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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -1.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Renewable Energy Group's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Renewable Energy Group was 6.78. The lowest was -3.85. And the median was -1.91.
The historical data trend for Renewable Energy Group'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.
Renewable Energy Group Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.50 | -3.52 | 6.78 | -3.01 | -1.91 |
Renewable Energy Group Quarterly Data | ||||||||||||||||||||
Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.98 | -1.36 | -1.48 | -1.91 | -1.91 |
For the Oil & Gas Refining & Marketing subindustry, Renewable Energy Group'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.
For the Oil & Gas industry and Energy sector, Renewable Energy Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Renewable Energy Group's Beneish M-Score falls into.
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 Renewable Energy Group 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 * 1.0335 | + | 0.528 * 1.0741 | + | 0.404 * 0.869 | + | 0.892 * 1.6517 | + | 0.115 * 1.1228 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.778 | + | 4.679 * 0.097483 | - | 0.327 * 2.6393 | |||||||
= | -1.91 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $259 Mil. Revenue was 935.989 + 881.745 + 1006.342 + 816.22 = $3,640 Mil. Gross Profit was 67.75 + 83.671 + 88.908 + 123.513 = $364 Mil. Total Current Assets was $1,584 Mil. Total Assets was $2,628 Mil. Property, Plant and Equipment(Net PPE) was $781 Mil. Depreciation, Depletion and Amortization(DDA) was $43 Mil. Selling, General, & Admin. Expense(SGA) was $158 Mil. Total Current Liabilities was $308 Mil. Long-Term Debt & Capital Lease Obligation was $578 Mil. Net Income was 12.477 + 52.614 + 42.467 + 79.516 = $187 Mil. Non Operating Income was 0.843 + -0.315 + -4.236 + -3.645 = $-7 Mil. Cash Flow from Operations was -106.518 + 27.164 + 19.074 + -1.483 = $-62 Mil. |
Total Receivables was $152 Mil. Revenue was 539.744 + 547.928 + 572.358 + 543.905 = $2,204 Mil. Gross Profit was 73.802 + 66.281 + 73.956 + 22.555 = $237 Mil. Total Current Assets was $966 Mil. Total Assets was $1,805 Mil. Property, Plant and Equipment(Net PPE) was $631 Mil. Depreciation, Depletion and Amortization(DDA) was $39 Mil. Selling, General, & Admin. Expense(SGA) was $123 Mil. Total Current Liabilities was $194 Mil. Long-Term Debt & Capital Lease Obligation was $36 Mil. |
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) |
= | (259.45 / 3640.296) | / | (151.981 / 2203.935) | |
= | 0.071272 | / | 0.068959 | |
= | 1.0335 |
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) | |
= | (236.594 / 2203.935) | / | (363.842 / 3640.296) | |
= | 0.107351 | / | 0.099948 | |
= | 1.0741 |
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 - (1584.13 + 781.23) / 2628.046) | / | (1 - (965.899 + 631.374) / 1804.876) | |
= | 0.099955 | / | 0.115023 | |
= | 0.869 |
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 | |
= | 3640.296 | / | 2203.935 | |
= | 1.6517 |
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)) |
= | (39.296 / (39.296 + 631.374)) | / | (43.012 / (43.012 + 781.23)) | |
= | 0.058592 | / | 0.052184 | |
= | 1.1228 |
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) |
= | (158.046 / 3640.296) | / | (122.994 / 2203.935) | |
= | 0.043416 | / | 0.055807 | |
= | 0.778 |
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) |
= | ((578.051 + 308.092) / 2628.046) | / | ((36.217 + 194.363) / 1804.876) | |
= | 0.337187 | / | 0.127754 | |
= | 2.6393 |
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 | |
= | (187.074 - -7.353 | - | -61.763) | / | 2628.046 | |
= | 0.097483 |
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.
Renewable Energy Group has a M-score of -1.91 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Renewable Energy Group's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Stacey Orlandi | other: SVP, Manufacturing | C/O RENEWABLE ENERGY GROUP, INC. 416 SOUTH BELL AVENUE AMES IA 50010 |
Eric Bowen | officer: VP, Corp Bus Dev and Legal | C/O RENEWABLE ENERGY GROUP, INC. 416 SOUTH BELL AVENUE AMES IA 50010 |
Dylan Glenn | director | 535 BROAD HOLLOW ROAD, SUITE B51, MELVILLE NY 11747 |
Niharika Ramdev | director | C/O XL HYBRIDS, INC., 145 NEWTON STREET, BOSTON MA 02135 |
Todd Samuels | other: Chief Accounting Officer | C/O RENEWABLE ENERGY GROUP, INC. 416 SOUTH BELL AVENUE AMES IA 50010 |
Chad Stone | officer: Chief Financial Officer | REG NEWCO, INC. 416 S. BELL AVENUE AMES IA 50010 |
Cynthia J Warner | director, officer: President and CEO | 1925 WEST FIELD COURT, SUITE 200, LAKE FOREST IL 60045 |
Harding Peter John Martin | director | 416 S. BELL AVE. AMES IA 50010 |
Richard Craig Bealmear | officer: Chief Financial Officer | 1114 COLFAX STREET EVANSTON IL 60201 |
Jeffrey Stroburg | director | REG NEWCO, INC. 416 S. BELL AVENUE AMES IA 50010 |
Christopher D. Sorrells | director | REG NEWCO, INC., 416 S. BELL AVENUE, AMES IA 50010 |
Todd Allen Robinson | officer: InterimChief Financial Officer | RENEWABLE ENERGY, INC. 416 SOUTH BELL AVENUE AMES IA 50010 |
Walter Z Berger | director | 416 SOUTH BELL AVENUE, AMES IA 50010 |
Gary Haer | officer: VP, Sales and Marketing | 416 SOUTH BELL AVENUE C/O RENEWABLE ENERGY GROUP, INC. AMES IA 50010 |
Michael M Scharf | director | 12312 OLIVE BOULEVARD SUITE 400 ST. LOUIS MO 63141 |
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