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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Mar14 |
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| Beneish M-Score |
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-2.41 |
-2.67 |
-2.73 |
-2.76 |
-2.92 |
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United Utilities Group Semi-Annual Data
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| Beneish M-Score |
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-2.76 |
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-2.92 |
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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 * 0.8734 | + | 0.528 * 1.0476 | + | 0.404 * 0.7503 | + | 0.892 * 0.9022 | + | 0.115 * 1.0209 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1901 | + | 4.679 * -0.040104 | - | 0.327 * 1.0503 |
| = | -2.99 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $231 Mil.
Revenue was $2,214 Mil.
Gross Profit was $1,818 Mil.
Total Current Assets was $839 Mil.
Total Assets was $17,630 Mil.
Property, Plant and Equipment(Net PPE) was $15,256 Mil.
Depreciation, Depletion and Amortization(DDA) was $514 Mil.
Selling, General, & Admin. Expense(SGA) was $24 Mil.
Total Current Liabilities was $699 Mil.
Long-Term Debt & Capital Lease Obligation was $10,023 Mil.
Net Income was $249 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $956 Mil.
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Total Receivables was $293 Mil.
Revenue was $2,454 Mil.
Gross Profit was $2,111 Mil.
Total Current Assets was $809 Mil.
Total Assets was $19,021 Mil.
Property, Plant and Equipment(Net PPE) was $16,005 Mil.
Depreciation, Depletion and Amortization(DDA) was $551 Mil.
Selling, General, & Admin. Expense(SGA) was $22 Mil.
Total Current Liabilities was $907 Mil.
Long-Term Debt & Capital Lease Obligation was $10,107 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) |
| = | (231.189 / 2214.078) | / | (293.412 / 2454.15) |
| = | 0.104418 | / | 0.119557 |
| | = | 0.8734 |
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) |
| = | (2111.199 / 2454.15) | / | (1818.204 / 2214.078) |
| = | 0.860257 | / | 0.821201 |
| | = | 1.0476 |
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 - (839.078 + 15255.704) / 17630.097) | / | (1 - (808.696 + 16004.611) / 19021.08) |
| = | 0.087085 | / | 0.11607 |
| | = | 0.7503 |
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 |
| = | 2214.078 | / | 2454.15 |
| | = | 0.9022 |
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)) |
| = | (550.988 / (550.988 + 16004.611)) | / | (514.078 / (514.078 + 15255.704)) |
| = | 0.033281 | / | 0.032599 |
| | = | 1.0209 |
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) |
| = | (23.908 / 2214.078) | / | (22.266 / 2454.15) |
| = | 0.010798 | / | 0.009073 |
| | = | 1.1901 |
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) |
| = | ((10023.058 + 698.908) / 17630.097) | / | ((10106.719 + 907.246) / 19021.08) |
| = | 0.608163 | / | 0.57904 |
| | = | 1.0503 |
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 |
| = | (248.665 - 0 | - | 955.704) | / | 17630.097 |
| | = | -0.040104 |
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 -2.99 suggests that the company is unlikely to be a manipulator.
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