Enphase Energy Beneish M-Score Historical Data
The historical data trend for Enphase 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.
Enphase Energy Beneish M-Score Chart
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Enphase Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.42 |
-2.64 |
-2.07 |
-2.63 |
-2.83 |
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Enphase Energy Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.55 |
-2.41 |
-2.48 |
-2.83 |
-3.10 |
Competitive Comparison of Enphase Energy's Beneish M-Score
For the Solar subindustry, Enphase 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.
Enphase Energy's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Enphase Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enphase Energy's Beneish M-Score falls into.
Enphase 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 Enphase Energy 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 * 1.0101 | + | 0.528 * 0.9269 | + | 0.404 * 1.1028 | + | 0.892 * 0.6989 | + | 0.115 * 0.9286 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3573 | + | 4.679 * -0.065901 | - | 0.327 * 0.9499 |
| = | -3.10 |
* 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 $364 Mil.
Revenue was 263.339 + 302.57 + 551.082 + 711.118 = $1,828 Mil.
Gross Profit was 115.508 + 146.662 + 262.013 + 323.342 = $848 Mil.
Total Current Assets was $2,303 Mil.
Total Assets was $3,233 Mil.
Property, Plant and Equipment(Net PPE) was $178 Mil.
Depreciation, Depletion and Amortization(DDA) was $78 Mil.
Selling, General, & Admin. Expense(SGA) was $357 Mil.
Total Current Liabilities was $554 Mil.
Long-Term Debt & Capital Lease Obligation was $1,199 Mil.
Net Income was -16.097 + 20.919 + 113.953 + 157.191 = $276 Mil.
Non Operating Income was -1.82 + -10.581 + 1.883 + -0.21 = $-11 Mil.
Cash Flow from Operations was 49.201 + 35.45 + 145.855 + 269.243 = $500 Mil.
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Total Receivables was $516 Mil.
Revenue was 726.016 + 724.652 + 634.713 + 530.196 = $2,616 Mil.
Gross Profit was 326.371 + 310.701 + 267.916 + 219.005 = $1,124 Mil.
Total Current Assets was $2,513 Mil.
Total Assets was $3,381 Mil.
Property, Plant and Equipment(Net PPE) was $155 Mil.
Depreciation, Depletion and Amortization(DDA) was $61 Mil.
Selling, General, & Admin. Expense(SGA) was $377 Mil.
Total Current Liabilities was $729 Mil.
Long-Term Debt & Capital Lease Obligation was $1,200 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) |
| = | (364.364 / 1828.109) | / | (516.106 / 2615.577) |
| = | 0.199312 | / | 0.19732 |
| | = | 1.0101 |
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) |
| = | (1123.993 / 2615.577) | / | (847.525 / 1828.109) |
| = | 0.42973 | / | 0.463607 |
| | = | 0.9269 |
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 - (2302.571 + 178.178) / 3232.98) | / | (1 - (2512.633 + 154.915) / 3380.853) |
| = | 0.232674 | / | 0.210984 |
| | = | 1.1028 |
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 |
| = | 1828.109 | / | 2615.577 |
| | = | 0.6989 |
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)) |
| = | (61.263 / (61.263 + 154.915)) | / | (78.254 / (78.254 + 178.178)) |
| = | 0.283391 | / | 0.305165 |
| | = | 0.9286 |
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) |
| = | (357.23 / 1828.109) | / | (376.56 / 2615.577) |
| = | 0.19541 | / | 0.143968 |
| | = | 1.3573 |
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) |
| = | ((1198.604 + 554.095) / 3232.98) | / | ((1200.276 + 729.289) / 3380.853) |
| = | 0.542131 | / | 0.570733 |
| | = | 0.9499 |
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 |
| = | (275.966 - -10.728 | - | 499.749) | / | 3232.98 |
| | = | -0.065901 |
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.
Enphase Energy has a M-score of -3.10 suggests that the company is unlikely to be a manipulator.
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