Fluence Energy Beneish M-Score Historical Data
The historical data trend for Fluence 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.
Fluence Energy Beneish M-Score Chart
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Fluence Energy Annual Data
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Trend |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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- |
- |
- |
-0.72 |
-2.71 |
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Fluence Energy Quarterly Data
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Sep19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-4.32 |
-3.22 |
-2.71 |
-2.68 |
-3.30 |
Competitive Comparison of Fluence Energy's Beneish M-Score
For the Utilities - Renewable subindustry, Fluence 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.
Fluence Energy's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Fluence Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fluence Energy's Beneish M-Score falls into.
Fluence 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 Fluence 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 * 0.3679 | + | 0.528 * 0.3167 | + | 0.404 * 2.0094 | + | 0.892 * 1.2999 | + | 0.115 * 0.7806 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9754 | + | 4.679 * -0.119535 | - | 0.327 * 0.9053 |
| = | -3.30 |
* 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 $283 Mil.
Revenue was 623.141 + 363.956 + 672.981 + 536.351 = $2,196 Mil.
Gross Profit was 64.18 + 36.386 + 76.282 + 21.82 = $199 Mil.
Total Current Assets was $1,323 Mil.
Total Assets was $1,530 Mil.
Property, Plant and Equipment(Net PPE) was $14 Mil.
Depreciation, Depletion and Amortization(DDA) was $12 Mil.
Selling, General, & Admin. Expense(SGA) was $203 Mil.
Total Current Liabilities was $973 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was -9.169 + -16.743 + 3.268 + -23.39 = $-46 Mil.
Non Operating Income was -0.215 + 1.187 + -9.634 + 3.766 = $-5 Mil.
Cash Flow from Operations was 70.885 + 19.363 + 48.56 + 2.924 = $142 Mil.
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Total Receivables was $593 Mil.
Revenue was 698.186 + 310.46 + 441.982 + 239.01 = $1,690 Mil.
Gross Profit was 30.813 + 12.04 + 10.739 + -5.197 = $48 Mil.
Total Current Assets was $1,808 Mil.
Total Assets was $1,948 Mil.
Property, Plant and Equipment(Net PPE) was $17 Mil.
Depreciation, Depletion and Amortization(DDA) was $9 Mil.
Selling, General, & Admin. Expense(SGA) was $160 Mil.
Total Current Liabilities was $1,345 Mil.
Long-Term Debt & Capital Lease Obligation was $23 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) |
| = | (283.392 / 2196.429) | / | (592.594 / 1689.638) |
| = | 0.129024 | / | 0.350722 |
| | = | 0.3679 |
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) |
| = | (48.395 / 1689.638) | / | (198.668 / 2196.429) |
| = | 0.028642 | / | 0.09045 |
| | = | 0.3167 |
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 - (1322.731 + 13.512) / 1529.843) | / | (1 - (1808.401 + 16.527) / 1947.587) |
| = | 0.126549 | / | 0.06298 |
| | = | 2.0094 |
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 |
| = | 2196.429 | / | 1689.638 |
| | = | 1.2999 |
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)) |
| = | (9.281 / (9.281 + 16.527)) | / | (11.543 / (11.543 + 13.512)) |
| = | 0.359617 | / | 0.460706 |
| | = | 0.7806 |
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) |
| = | (203.477 / 2196.429) | / | (160.469 / 1689.638) |
| = | 0.09264 | / | 0.094972 |
| | = | 0.9754 |
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) |
| = | ((0 + 973.113) / 1529.843) | / | ((23.449 + 1344.965) / 1947.587) |
| = | 0.636087 | / | 0.70262 |
| | = | 0.9053 |
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 |
| = | (-46.034 - -4.896 | - | 141.732) | / | 1529.843 |
| | = | -0.119535 |
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.
Fluence Energy has a M-score of -3.30 suggests that the company is unlikely to be a manipulator.
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