Alkhorayef Water & Power Technologies Beneish M-Score Historical Data
The historical data trend for Alkhorayef Water & Power Technologies'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.
Alkhorayef Water & Power Technologies Beneish M-Score Chart
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Alkhorayef Water & Power Technologies Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.97 |
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Alkhorayef Water & Power Technologies Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
-1.32 |
-0.64 |
-1.83 |
-0.97 |
Competitive Comparison of Alkhorayef Water & Power Technologies's Beneish M-Score
For the Utilities - Regulated Water subindustry, Alkhorayef Water & Power Technologies'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.
Alkhorayef Water & Power Technologies's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Alkhorayef Water & Power Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alkhorayef Water & Power Technologies's Beneish M-Score falls into.
Alkhorayef Water & Power Technologies 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 Alkhorayef Water & Power Technologies 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 * 0.7788 | + | 0.528 * 1.4825 | + | 0.404 * 1.2737 | + | 0.892 * 2.0793 | + | 0.115 * 0.7811 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.654 | + | 4.679 * 0.079988 | - | 0.327 * 1.0817 |
| = | -0.97 |
* 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 ﷼1,055 Mil.
Revenue was 502.405 + 468.768 + 416.487 + 321.611 = ﷼1,709 Mil.
Gross Profit was 72.515 + 71.354 + 61.816 + 56.768 = ﷼262 Mil.
Total Current Assets was ﷼1,372 Mil.
Total Assets was ﷼1,702 Mil.
Property, Plant and Equipment(Net PPE) was ﷼321 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼49 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼20 Mil.
Total Current Liabilities was ﷼961 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼118 Mil.
Net Income was 29.69 + 42.016 + 35.588 + 32.728 = ﷼140 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was -66.545 + 52.813 + 103.064 + -85.452 = ﷼4 Mil.
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Total Receivables was ﷼651 Mil.
Revenue was 270.575 + 193.503 + 184.427 + 173.527 = ﷼822 Mil.
Gross Profit was 53.494 + 44.34 + 45.719 + 43.563 = ﷼187 Mil.
Total Current Assets was ﷼866 Mil.
Total Assets was ﷼1,187 Mil.
Property, Plant and Equipment(Net PPE) was ﷼315 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼36 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼15 Mil.
Total Current Liabilities was ﷼586 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼109 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) |
| = | (1054.874 / 1709.271) | / | (651.417 / 822.032) |
| = | 0.617148 | / | 0.792447 |
| | = | 0.7788 |
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) |
| = | (187.116 / 822.032) | / | (262.453 / 1709.271) |
| = | 0.227626 | / | 0.153547 |
| | = | 1.4825 |
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 - (1371.667 + 320.515) / 1702.029) | / | (1 - (865.893 + 315.308) / 1186.591) |
| = | 0.005785 | / | 0.004542 |
| | = | 1.2737 |
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 |
| = | 1709.271 | / | 822.032 |
| | = | 2.0793 |
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)) |
| = | (36.316 / (36.316 + 315.308)) | / | (48.841 / (48.841 + 320.515)) |
| = | 0.103281 | / | 0.132233 |
| | = | 0.7811 |
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) |
| = | (19.951 / 1709.271) | / | (14.67 / 822.032) |
| = | 0.011672 | / | 0.017846 |
| | = | 0.654 |
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) |
| = | ((118.297 + 960.643) / 1702.029) | / | ((109.292 + 586.06) / 1186.591) |
| = | 0.633914 | / | 0.586008 |
| | = | 1.0817 |
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 |
| = | (140.022 - 0 | - | 3.88) | / | 1702.029 |
| | = | 0.079988 |
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.
Alkhorayef Water & Power Technologies has a M-score of -0.97 signals that the company is likely to be a manipulator.
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