Enel Chile S.A.
ENIC Utilities Utilities Regulated Electric
Enel Chile S.A.’s revenue for fiscal 2025 (year ended December 2025) was $4.7 billion, up 10.4% from fiscal 2024. In the quarter to June 2026, revenue fell 9.01%, EPS grew 60.0% and free cash flow grew 190.6%, each against the same quarter a year earlier.
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Enel Chile S.A. (ENIC) Beneish M-score
Enel Chile S.A.'s Beneish M-score for fiscal 2025 is −3.00; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.00 | (0.05) |
| FY2024 | −2.94 | (0.45) |
| FY2023 | −2.50 | (0.92) |
| FY2022 | −1.58 | 0.83 |
| FY2021 | −2.41 | 0.46 |
| FY2020 | −2.87 | (0.23) |
| FY2019 | −2.64 | 0.09 |
| FY2018 | −2.74 | (0.28) |
| FY2017 | −2.46 | 0.36 |
| FY2016 | −2.81 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.85 | — | 0.78 | |
| Gross margin index | 0.67 | — | 0.35 | |
| Asset quality index | 0.98 | — | 0.39 | |
| Sales growth index | 1.10 | — | 0.98 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.06) | — | −0.27 | |
| Leverage index | 1.12 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.00 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ENIC Enel Chile S.A. | −3.0× |
| POR Portland General Electric Company compare | −2.8× |
| IDA IDACORP, Inc. compare | −2.8× |
| NWE NorthWestern Corporation compare | −2.6× |
| MGEE MGE Energy Inc. compare | −2.5× |
| PNW Pinnacle West Capital Corporation compare | −2.5× |
| TXNM TXNM Energy, Inc. compare | −2.5× |
| CIG Comp En De Mn Cemig ADS compare | −2.3× |
| OGE OGE Energy Corporation compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI