Brenmiller Energy (XTAE:BNRG) Beneish M-Score : -3.89 (As of Jun. 09, 2024)

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What is Brenmiller Energy Beneish M-Score?

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 -3.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XTAE:BNRG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.89 Med: 19.98 Max: 19.98
Current: -3.89

During the past 4 years, the highest Beneish M-Score of Brenmiller Energy was 19.98. The lowest was -3.89. And the median was 19.98.

Brenmiller Energy Beneish M-Score Historical Data

The historical data trend for Brenmiller Energy'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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Brenmiller Energy Beneish M-Score Chart

Brenmiller Energy Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

19.98

Brenmiller Energy Quarterly Data
	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial							-	19.98	16.80	-3.89	-

Competitive Comparison of Brenmiller Energy's Beneish M-Score

For the Utilities - Renewable subindustry, Brenmiller Energy'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.

Brenmiller Energy's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Brenmiller Energy's Beneish M-Score distribution charts can be found below:

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

Brenmiller Energy 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 Brenmiller Energy 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 * 3.1971

0.528 * 0.1716

0.404 * 2.3785

0.892 * 0.3558

0.115 * -3.244

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 3.548

4.679 * -0.369773

0.327 * 1.966

-3.89

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was ₪5.73 Mil.
Revenue was 2.182 + 0 + 0 + 0 = ₪2.18 Mil.
Gross Profit was -0.835 + -1.242 + -2.449 + -1.339 = ₪-5.87 Mil.
Total Current Assets was ₪32.88 Mil.
Total Assets was ₪53.78 Mil.
Property, Plant and Equipment(Net PPE) was ₪19.16 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪-0.58 Mil.
Selling, General, & Admin. Expense(SGA) was ₪19.23 Mil.
Total Current Liabilities was ₪10.65 Mil.
Long-Term Debt & Capital Lease Obligation was ₪18.08 Mil.
Net Income was -10.474 + -8.879 + -16.441 + -10.425 = ₪-46.22 Mil.
Non Operating Income was 0 + 0 + -1.08 + 0 = ₪-1.08 Mil.
Cash Flow from Operations was 0 + 0 + -13.217 + -12.036 = ₪-25.25 Mil.

Total Receivables was ₪5.03 Mil.
Revenue was 5.644 + 0.075 + 0.245 + 0.169 = ₪6.13 Mil.
Gross Profit was 4.203 + -1.806 + -2.389 + -2.837 = ₪-2.83 Mil.
Total Current Assets was ₪43.09 Mil.
Total Assets was ₪55.13 Mil.
Property, Plant and Equipment(Net PPE) was ₪11.28 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪1.28 Mil.
Selling, General, & Admin. Expense(SGA) was ₪15.23 Mil.
Total Current Liabilities was ₪10.79 Mil.
Long-Term Debt & Capital Lease Obligation was ₪4.19 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)
	=	(5.726 / 2.182)	/	(5.034 / 6.133)
	=	2.624198	/	0.820805
	=	3.1971

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)
	=	(-2.829 / 6.133)	/	(-5.865 / 2.182)
	=	-0.461275	/	-2.687901
	=	0.1716

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 - (32.883 + 19.158) / 53.779)	/	(1 - (43.094 + 11.283) / 55.126)
	=	0.032317	/	0.013587
	=	2.3785

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
	=	2.182	/	6.133
	=	0.3558

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))
	=	(1.279 / (1.279 + 11.283))	/	(-0.583 / (-0.583 + 19.158))
	=	0.101815	/	-0.031386
	=	-3.244

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)
	=	(19.225 / 2.182)	/	(15.23 / 6.133)
	=	8.810724	/	2.483287
	=	3.548

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)
	=	((18.082 + 10.651) / 53.779)	/	((4.187 + 10.794) / 55.126)
	=	0.534279	/	0.271759
	=	1.966

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
	=	(-46.219 - -1.08	-	-25.253)	/	53.779
	=	-0.369773

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.

Brenmiller Energy has a M-score of -3.89 suggests that the company is unlikely to be a manipulator.

Brenmiller Energy Beneish M-Score Related Terms

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