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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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Edison International's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Edison International was 6.20. The lowest was -3.56. And the median was -2.60.
The historical data trend for Edison International'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.
Edison International Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.17 | -2.62 | -2.48 | -2.56 | -2.40 |
Edison International Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.45 | -2.61 | -2.66 | -2.40 | -2.58 |
For the Utilities - Regulated Electric subindustry, Edison International'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.
For the Utilities - Regulated industry and Utilities sector, Edison International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Edison International's Beneish M-Score falls into.
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 Edison International 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 * 1.2591 | + | 0.528 * 0.8638 | + | 0.404 * 1.0426 | + | 0.892 * 0.9554 | + | 0.115 * 1.0166 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.2601 | + | 4.679 * -0.042919 | - | 0.327 * 1.0123 | |||||||
= | -2.58 |
* 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 $2,667 Mil. Revenue was 4078 + 3706 + 4702 + 3964 = $16,450 Mil. Gross Profit was 1753 + 1742 + 1832 + 1576 = $6,903 Mil. Total Current Assets was $7,878 Mil. Total Assets was $83,599 Mil. Property, Plant and Equipment(Net PPE) was $57,894 Mil. Depreciation, Depletion and Amortization(DDA) was $2,752 Mil. Selling, General, & Admin. Expense(SGA) was $1,287 Mil. Total Current Liabilities was $7,907 Mil. Long-Term Debt & Capital Lease Obligation was $33,663 Mil. Net Income was 52 + 421 + 212 + 409 = $1,094 Mil. Non Operating Income was 49 + 27 + 36 + 36 = $148 Mil. Cash Flow from Operations was 1043 + 855 + 1834 + 802 = $4,534 Mil. |
Total Receivables was $2,217 Mil. Revenue was 3966 + 4016 + 5228 + 4008 = $17,218 Mil. Gross Profit was 1564 + 1570 + 1764 + 1343 = $6,241 Mil. Total Current Assets was $7,210 Mil. Total Assets was $78,854 Mil. Property, Plant and Equipment(Net PPE) was $55,516 Mil. Depreciation, Depletion and Amortization(DDA) was $2,685 Mil. Selling, General, & Admin. Expense(SGA) was $1,069 Mil. Total Current Liabilities was $8,366 Mil. Long-Term Debt & Capital Lease Obligation was $30,368 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) |
= | (2667 / 16450) | / | (2217 / 17218) | |
= | 0.162128 | / | 0.128761 | |
= | 1.2591 |
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) | |
= | (6241 / 17218) | / | (6903 / 16450) | |
= | 0.36247 | / | 0.419635 | |
= | 0.8638 |
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 - (7878 + 57894) / 83599) | / | (1 - (7210 + 55516) / 78854) | |
= | 0.213244 | / | 0.20453 | |
= | 1.0426 |
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 | |
= | 16450 | / | 17218 | |
= | 0.9554 |
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)) |
= | (2685 / (2685 + 55516)) | / | (2752 / (2752 + 57894)) | |
= | 0.046133 | / | 0.045378 | |
= | 1.0166 |
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) |
= | (1287 / 16450) | / | (1069 / 17218) | |
= | 0.078237 | / | 0.062086 | |
= | 1.2601 |
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) |
= | ((33663 + 7907) / 83599) | / | ((30368 + 8366) / 78854) | |
= | 0.497255 | / | 0.491212 | |
= | 1.0123 |
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 | |
= | (1094 - 148 | - | 4534) | / | 83599 | |
= | -0.042919 |
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.
Edison International has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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