ACWA Power Co Beneish M-Score Historical Data
The historical data trend for ACWA Power Co'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.
ACWA Power Co Beneish M-Score Chart
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ACWA Power Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.53 |
-2.50 |
-2.23 |
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ACWA Power Co Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.50 |
-2.63 |
-2.54 |
-2.48 |
-2.23 |
Competitive Comparison of ACWA Power Co's Beneish M-Score
For the Utilities - Diversified subindustry, ACWA Power Co'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.
ACWA Power Co's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, ACWA Power Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ACWA Power Co's Beneish M-Score falls into.
ACWA Power Co 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 ACWA Power Co 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 * 1.2966 | + | 0.528 * 1.0842 | + | 0.404 * 1.0553 | + | 0.892 * 1.0332 | + | 0.115 * 1.0554 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0807 | + | 4.679 * -0.030176 | - | 0.327 * 0.9253 |
| = | -2.23 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ﷼5,304 Mil.
Revenue was 1735.533 + 1747.44 + 1562.568 + 1251.757 = ﷼6,297 Mil.
Gross Profit was 873.342 + 999.788 + 836.907 + 620.553 = ﷼3,331 Mil.
Total Current Assets was ﷼11,384 Mil.
Total Assets was ﷼56,883 Mil.
Property, Plant and Equipment(Net PPE) was ﷼12,146 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼523 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼427 Mil.
Total Current Liabilities was ﷼5,909 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼24,275 Mil.
Net Income was 502.167 + 328.099 + 630.62 + 296.171 = ﷼1,757 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 1883.959 + 285.167 + 747.012 + 557.397 = ﷼3,474 Mil.
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Total Receivables was ﷼3,959 Mil.
Revenue was 1809.518 + 1542.128 + 1411.92 + 1331.444 = ﷼6,095 Mil.
Gross Profit was 1122.078 + 877.486 + 794.171 + 701.445 = ﷼3,495 Mil.
Total Current Assets was ﷼14,282 Mil.
Total Assets was ﷼55,018 Mil.
Property, Plant and Equipment(Net PPE) was ﷼10,168 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼463 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼382 Mil.
Total Current Liabilities was ﷼7,937 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼23,617 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) |
| = | (5303.822 / 6297.298) | / | (3959.219 / 6095.01) |
| = | 0.842238 | / | 0.649584 |
| | = | 1.2966 |
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) |
| = | (3495.18 / 6095.01) | / | (3330.59 / 6297.298) |
| = | 0.573449 | / | 0.528892 |
| | = | 1.0842 |
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 - (11384.157 + 12146.381) / 56882.706) | / | (1 - (14282.478 + 10167.977) / 55018.314) |
| = | 0.586332 | / | 0.555594 |
| | = | 1.0553 |
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 |
| = | 6297.298 | / | 6095.01 |
| | = | 1.0332 |
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)) |
| = | (463.141 / (463.141 + 10167.977)) | / | (522.958 / (522.958 + 12146.381)) |
| = | 0.043565 | / | 0.041277 |
| | = | 1.0554 |
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) |
| = | (427.002 / 6297.298) | / | (382.419 / 6095.01) |
| = | 0.067807 | / | 0.062743 |
| | = | 1.0807 |
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) |
| = | ((24275.131 + 5909.425) / 56882.706) | / | ((23617.116 + 7936.657) / 55018.314) |
| = | 0.530646 | / | 0.573514 |
| | = | 0.9253 |
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 |
| = | (1757.057 - 0 | - | 3473.535) | / | 56882.706 |
| | = | -0.030176 |
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.
ACWA Power Co has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.
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