Renewable Energy Group Beneish M-Score Historical Data
The historical data trend for Renewable Energy Group'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.
Renewable Energy Group Beneish M-Score Chart
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Renewable Energy Group Annual Data
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Dec12 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.50 |
-3.52 |
6.78 |
-3.01 |
-1.91 |
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Renewable Energy Group Quarterly Data
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Jun17 |
Sep17 |
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Mar18 |
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Mar21 |
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Mar22 |
| Beneish M-Score |
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-1.98 |
-1.36 |
-1.48 |
-1.91 |
-1.91 |
Competitive Comparison of Renewable Energy Group's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Renewable Energy Group'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.
Renewable Energy Group's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Renewable Energy Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Renewable Energy Group's Beneish M-Score falls into.
Renewable Energy Group 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 Renewable Energy Group 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 * 1.0335 | + | 0.528 * 1.0741 | + | 0.404 * 0.869 | + | 0.892 * 1.6517 | + | 0.115 * 1.1228 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.778 | + | 4.679 * 0.097483 | - | 0.327 * 2.6393 |
| = | -1.91 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $259 Mil.
Revenue was 935.989 + 881.745 + 1006.342 + 816.22 = $3,640 Mil.
Gross Profit was 67.75 + 83.671 + 88.908 + 123.513 = $364 Mil.
Total Current Assets was $1,584 Mil.
Total Assets was $2,628 Mil.
Property, Plant and Equipment(Net PPE) was $781 Mil.
Depreciation, Depletion and Amortization(DDA) was $43 Mil.
Selling, General, & Admin. Expense(SGA) was $158 Mil.
Total Current Liabilities was $308 Mil.
Long-Term Debt & Capital Lease Obligation was $578 Mil.
Net Income was 12.477 + 52.614 + 42.467 + 79.516 = $187 Mil.
Non Operating Income was 0.843 + -0.315 + -4.236 + -3.645 = $-7 Mil.
Cash Flow from Operations was -106.518 + 27.164 + 19.074 + -1.483 = $-62 Mil.
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Total Receivables was $152 Mil.
Revenue was 539.744 + 547.928 + 572.358 + 543.905 = $2,204 Mil.
Gross Profit was 73.802 + 66.281 + 73.956 + 22.555 = $237 Mil.
Total Current Assets was $966 Mil.
Total Assets was $1,805 Mil.
Property, Plant and Equipment(Net PPE) was $631 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $123 Mil.
Total Current Liabilities was $194 Mil.
Long-Term Debt & Capital Lease Obligation was $36 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) |
| = | (259.45 / 3640.296) | / | (151.981 / 2203.935) |
| = | 0.071272 | / | 0.068959 |
| | = | 1.0335 |
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) |
| = | (236.594 / 2203.935) | / | (363.842 / 3640.296) |
| = | 0.107351 | / | 0.099948 |
| | = | 1.0741 |
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 - (1584.13 + 781.23) / 2628.046) | / | (1 - (965.899 + 631.374) / 1804.876) |
| = | 0.099955 | / | 0.115023 |
| | = | 0.869 |
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 |
| = | 3640.296 | / | 2203.935 |
| | = | 1.6517 |
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)) |
| = | (39.296 / (39.296 + 631.374)) | / | (43.012 / (43.012 + 781.23)) |
| = | 0.058592 | / | 0.052184 |
| | = | 1.1228 |
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) |
| = | (158.046 / 3640.296) | / | (122.994 / 2203.935) |
| = | 0.043416 | / | 0.055807 |
| | = | 0.778 |
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) |
| = | ((578.051 + 308.092) / 2628.046) | / | ((36.217 + 194.363) / 1804.876) |
| = | 0.337187 | / | 0.127754 |
| | = | 2.6393 |
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 |
| = | (187.074 - -7.353 | - | -61.763) | / | 2628.046 |
| | = | 0.097483 |
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.
Renewable Energy Group has a M-score of -1.91 suggests that the company is unlikely to be a manipulator.
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