 * 1.0152 |
| = | -2.50 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $9,314 Mil.
Revenue was 5290 + 6209 + 5370 + 5394 = $22,263 Mil.
Gross Profit was 1908 + 2094 + 1847 + 1855 = $7,704 Mil.
Total Current Assets was $12,681 Mil.
Total Assets was $120,705 Mil.
Property, Plant and Equipment(Net PPE) was $80,191 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,017 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $13,202 Mil.
Long-Term Debt & Capital Lease Obligation was $51,703 Mil.
Net Income was 410 + 572 + 517 + 459 = $1,958 Mil.
Non Operating Income was 67 + 87 + 64 + 109 = $327 Mil.
Cash Flow from Operations was 1275 + 1185 + 1009 + 1073 = $4,542 Mil.
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Total Receivables was $8,981 Mil.
Revenue was 5118 + 5798 + 5246 + 5465 = $21,627 Mil.
Gross Profit was 1688 + 1625 + 1619 + 1361 = $6,293 Mil.
Total Current Assets was $11,674 Mil.
Total Assets was $113,541 Mil.
Property, Plant and Equipment(Net PPE) was $74,781 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,577 Mil.
Selling, General, & Admin. Expense(SGA) was $145 Mil.
Total Current Liabilities was $15,007 Mil.
Long-Term Debt & Capital Lease Obligation was $45,133 Mil.
|
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) |
| = | (9314 / 22263) | / | (8981 / 21627) |
| = | 0.418362 | / | 0.415268 |
| | = | 1.0075 |
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) |
| = | (6293 / 21627) | / | (7704 / 22263) |
| = | 0.290979 | / | 0.346045 |
| | = | 0.8409 |
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 - (12681 + 80191) / 120705) | / | (1 - (11674 + 74781) / 113541) |
| = | 0.230587 | / | 0.238557 |
| | = | 0.9666 |
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 |
| = | 22263 | / | 21627 |
| | = | 1.0294 |
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)) |
| = | (3577 / (3577 + 74781)) | / | (4017 / (4017 + 80191)) |
| = | 0.045649 | / | 0.047703 |
| | = | 0.9569 |
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) |
| = | (0 / 22263) | / | (145 / 21627) |
| = | 0 | / | 0.006705 |
| | = | 0 |
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) |
| = | ((51703 + 13202) / 120705) | / | ((45133 + 15007) / 113541) |
| = | 0.537716 | / | 0.529677 |
| | = | 1.0152 |
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 |
| = | (1958 - 327 | - | 4542) | / | 120705 |
| | = | -0.024117 |
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.
PG&E has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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