Peabody Energy Beneish M-Score Historical Data
The historical data trend for Peabody 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.
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Peabody Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.29 |
-2.49 |
-2.50 |
-1.79 |
-2.12 |
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Peabody Energy 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 |
-1.05 |
-1.05 |
-1.51 |
-2.12 |
Competitive Comparison
For the Thermal Coal subindustry, Peabody 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.
Peabody Energy Beneish M-Score Distribution
For the Other Energy Sources industry and Energy sector, Peabody Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Peabody Energy's Beneish M-Score falls into.
Peabody 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 Peabody 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 * 0.8431 | + | 0.528 * 1.0753 | + | 0.404 * 2.8156 | + | 0.892 * 0.9929 | + | 0.115 * 0.9937 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0286 | + | 4.679 * -0.054612 | - | 0.327 * 1.0142 |
| = | -2.12 |
* 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 $390 Mil.
Revenue was 1235 + 1078.9 + 1268.8 + 1364 = $4,947 Mil.
Gross Profit was 362.2 + 275.2 + 406.8 + 517.4 = $1,562 Mil.
Total Current Assets was $2,020 Mil.
Total Assets was $5,962 Mil.
Property, Plant and Equipment(Net PPE) was $2,906 Mil.
Depreciation, Depletion and Amortization(DDA) was $321 Mil.
Selling, General, & Admin. Expense(SGA) was $91 Mil.
Total Current Liabilities was $979 Mil.
Long-Term Debt & Capital Lease Obligation was $368 Mil.
Net Income was 192 + 119.9 + 179.2 + 268.5 = $760 Mil.
Non Operating Income was 15.9 + 16.1 + 13.2 + 4.5 = $50 Mil.
Cash Flow from Operations was 282.4 + 13.4 + 353.4 + 386.3 = $1,036 Mil.
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Total Receivables was $466 Mil.
Revenue was 1626.1 + 1342.5 + 1321.9 + 691.4 = $4,982 Mil.
Gross Profit was 698.3 + 504.1 + 496.3 + -7.6 = $1,691 Mil.
Total Current Assets was $2,373 Mil.
Total Assets was $5,611 Mil.
Property, Plant and Equipment(Net PPE) was $2,892 Mil.
Depreciation, Depletion and Amortization(DDA) was $318 Mil.
Selling, General, & Admin. Expense(SGA) was $89 Mil.
Total Current Liabilities was $919 Mil.
Long-Term Debt & Capital Lease Obligation was $332 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) |
| = | (389.7 / 4946.7) | / | (465.5 / 4981.9) |
| = | 0.07878 | / | 0.093438 |
| | = | 0.8431 |
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) |
| = | (1691.1 / 4981.9) | / | (1561.6 / 4946.7) |
| = | 0.339449 | / | 0.315685 |
| | = | 1.0753 |
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 - (2019.7 + 2906) / 5962.1) | / | (1 - (2372.5 + 2891.9) / 5610.8) |
| = | 0.173831 | / | 0.061738 |
| | = | 2.8156 |
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 |
| = | 4946.7 | / | 4981.9 |
| | = | 0.9929 |
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)) |
| = | (317.6 / (317.6 + 2891.9)) | / | (321.4 / (321.4 + 2906)) |
| = | 0.098956 | / | 0.099585 |
| | = | 0.9937 |
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) |
| = | (90.7 / 4946.7) | / | (88.8 / 4981.9) |
| = | 0.018335 | / | 0.017825 |
| | = | 1.0286 |
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) |
| = | ((368.4 + 979) / 5962.1) | / | ((331.6 + 918.7) / 5610.8) |
| = | 0.225994 | / | 0.222838 |
| | = | 1.0142 |
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 |
| = | (759.6 - 49.7 | - | 1035.5) | / | 5962.1 |
| | = | -0.054612 |
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.
Peabody Energy has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
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