Sunrun Beneish M-Score Historical Data
The historical data trend for Sunrun'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.
Sunrun Beneish M-Score Chart
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Sunrun Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.12 |
-0.82 |
-1.65 |
-1.79 |
-2.28 |
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Sunrun 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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-1.79 |
-2.03 |
-2.07 |
-2.12 |
-2.28 |
Competitive Comparison of Sunrun's Beneish M-Score
For the Solar subindustry, Sunrun'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.
Sunrun's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Sunrun's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sunrun's Beneish M-Score falls into.
Sunrun 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 Sunrun 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 * 0.8247 | + | 0.528 * 1.7833 | + | 0.404 * 0.8306 | + | 0.892 * 0.9735 | + | 0.115 * 1.0083 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0512 | + | 4.679 * 0.021425 | - | 0.327 * 1.1613 |
| = | -2.28 |
* 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 $172 Mil.
Revenue was 516.59 + 563.181 + 590.193 + 589.849 = $2,260 Mil.
Gross Profit was 34.002 + 45.165 + 50.968 + 32.926 = $163 Mil.
Total Current Assets was $1,882 Mil.
Total Assets was $20,450 Mil.
Property, Plant and Equipment(Net PPE) was $13,270 Mil.
Depreciation, Depletion and Amortization(DDA) was $532 Mil.
Selling, General, & Admin. Expense(SGA) was $962 Mil.
Total Current Liabilities was $1,488 Mil.
Long-Term Debt & Capital Lease Obligation was $10,471 Mil.
Net Income was -350.124 + -1069.459 + 55.474 + -240.388 = $-1,604 Mil.
Non Operating Income was -157.644 + -1080.327 + 41.071 + -25 = $-1,222 Mil.
Cash Flow from Operations was -116.007 + -63.24 + -202.17 + -439.323 = $-821 Mil.
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Total Receivables was $214 Mil.
Revenue was 609.152 + 631.906 + 584.58 + 495.784 = $2,321 Mil.
Gross Profit was 54.425 + 110.585 + 89.547 + 44.155 = $299 Mil.
Total Current Assets was $2,098 Mil.
Total Assets was $19,269 Mil.
Property, Plant and Equipment(Net PPE) was $11,161 Mil.
Depreciation, Depletion and Amortization(DDA) was $451 Mil.
Selling, General, & Admin. Expense(SGA) was $940 Mil.
Total Current Liabilities was $1,155 Mil.
Long-Term Debt & Capital Lease Obligation was $8,548 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) |
| = | (172.001 / 2259.813) | / | (214.255 / 2321.422) |
| = | 0.076113 | / | 0.092295 |
| | = | 0.8247 |
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) |
| = | (298.712 / 2321.422) | / | (163.061 / 2259.813) |
| = | 0.128676 | / | 0.072157 |
| | = | 1.7833 |
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 - (1882.259 + 13269.645) / 20450.237) | / | (1 - (2097.643 + 11160.559) / 19268.805) |
| = | 0.259084 | / | 0.311934 |
| | = | 0.8306 |
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 |
| = | 2259.813 | / | 2321.422 |
| | = | 0.9735 |
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)) |
| = | (451.046 / (451.046 + 11160.559)) | / | (531.669 / (531.669 + 13269.645)) |
| = | 0.038844 | / | 0.038523 |
| | = | 1.0083 |
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) |
| = | (961.888 / 2259.813) | / | (939.997 / 2321.422) |
| = | 0.425649 | / | 0.404923 |
| | = | 1.0512 |
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) |
| = | ((10471.144 + 1488.159) / 20450.237) | / | ((8547.652 + 1155.451) / 19268.805) |
| = | 0.5848 | / | 0.503565 |
| | = | 1.1613 |
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 |
| = | (-1604.497 - -1221.9 | - | -820.74) | / | 20450.237 |
| | = | 0.021425 |
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.
Sunrun has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
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