Public Service Enterprise Group Beneish M-Score Historical Data
The historical data trend for Public Service Enterprise Group'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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Public Service Enterprise Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.79 |
-2.58 |
-2.21 |
-2.28 |
-2.97 |
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Public Service Enterprise Group 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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-2.28 |
-2.66 |
-2.87 |
-2.82 |
-2.97 |
Competitive Comparison
For the Utilities - Regulated Electric subindustry, Public Service Enterprise Group'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.
Public Service Enterprise Group Beneish M-Score Distribution
For the Utilities - Regulated industry and Utilities sector, Public Service Enterprise Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Public Service Enterprise Group's Beneish M-Score falls into.
Public Service Enterprise Group 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 Public Service Enterprise Group 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 * 0.6456 | + | 0.528 * 0.6186 | + | 0.404 * 1.0598 | + | 0.892 * 1.1466 | + | 0.115 * 1.0243 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.028793 | - | 0.327 * 0.9466 |
| = | -2.97 |
* 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 $1,736 Mil.
Revenue was 2605 + 2456 + 2421 + 3755 = $11,237 Mil.
Gross Profit was 991 + 833 + 1073 + 1930 = $4,827 Mil.
Total Current Assets was $3,373 Mil.
Total Assets was $50,741 Mil.
Property, Plant and Equipment(Net PPE) was $38,210 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,324 Mil.
Selling, General, & Admin. Expense(SGA) was $-27 Mil.
Total Current Liabilities was $5,057 Mil.
Long-Term Debt & Capital Lease Obligation was $17,957 Mil.
Net Income was 546 + 139 + 591 + 1287 = $2,563 Mil.
Non Operating Income was 311 + -328 + 135 + 100 = $218 Mil.
Cash Flow from Operations was 710 + 687 + 572 + 1837 = $3,806 Mil.
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Total Receivables was $2,345 Mil.
Revenue was 3139 + 2272 + 2076 + 2313 = $9,800 Mil.
Gross Profit was 1275 + 495 + 560 + 274 = $2,604 Mil.
Total Current Assets was $4,303 Mil.
Total Assets was $48,718 Mil.
Property, Plant and Equipment(Net PPE) was $36,118 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,283 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $6,680 Mil.
Long-Term Debt & Capital Lease Obligation was $16,664 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) |
| = | (1736 / 11237) | / | (2345 / 9800) |
| = | 0.15449 | / | 0.239286 |
| | = | 0.6456 |
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) |
| = | (2604 / 9800) | / | (4827 / 11237) |
| = | 0.265714 | / | 0.429563 |
| | = | 0.6186 |
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 - (3373 + 38210) / 50741) | / | (1 - (4303 + 36118) / 48718) |
| = | 0.180485 | / | 0.170307 |
| | = | 1.0598 |
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 |
| = | 11237 | / | 9800 |
| | = | 1.1466 |
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)) |
| = | (1283 / (1283 + 36118)) | / | (1324 / (1324 + 38210)) |
| = | 0.034304 | / | 0.03349 |
| | = | 1.0243 |
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) |
| = | (-27 / 11237) | / | (0 / 9800) |
| = | -0.002403 | / | 0 |
| | = | 1 |
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) |
| = | ((17957 + 5057) / 50741) | / | ((16664 + 6680) / 48718) |
| = | 0.453558 | / | 0.479166 |
| | = | 0.9466 |
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 |
| = | (2563 - 218 | - | 3806) | / | 50741 |
| | = | -0.028793 |
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.
Public Service Enterprise Group has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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