Altus Power Beneish M-Score Historical Data
The historical data trend for Altus 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.
Altus Power Beneish M-Score Chart
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Altus Power Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.87 |
-2.51 |
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Altus Power Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.87 |
-1.61 |
-1.55 |
-1.83 |
-2.51 |
Competitive Comparison of Altus Power's Beneish M-Score
For the Utilities - Renewable subindustry, Altus 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.
Altus Power's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Altus Power's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Altus Power's Beneish M-Score falls into.
Altus 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 Altus Power 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 * 0.8293 | + | 0.528 * 1.0219 | + | 0.404 * 0.7274 | + | 0.892 * 1.5338 | + | 0.115 * 0.9026 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8983 | + | 4.679 * -0.040701 | - | 0.327 * 1.1978 |
| = | -2.51 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $17.1 Mil.
Revenue was 34.192 + 45.079 + 46.513 + 29.378 = $155.2 Mil.
Gross Profit was 25.938 + 37.254 + 38.932 + 23.402 = $125.5 Mil.
Total Current Assets was $228.8 Mil.
Total Assets was $2,090.3 Mil.
Property, Plant and Equipment(Net PPE) was $1,792.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $53.6 Mil.
Selling, General, & Admin. Expense(SGA) was $47.4 Mil.
Total Current Liabilities was $106.5 Mil.
Long-Term Debt & Capital Lease Obligation was $1,344.0 Mil.
Net Income was -27.127 + 5.33 + 6.825 + 5.617 = $-9.4 Mil.
Non Operating Income was -21.467 + 2.851 + -0.403 + 15.387 = $-3.6 Mil.
Cash Flow from Operations was 30.261 + 23.605 + 11.266 + 14.225 = $79.4 Mil.
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Total Receivables was $13.4 Mil.
Revenue was 26.764 + 30.438 + 24.762 + 19.199 = $101.2 Mil.
Gross Profit was 22.074 + 25.95 + 20.472 + 15.135 = $83.6 Mil.
Total Current Assets was $215.1 Mil.
Total Assets was $1,376.9 Mil.
Property, Plant and Equipment(Net PPE) was $1,099.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.6 Mil.
Selling, General, & Admin. Expense(SGA) was $34.4 Mil.
Total Current Liabilities was $68.2 Mil.
Long-Term Debt & Capital Lease Obligation was $729.4 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) |
| = | (17.1 / 155.162) | / | (13.443 / 101.163) |
| = | 0.110207 | / | 0.132885 |
| | = | 0.8293 |
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) |
| = | (83.631 / 101.163) | / | (125.526 / 155.162) |
| = | 0.826696 | / | 0.809 |
| | = | 1.0219 |
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 - (228.797 + 1792.851) / 2090.349) | / | (1 - (215.069 + 1099.61) / 1376.888) |
| = | 0.032866 | / | 0.045181 |
| | = | 0.7274 |
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 |
| = | 155.162 | / | 101.163 |
| | = | 1.5338 |
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)) |
| = | (29.6 / (29.6 + 1099.61)) | / | (53.627 / (53.627 + 1792.851)) |
| = | 0.026213 | / | 0.029043 |
| | = | 0.9026 |
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) |
| = | (47.437 / 155.162) | / | (34.43 / 101.163) |
| = | 0.305726 | / | 0.340342 |
| | = | 0.8983 |
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) |
| = | ((1344.008 + 106.51) / 2090.349) | / | ((729.422 + 68.228) / 1376.888) |
| = | 0.693912 | / | 0.579314 |
| | = | 1.1978 |
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 |
| = | (-9.355 - -3.632 | - | 79.357) | / | 2090.349 |
| | = | -0.040701 |
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.
Altus Power has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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