Hawaiian Electric Industries Beneish M-Score Historical Data
The historical data trend for Hawaiian Electric Industries'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.
Hawaiian Electric Industries Beneish M-Score Chart
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Hawaiian Electric Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-2.54 |
-1.47 |
-2.36 |
-2.55 |
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Hawaiian Electric Industries Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-1.85 |
-2.09 |
-2.18 |
-2.55 |
Competitive Comparison of Hawaiian Electric Industries's Beneish M-Score
For the Utilities - Regulated Electric subindustry, Hawaiian Electric Industries'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.
Hawaiian Electric Industries's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Hawaiian Electric Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hawaiian Electric Industries's Beneish M-Score falls into.
Hawaiian Electric Industries 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 Hawaiian Electric Industries 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 * 1.0579 | + | 0.528 * 1.0635 | + | 0.404 * 0.9613 | + | 0.892 * 0.984 | + | 0.115 * 1.0369 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0984 | + | 4.679 * -0.016096 | - | 0.327 * 1.1059 |
| = | -2.55 |
* 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 $6,682 Mil.
Revenue was 956.371 + 901.873 + 895.685 + 928.237 = $3,682 Mil.
Gross Profit was 90.996 + 75.111 + 92.979 + 93.518 = $353 Mil.
Total Current Assets was $8,528 Mil.
Total Assets was $17,244 Mil.
Property, Plant and Equipment(Net PPE) was $6,245 Mil.
Depreciation, Depletion and Amortization(DDA) was $270 Mil.
Selling, General, & Admin. Expense(SGA) was $-5 Mil.
Total Current Liabilities was $299 Mil.
Long-Term Debt & Capital Lease Obligation was $4,035 Mil.
Net Income was 49.262 + 41.589 + 55.083 + 55.194 = $201 Mil.
Non Operating Income was -10.311 + 5.256 + 4.925 + 4.453 = $4 Mil.
Cash Flow from Operations was 68.256 + 34.494 + 190.665 + 180.952 = $474 Mil.
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Total Receivables was $6,419 Mil.
Revenue was 1019.113 + 1042.197 + 895.607 + 785.068 = $3,742 Mil.
Gross Profit was 93.014 + 102.115 + 86.668 + 99.276 = $381 Mil.
Total Current Assets was $8,054 Mil.
Total Assets was $16,284 Mil.
Property, Plant and Equipment(Net PPE) was $5,803 Mil.
Depreciation, Depletion and Amortization(DDA) was $261 Mil.
Selling, General, & Admin. Expense(SGA) was $-4 Mil.
Total Current Liabilities was $445 Mil.
Long-Term Debt & Capital Lease Obligation was $3,255 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) |
| = | (6681.614 / 3682.166) | / | (6418.593 / 3741.985) |
| = | 1.814588 | / | 1.715291 |
| | = | 1.0579 |
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) |
| = | (381.073 / 3741.985) | / | (352.604 / 3682.166) |
| = | 0.101837 | / | 0.09576 |
| | = | 1.0635 |
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 - (8527.795 + 6245.031) / 17243.821) | / | (1 - (8054.011 + 5802.687) / 16284.244) |
| = | 0.143297 | / | 0.149073 |
| | = | 0.9613 |
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 |
| = | 3682.166 | / | 3741.985 |
| | = | 0.984 |
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)) |
| = | (260.744 / (260.744 + 5802.687)) | / | (270.195 / (270.195 + 6245.031)) |
| = | 0.043003 | / | 0.041471 |
| | = | 1.0369 |
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) |
| = | (-4.768 / 3682.166) | / | (-4.411 / 3741.985) |
| = | -0.001295 | / | -0.001179 |
| | = | 1.0984 |
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) |
| = | ((4035.369 + 298.668) / 17243.821) | / | ((3255.413 + 445.361) / 16284.244) |
| = | 0.251339 | / | 0.227261 |
| | = | 1.1059 |
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 |
| = | (201.128 - 4.323 | - | 474.367) | / | 17243.821 |
| | = | -0.016096 |
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.
Hawaiian Electric Industries has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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