Enbridge Beneish M-Score Historical Data
The historical data trend for Enbridge'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.
Enbridge Beneish M-Score Chart
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Enbridge Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-3.04 |
-2.27 |
-2.72 |
-3.01 |
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Enbridge 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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-2.72 |
-3.20 |
-3.39 |
-3.29 |
-3.01 |
Competitive Comparison of Enbridge's Beneish M-Score
For the Oil & Gas Midstream subindustry, Enbridge'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.
Enbridge's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Enbridge's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enbridge's Beneish M-Score falls into.
Enbridge 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 Enbridge 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 * 1.0209 | + | 0.528 * 0.7574 | + | 0.404 * 0.9688 | + | 0.892 * 0.7934 | + | 0.115 * 0.978 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6062 | + | 4.679 * -0.058697 | - | 0.327 * 0.9844 |
| = | -2.99 |
* 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 $3,609 Mil.
Revenue was 8421.288 + 7275.146 + 7851.874 + 8824.819 = $32,373 Mil.
Gross Profit was 3536.076 + 2844.579 + 3295.198 + 3434.188 = $13,110 Mil.
Total Current Assets was $10,733 Mil.
Total Assets was $134,404 Mil.
Property, Plant and Equipment(Net PPE) was $77,997 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,423 Mil.
Selling, General, & Admin. Expense(SGA) was $3,015 Mil.
Total Current Liabilities was $12,996 Mil.
Long-Term Debt & Capital Lease Obligation was $55,691 Mil.
Net Income was 1355.098 + 458.946 + 1456.42 + 1327.925 = $4,598 Mil.
Non Operating Income was 798.301 + -90.163 + 792.564 + 452.386 = $1,953 Mil.
Cash Flow from Operations was 2841.383 + 2279.211 + 2588.439 + 2825.404 = $10,534 Mil.
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Total Receivables was $4,456 Mil.
Revenue was 9881.487 + 8676.063 + 10320.993 + 11924.961 = $40,804 Mil.
Gross Profit was 3479.573 + 2899.018 + 2744.455 + 3392.575 = $12,516 Mil.
Total Current Assets was $8,941 Mil.
Total Assets was $132,211 Mil.
Property, Plant and Equipment(Net PPE) was $76,894 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,297 Mil.
Selling, General, & Admin. Expense(SGA) was $6,269 Mil.
Total Current Liabilities was $14,944 Mil.
Long-Term Debt & Capital Lease Obligation was $53,691 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) |
| = | (3609.123 / 32373.127) | / | (4455.65 / 40803.504) |
| = | 0.111485 | / | 0.109198 |
| | = | 1.0209 |
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) |
| = | (12515.621 / 40803.504) | / | (13110.041 / 32373.127) |
| = | 0.306729 | / | 0.404967 |
| | = | 0.7574 |
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 - (10732.707 + 77997.168) / 134404.442) | / | (1 - (8941.48 + 76893.633) / 132210.526) |
| = | 0.339829 | / | 0.350769 |
| | = | 0.9688 |
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 |
| = | 32373.127 | / | 40803.504 |
| | = | 0.7934 |
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)) |
| = | (3296.891 / (3296.891 + 76893.633)) | / | (3422.683 / (3422.683 + 77997.168)) |
| = | 0.041113 | / | 0.042037 |
| | = | 0.978 |
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) |
| = | (3015.128 / 32373.127) | / | (6268.789 / 40803.504) |
| = | 0.093137 | / | 0.153634 |
| | = | 0.6062 |
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) |
| = | ((55690.966 + 12995.677) / 134404.442) | / | ((53690.835 + 14943.688) / 132210.526) |
| = | 0.511044 | / | 0.519131 |
| | = | 0.9844 |
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 |
| = | (4598.389 - 1953.088 | - | 10534.437) | / | 134404.442 |
| | = | -0.058697 |
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.
Enbridge has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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