Aboitiz Power (PHS:AP) Beneish M-Score: -2.59 (As of Jun. 24, 2026)

What is Aboitiz Power Beneish M-Score?

Aboitiz Power PHS:AP -1.18% 97 Beneish M-Score is -2.59 as of Jun. 24, 2026. GuruFocus rates PHS:AP with a GF Score™ of 97/100 and a GF Value™ of ₱37.67 (Modestly Overvalued). The stock has 10 warning signs investors should review. Among 485 Utilities - Regulated companies, Aboitiz Power ranks worse than 50.1% on this metric.

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Aboitiz Power's Beneish M-Score or its related term are showing as below:

PHS:AP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.78 Med: -2.38 Max: -1.34
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Aboitiz Power was -1.34. The lowest was -2.78. And the median was -2.38.

Aboitiz Power Beneish M-Score Related Terms

Aboitiz Power Beneish M-Score Historical Data

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The historical data trend for Aboitiz 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.

Aboitiz Power Beneish M-Score Chart

Aboitiz Power Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.32

-2.03

-2.68

-2.62

-2.59

Aboitiz Power Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.62	-2.60	-2.65	-2.54	-2.59

PHS:AP vs NEE, SO, DUK: Beneish M-Score Comparison

For the Utilities - Regulated Electric subindustry, Aboitiz 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.

Aboitiz Power Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Aboitiz Power's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Aboitiz Power's Beneish M-Score falls into.

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Aboitiz Power Corp PHS:AP

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Aboitiz 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 Aboitiz Power for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0665

0.528 * 1.0253

0.404 * 1.2399

0.892 * 1.005

0.115 * 1.0086

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0186

4.679 * -0.051818

0.327 * 1.1333

-2.59

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was ₱38,695 Mil.
Revenue was 54152.319 + 52530.538 + 47593.866 + 44202.557 = ₱198,479 Mil.
Gross Profit was 18315.289 + 19979.747 + 14931.21 + 12940.898 = ₱66,167 Mil.
Total Current Assets was ₱126,990 Mil.
Total Assets was ₱622,798 Mil.
Property, Plant and Equipment(Net PPE) was ₱235,588 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱13,296 Mil.
Selling, General, & Admin. Expense(SGA) was ₱7,187 Mil.
Total Current Liabilities was ₱156,956 Mil.
Long-Term Debt & Capital Lease Obligation was ₱225,562 Mil.
Net Income was -3853.446 + 10636.965 + 8049.994 + 4616.614 = ₱19,450 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 17279.492 + 12553.605 + 7714.848 + 14174.535 = ₱51,722 Mil.

Total Receivables was ₱36,102 Mil.
Revenue was 49171.276 + 48081.526 + 55097.186 + 45142.269 = ₱197,492 Mil.
Gross Profit was 17813.25 + 18535.578 + 18468.646 + 12689.492 = ₱67,507 Mil.
Total Current Assets was ₱123,026 Mil.
Total Assets was ₱517,616 Mil.
Property, Plant and Equipment(Net PPE) was ₱220,158 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱12,538 Mil.
Selling, General, & Admin. Expense(SGA) was ₱7,020 Mil.
Total Current Liabilities was ₱78,986 Mil.
Long-Term Debt & Capital Lease Obligation was ₱201,529 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)
	=	(38694.532 / 198479.28)	/	(36102.105 / 197492.257)
	=	0.194955	/	0.182803
	=	1.0665

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)
	=	(67506.966 / 197492.257)	/	(66167.144 / 198479.28)
	=	0.341821	/	0.333371
	=	1.0253

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 - (126989.529 + 235588.441) / 622797.852)	/	(1 - (123026.353 + 220158.293) / 517616.067)
	=	0.417824	/	0.33699
	=	1.2399

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
	=	198479.28	/	197492.257
	=	1.005

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))
	=	(12538.419 / (12538.419 + 220158.293))	/	(13295.514 / (13295.514 + 235588.441))
	=	0.053883	/	0.053421
	=	1.0086

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)
	=	(7186.777 / 198479.28)	/	(7020.207 / 197492.257)
	=	0.036209	/	0.035547
	=	1.0186

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)
	=	((225561.627 + 156955.681) / 622797.852)	/	((201529.022 + 78985.995) / 517616.067)
	=	0.614192	/	0.541936
	=	1.1333

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
	=	(19450.127 - 0	-	51722.48)	/	622797.852
	=	-0.051818

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.

Aboitiz Power has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.59 mean?

Aboitiz Power (PHS:AP) has a Beneish M-Score of -2.59 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aboitiz Power and its competitors. According to the industry distribution chart, Aboitiz Power ranks #243 out of 485 companies in the Utilities - Regulated industry, placing it in the top 50.1%.

Is Aboitiz Power's Beneish M-Score too high?

Aboitiz Power's current Beneish M-Score is -2.59. Based on the distribution chart, Aboitiz Power ranks #243 out of 485 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, Aboitiz Power has a GF Score™ of 97/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Aboitiz Power's Beneish M-Score compare to NEE and SO?

According to the Utilities - Regulated industry distribution chart, Aboitiz Power ranks #243 out of 485 companies for Beneish M-Score. This places Aboitiz Power in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Utilities - Regulated company?

A good Beneish M-Score depends on the Utilities - Regulated industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aboitiz Power and its competitors. Aboitiz Power's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Aboitiz Power stock overvalued right now?

Based on GuruFocus' analysis, Aboitiz Power (PHS:AP) is currently considered Modestly Overvalued. The stock's GF Value™ is ₱37.67, compared to a current price of ₱41.90 — trading 11.2% above its estimated fair value. The current Beneish M-Score is -2.59. Aboitiz Power's overall GF Score™ is 97/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Aboitiz Power (PHS:AP), the current Beneish M-Score is -2.59 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Aboitiz Power (PHS:AP) Overvalued in 2026?

Based on GuruFocus' analysis, Aboitiz Power stock appears to be overvalued. The current stock price of ₱41.90 is trading 11.2% above its estimated GF Value™ of ₱37.67. GuruFocus considers Aboitiz Power to be Modestly Overvalued.

Key valuation signals for PHS:AP:

Beneish M-Score: -2.59
GF Value™: ₱37.67 vs. price of ₱41.90 (11.2% above fair value)
GF Score™: 97/100 with 10 warning signs

No single metric tells the full story. See the PHS:AP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Aboitiz Power Business Description

Industry Utilities Utilities - Regulated

Comparable Companies PHS:AEV PHS:SGP PHS:FPH PHS:VVT PHS:SPC PHS:ACR PHS:JOH PHS:MER NEE SO DUK LSE:NG.AEP D ETR XEL EXC XMAD:ELE BOM:532555 PEG

Other Exchanges ABZPY:USA

Address Makati Avenue, 11 Floor & 12 Floor Ayala Triangle Gardens, Tower 2, Paseo De Roxas corner, NCR Second District, Bel-Air, Makati, PHL, 1209

Website https://www.aboitizpower.com

Aboitiz Power Corp is an electric utility company operating in the Philippines of which Aboitiz Equity Ventures is the majority shareholder. Through its subsidiaries, Aboitiz Power generates and distributes electricity. The company controls a portfolio of geothermal, hydroelectric, solar, wind, oil-fired, and coal-fired power plants. The company's sites, meanwhile, are mainly hydroelectric. The vast majority of the company's income is derived from its power generation business. Almost all sales are made through bilateral contracts with private utilities, the country's state-owned power provider, and industrial and commercial customers.

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₱41.90

Price

₱37.67

GF Value

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