Itron Beneish M-Score Historical Data
The historical data trend for Itron'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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Itron Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.54 |
-2.71 |
-2.79 |
-2.55 |
-2.40 |
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Itron 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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|
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-2.55 |
-2.46 |
-2.29 |
-2.29 |
-2.40 |
Competitive Comparison
For the Scientific & Technical Instruments subindustry, Itron'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.
Itron Beneish M-Score Distribution
For the Hardware industry and Technology sector, Itron's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Itron's Beneish M-Score falls into.
Itron 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 Itron 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 * 0.895 | + | 0.528 * 0.8855 | + | 0.404 * 0.9329 | + | 0.892 * 1.2106 | + | 0.115 * 1.0407 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8896 | + | 4.679 * 0.007316 | - | 0.327 * 0.94 |
| = | -2.40 |
* 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 $304 Mil.
Revenue was 577.173 + 560.772 + 541.07 + 494.618 = $2,174 Mil.
Gross Profit was 196.39 + 187.203 + 173.947 + 156.368 = $714 Mil.
Total Current Assets was $1,049 Mil.
Total Assets was $2,604 Mil.
Property, Plant and Equipment(Net PPE) was $170 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $313 Mil.
Total Current Liabilities was $537 Mil.
Long-Term Debt & Capital Lease Obligation was $487 Mil.
Net Income was 44.386 + 40.172 + 24.201 + -11.836 = $97 Mil.
Non Operating Income was -8.397 + 1.216 + -1.819 + -38.102 = $-47 Mil.
Cash Flow from Operations was 47.895 + 34.087 + 41.56 + 1.429 = $125 Mil.
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Total Receivables was $280 Mil.
Revenue was 467.491 + 420.86 + 431.882 + 475.331 = $1,796 Mil.
Gross Profit was 140.798 + 120.062 + 126.105 + 135.224 = $522 Mil.
Total Current Assets was $830 Mil.
Total Assets was $2,378 Mil.
Property, Plant and Equipment(Net PPE) was $193 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General, & Admin. Expense(SGA) was $290 Mil.
Total Current Liabilities was $499 Mil.
Long-Term Debt & Capital Lease Obligation was $497 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) |
| = | (303.821 / 2173.633) | / | (280.435 / 1795.564) |
| = | 0.139776 | / | 0.156182 |
| | = | 0.895 |
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) |
| = | (522.189 / 1795.564) | / | (713.908 / 2173.633) |
| = | 0.290822 | / | 0.32844 |
| | = | 0.8855 |
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 - (1049.438 + 169.992) / 2604.263) | / | (1 - (829.584 + 192.949) / 2378.078) |
| = | 0.531756 | / | 0.570017 |
| | = | 0.9329 |
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 |
| = | 2173.633 | / | 1795.564 |
| | = | 1.2106 |
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)) |
| = | (66.763 / (66.763 + 192.949)) | / | (55.763 / (55.763 + 169.992)) |
| = | 0.257066 | / | 0.247007 |
| | = | 1.0407 |
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) |
| = | (312.779 / 2173.633) | / | (290.453 / 1795.564) |
| = | 0.143897 | / | 0.161761 |
| | = | 0.8896 |
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) |
| = | ((487.483 + 537.236) / 2604.263) | / | ((496.896 + 498.572) / 2378.078) |
| = | 0.393478 | / | 0.418602 |
| | = | 0.94 |
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 |
| = | (96.923 - -47.102 | - | 124.971) | / | 2604.263 |
| | = | 0.007316 |
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.
Itron has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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