United Utilities Group Beneish M-Score Historical Data
The historical data trend for United Utilities 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.
United Utilities Group Beneish M-Score Chart
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United Utilities Group Annual Data
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Mar24 |
| Beneish M-Score |
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-2.66 |
-2.73 |
-2.76 |
-2.93 |
-2.62 |
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United Utilities Group Semi-Annual Data
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| Beneish M-Score |
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-2.93 |
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-2.62 |
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Competitive Comparison of United Utilities Group's Beneish M-Score
For the Utilities - Regulated Water subindustry, United Utilities 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.
United Utilities Group's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, United Utilities Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United Utilities Group's Beneish M-Score falls into.
United Utilities 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 United Utilities 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 * 1.1018 | + | 0.528 * 1.004 | + | 0.404 * 0.6163 | + | 0.892 * 1.1144 | + | 0.115 * 1.0017 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6248 | + | 4.679 * -0.039493 | - | 0.327 * 1.0981 |
| = | -2.59 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €265 Mil.
Revenue was €2,279 Mil.
Gross Profit was €1,938 Mil.
Total Current Assets was €2,068 Mil.
Total Assets was €18,299 Mil.
Property, Plant and Equipment(Net PPE) was €15,249 Mil.
Depreciation, Depletion and Amortization(DDA) was €513 Mil.
Selling, General, & Admin. Expense(SGA) was €16 Mil.
Total Current Liabilities was €1,295 Mil.
Long-Term Debt & Capital Lease Obligation was €10,925 Mil.
Net Income was €148 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €871 Mil.
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Total Receivables was €216 Mil.
Revenue was €2,045 Mil.
Gross Profit was €1,746 Mil.
Total Current Assets was €784 Mil.
Total Assets was €16,467 Mil.
Property, Plant and Equipment(Net PPE) was €14,249 Mil.
Depreciation, Depletion and Amortization(DDA) was €480 Mil.
Selling, General, & Admin. Expense(SGA) was €22 Mil.
Total Current Liabilities was €653 Mil.
Long-Term Debt & Capital Lease Obligation was €9,362 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) |
| = | (265.128 / 2278.958) | / | (215.931 / 2045.052) |
| = | 0.116337 | / | 0.105587 |
| | = | 1.1018 |
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) |
| = | (1746.376 / 2045.052) | / | (1938.313 / 2278.958) |
| = | 0.853952 | / | 0.850526 |
| | = | 1.004 |
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 - (2067.954 + 15248.737) / 18298.765) | / | (1 - (783.699 + 14248.827) / 16466.511) |
| = | 0.053669 | / | 0.087085 |
| | = | 0.6163 |
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 |
| = | 2278.958 | / | 2045.052 |
| | = | 1.1144 |
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)) |
| = | (480.149 / (480.149 + 14248.827)) | / | (512.956 / (512.956 + 15248.737)) |
| = | 0.032599 | / | 0.032544 |
| | = | 1.0017 |
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) |
| = | (15.548 / 2278.958) | / | (22.33 / 2045.052) |
| = | 0.006822 | / | 0.010919 |
| | = | 0.6248 |
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) |
| = | ((10925.205 + 1295.014) / 18298.765) | / | ((9361.536 + 652.78) / 16466.511) |
| = | 0.667817 | / | 0.608163 |
| | = | 1.0981 |
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 |
| = | (148.346 - 0 | - | 871.019) | / | 18298.765 |
| | = | -0.039493 |
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.
United Utilities Group has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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