Northern Oil & Gas Beneish M-Score Historical Data
The historical data trend for Northern Oil & Gas'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.
Northern Oil & Gas Beneish M-Score Chart
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Northern Oil & Gas Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.04 |
-1.83 |
0.06 |
-1.50 |
-2.67 |
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Northern Oil & Gas 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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-1.50 |
-1.93 |
-2.92 |
-2.92 |
-2.67 |
Competitive Comparison of Northern Oil & Gas's Beneish M-Score
For the Oil & Gas E&P subindustry, Northern Oil & Gas'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.
Northern Oil & Gas's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Northern Oil & Gas's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Northern Oil & Gas's Beneish M-Score falls into.
Northern Oil & Gas 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 Northern Oil & Gas 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 * 1.4327 | + | 0.528 * 1.3825 | + | 0.404 * 0.3867 | + | 0.892 * 0.9603 | + | 0.115 * 0.8353 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0325 | + | 4.679 * -0.119115 | - | 0.327 * 0.7615 |
| = | -2.67 |
* 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 $374 Mil.
Revenue was 546.145 + 513.521 + 418.785 + 428.558 = $1,907 Mil.
Gross Profit was 246.992 + 255.066 + 190.87 + 220.934 = $914 Mil.
Total Current Assets was $509 Mil.
Total Assets was $4,484 Mil.
Property, Plant and Equipment(Net PPE) was $3,932 Mil.
Depreciation, Depletion and Amortization(DDA) was $486 Mil.
Selling, General, & Admin. Expense(SGA) was $47 Mil.
Total Current Liabilities was $386 Mil.
Long-Term Debt & Capital Lease Obligation was $1,836 Mil.
Net Income was 388.853 + 26.111 + 167.815 + 340.191 = $923 Mil.
Non Operating Income was 247.455 + -199.527 + 61.772 + 164.093 = $274 Mil.
Cash Flow from Operations was 342.362 + 263.865 + 307.786 + 269.308 = $1,183 Mil.
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Total Receivables was $272 Mil.
Revenue was 445.647 + 534.05 + 549.643 + 456.458 = $1,986 Mil.
Gross Profit was 257.849 + 357.324 + 386.365 + 314.117 = $1,316 Mil.
Total Current Assets was $320 Mil.
Total Assets was $2,875 Mil.
Property, Plant and Equipment(Net PPE) was $2,483 Mil.
Depreciation, Depletion and Amortization(DDA) was $251 Mil.
Selling, General, & Admin. Expense(SGA) was $47 Mil.
Total Current Liabilities was $345 Mil.
Long-Term Debt & Capital Lease Obligation was $1,525 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) |
| = | (373.78 / 1907.009) | / | (271.674 / 1985.798) |
| = | 0.196003 | / | 0.136808 |
| | = | 1.4327 |
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) |
| = | (1315.655 / 1985.798) | / | (913.862 / 1907.009) |
| = | 0.662532 | / | 0.479212 |
| | = | 1.3825 |
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 - (509.407 + 3931.564) / 4484.255) | / | (1 - (320.485 + 2482.926) / 2875.178) |
| = | 0.009652 | / | 0.024961 |
| | = | 0.3867 |
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 |
| = | 1907.009 | / | 1985.798 |
| | = | 0.9603 |
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)) |
| = | (251.272 / (251.272 + 2482.926)) | / | (486.024 / (486.024 + 3931.564)) |
| = | 0.0919 | / | 0.11002 |
| | = | 0.8353 |
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) |
| = | (46.801 / 1907.009) | / | (47.201 / 1985.798) |
| = | 0.024542 | / | 0.023769 |
| | = | 1.0325 |
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) |
| = | ((1835.554 + 385.761) / 4484.255) | / | ((1525.413 + 344.972) / 2875.178) |
| = | 0.495359 | / | 0.650528 |
| | = | 0.7615 |
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 |
| = | (922.97 - 273.793 | - | 1183.321) | / | 4484.255 |
| | = | -0.119115 |
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.
Northern Oil & Gas has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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