Calpine Beneish M-Score Historical Data
The historical data trend for Calpine'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.
Calpine Beneish M-Score Chart
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Calpine Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.33 |
-2.10 |
-2.38 |
-2.37 |
-2.35 |
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Calpine Quarterly Data
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Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
| Beneish M-Score |
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-2.37 |
-2.18 |
-2.19 |
-2.28 |
-2.35 |
Competitive Comparison of Calpine's Beneish M-Score
For the Utilities - Independent Power Producers subindustry, Calpine'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.
Calpine's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Calpine's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Calpine's Beneish M-Score falls into.
Calpine 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 Calpine 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 * 0.8872 | + | 0.528 * 1.5161 | + | 0.404 * 1.0549 | + | 0.892 * 1.3032 | + | 0.115 * 0.9548 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8496 | + | 4.679 * -0.072935 | - | 0.327 * 1.0178 |
| = | -2.35 |
* 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 (Dec17) TTM: | Last Year (Dec16) TTM: |
Total Receivables was $970 Mil.
Revenue was 1801 + 2586 + 2084 + 2281 = $8,752 Mil.
Gross Profit was 137 + 637 + 253 + 307 = $1,334 Mil.
Total Current Assets was $2,306 Mil.
Total Assets was $16,453 Mil.
Property, Plant and Equipment(Net PPE) was $12,627 Mil.
Depreciation, Depletion and Amortization(DDA) was $921 Mil.
Selling, General, & Admin. Expense(SGA) was $155 Mil.
Total Current Liabilities was $1,874 Mil.
Long-Term Debt & Capital Lease Obligation was $11,180 Mil.
Net Income was -292 + 225 + -216 + -56 = $-339 Mil.
Non Operating Income was -28 + -8 + -8 + -26 = $-70 Mil.
Cash Flow from Operations was 124 + 561 + 152 + 94 = $931 Mil.
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Total Receivables was $839 Mil.
Revenue was 1582 + 2355 + 1164 + 1615 = $6,716 Mil.
Gross Profit was 299 + 668 + 351 + 234 = $1,552 Mil.
Total Current Assets was $2,851 Mil.
Total Assets was $17,493 Mil.
Property, Plant and Equipment(Net PPE) was $13,110 Mil.
Depreciation, Depletion and Amortization(DDA) was $910 Mil.
Selling, General, & Admin. Expense(SGA) was $140 Mil.
Total Current Liabilities was $2,205 Mil.
Long-Term Debt & Capital Lease Obligation was $11,431 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) |
| = | (970 / 8752) | / | (839 / 6716) |
| = | 0.110832 | / | 0.124926 |
| | = | 0.8872 |
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) |
| = | (1552 / 6716) | / | (1334 / 8752) |
| = | 0.23109 | / | 0.152422 |
| | = | 1.5161 |
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 - (2306 + 12627) / 16453) | / | (1 - (2851 + 13110) / 17493) |
| = | 0.092384 | / | 0.087578 |
| | = | 1.0549 |
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 |
| = | 8752 | / | 6716 |
| | = | 1.3032 |
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)) |
| = | (910 / (910 + 13110)) | / | (921 / (921 + 12627)) |
| = | 0.064907 | / | 0.067981 |
| | = | 0.9548 |
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) |
| = | (155 / 8752) | / | (140 / 6716) |
| = | 0.01771 | / | 0.020846 |
| | = | 0.8496 |
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) |
| = | ((11180 + 1874) / 16453) | / | ((11431 + 2205) / 17493) |
| = | 0.793412 | / | 0.779512 |
| | = | 1.0178 |
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 |
| = | (-339 - -70 | - | 931) | / | 16453 |
| | = | -0.072935 |
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.
Calpine has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
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