Imperial Oil Beneish M-Score Historical Data
The historical data trend for Imperial Oil'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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Imperial Oil Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-4.34 |
-2.79 |
-2.60 |
-2.31 |
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Imperial Oil 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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-2.60 |
-2.56 |
-2.68 |
-2.32 |
-2.31 |
Competitive Comparison
For the Oil & Gas Integrated subindustry, Imperial Oil'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.
Imperial Oil Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Imperial Oil's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Imperial Oil's Beneish M-Score falls into.
Imperial Oil 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 Imperial Oil 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 * 1.1738 | + | 0.528 * 1.2097 | + | 0.404 * 0.9564 | + | 0.892 * 0.8193 | + | 0.115 * 1.0442 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2404 | + | 4.679 * 0.020707 | - | 0.327 * 0.8661 |
| = | -2.28 |
* 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 $3,341 Mil.
Revenue was 9233.005 + 9769.418 + 8404.335 + 8425.053 = $35,832 Mil.
Gross Profit was 1422.928 + 1721.972 + 806.864 + 1318.424 = $5,270 Mil.
Total Current Assets was $6,185 Mil.
Total Assets was $30,709 Mil.
Property, Plant and Equipment(Net PPE) was $22,984 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,415 Mil.
Selling, General, & Admin. Expense(SGA) was $697 Mil.
Total Current Liabilities was $4,922 Mil.
Long-Term Debt & Capital Lease Obligation was $3,072 Mil.
Net Income was 1017.442 + 1183.209 + 508.054 + 912.081 = $3,621 Mil.
Non Operating Income was 75.283 + 34.735 + 41.397 + 46.773 = $198 Mil.
Cash Flow from Operations was 977.191 + 1743.404 + 666.115 + -600.015 = $2,787 Mil.
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Total Receivables was $3,474 Mil.
Revenue was 10185.499 + 10860.634 + 13067.791 + 9619.273 = $43,733 Mil.
Gross Profit was 1850.57 + 1935.677 + 2617.932 + 1376.777 = $7,781 Mil.
Total Current Assets was $7,903 Mil.
Total Assets was $32,038 Mil.
Property, Plant and Equipment(Net PPE) was $22,456 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,447 Mil.
Selling, General, & Admin. Expense(SGA) was $686 Mil.
Total Current Liabilities was $6,550 Mil.
Long-Term Debt & Capital Lease Obligation was $3,080 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) |
| = | (3340.787 / 35831.811) | / | (3473.684 / 43733.197) |
| = | 0.093235 | / | 0.079429 |
| | = | 1.1738 |
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) |
| = | (7780.956 / 43733.197) | / | (5270.188 / 35831.811) |
| = | 0.177919 | / | 0.147081 |
| | = | 1.2097 |
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 - (6185.152 + 22983.751) / 30708.855) | / | (1 - (7902.834 + 22455.65) / 32038.278) |
| = | 0.050147 | / | 0.052431 |
| | = | 0.9564 |
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 |
| = | 35831.811 | / | 43733.197 |
| | = | 0.8193 |
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)) |
| = | (1447.089 / (1447.089 + 22455.65)) | / | (1414.605 / (1414.605 + 22983.751)) |
| = | 0.060541 | / | 0.05798 |
| | = | 1.0442 |
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) |
| = | (696.935 / 35831.811) | / | (685.768 / 43733.197) |
| = | 0.01945 | / | 0.015681 |
| | = | 1.2404 |
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) |
| = | ((3072.451 + 4921.735) / 30708.855) | / | ((3079.868 + 6549.871) / 32038.278) |
| = | 0.260322 | / | 0.30057 |
| | = | 0.8661 |
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 |
| = | (3620.786 - 198.188 | - | 2786.695) | / | 30708.855 |
| | = | 0.020707 |
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.
Imperial Oil has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
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