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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.
The historical rank and industry rank for Anadarko Petroleum's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Anadarko Petroleum was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Anadarko Petroleum'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.
Anadarko Petroleum Annual Data | |||||||||||||||||||||
Trend | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.26 | -1.86 | -2.29 | -3.00 | -2.94 |
Anadarko Petroleum Quarterly Data | ||||||||||||||||||||
Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.59 | -2.51 | -2.94 | -2.74 | -3.00 |
For the Oil & Gas E&P subindustry, Anadarko Petroleum'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, Anadarko Petroleum's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Anadarko Petroleum'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 Anadarko Petroleum 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 * 0.8201 | + | 0.528 * 0.8927 | + | 0.404 * 1.009 | + | 0.892 * 1.1363 | + | 0.115 * 0.9573 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9636 | + | 4.679 * -0.09086 | - | 0.327 * 1.0717 | |||||||
= | -3.02 |
* 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 (Jun19) TTM: | Last Year (Jun18) TTM: |
Total Receivables was $1,779 Mil. Revenue was 3436 + 3223 + 3360 + 3694 = $13,713 Mil. Gross Profit was 1469 + 1375 + 1374 + 1786 = $6,004 Mil. Total Current Assets was $3,471 Mil. Total Assets was $41,129 Mil. Property, Plant and Equipment(Net PPE) was $29,630 Mil. Depreciation, Depletion and Amortization(DDA) was $4,503 Mil. Selling, General, & Admin. Expense(SGA) was $1,153 Mil. Total Current Liabilities was $3,792 Mil. Long-Term Debt & Capital Lease Obligation was $18,506 Mil. Net Income was -1025 + -15 + 102 + 363 = $-575 Mil. Non Operating Income was -1308 + -324 + -160 + -225 = $-2,017 Mil. Cash Flow from Operations was 776 + 1129 + 1627 + 1647 = $5,179 Mil. |
Total Receivables was $1,909 Mil. Revenue was 3239 + 3069 + 3070 + 2690 = $12,068 Mil. Gross Profit was 1500 + 1370 + 1109 + 738 = $4,717 Mil. Total Current Assets was $4,632 Mil. Total Assets was $41,081 Mil. Property, Plant and Equipment(Net PPE) was $28,502 Mil. Depreciation, Depletion and Amortization(DDA) was $4,120 Mil. Selling, General, & Admin. Expense(SGA) was $1,053 Mil. Total Current Liabilities was $5,427 Mil. Long-Term Debt & Capital Lease Obligation was $15,355 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) |
= | (1779 / 13713) | / | (1909 / 12068) | |
= | 0.129731 | / | 0.158187 | |
= | 0.8201 |
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) | |
= | (4717 / 12068) | / | (6004 / 13713) | |
= | 0.390868 | / | 0.437833 | |
= | 0.8927 |
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 - (3471 + 29630) / 41129) | / | (1 - (4632 + 28502) / 41081) | |
= | 0.195191 | / | 0.193447 | |
= | 1.009 |
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 | |
= | 13713 | / | 12068 | |
= | 1.1363 |
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)) |
= | (4120 / (4120 + 28502)) | / | (4503 / (4503 + 29630)) | |
= | 0.126295 | / | 0.131925 | |
= | 0.9573 |
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) |
= | (1153 / 13713) | / | (1053 / 12068) | |
= | 0.084081 | / | 0.087256 | |
= | 0.9636 |
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) |
= | ((18506 + 3792) / 41129) | / | ((15355 + 5427) / 41081) | |
= | 0.542148 | / | 0.505879 | |
= | 1.0717 |
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 | |
= | (-575 - -2017 | - | 5179) | / | 41129 | |
= | -0.09086 |
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.
Anadarko Petroleum has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Anadarko Petroleum's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Paulett Eberhart | director | C/O LPL FINANCIAL, 4707 EXECUTIVE DRIVE, SAN DIEGO CA 32121 |
David E Constable | director | ONE ENTERPRISE DRIVE, ALISO VIEJO CA 92656 |
Michael K Grimm | director | 3141 HOOD STREET, SUITE 350, DALLAS TX 75219 |
Amanda M. Mcmillian | officer: EVP and General Counsel | 1201 LAKE ROBBINS DRIVE, THE WOODLANDS TX 77380 |
Anthony R Chase | director | 10307 PACIFIC CENTER COURT, SAN DIEGO CA 92121 |
Benjamin Matthew Fink | officer: EVP, Finance and CFO | 1201 LAKE ROBBINS DRIVE, THE WOODLANDS TX 77380 |
Mitchell W Ingram | officer: EVP, Intl, DW & Exploration | 1201 LAKE ROBBINS DRIVE, THE WOODLANDS TX 77380 |
Daniel E Brown | officer: EVP, US Onshore Operations | 1201 LAKE ROBBINS DRIVE, THE WOODLANDS TX 77380 |
Robert G Gwin | officer: President | 1201 LAKE ROBBINS DR, THE WOODLANDS TX 77380 |
Joseph W Gorder | director | P.O. BOX 696000, SAN ANTONIO TX 78269-6000 |
Alexandra Pruner | director | 1201 LAKE ROBBINS DRIVE, THE WOODLANDS TX 77380 |
Christopher O Champion | officer: SVP, CAO and Controller | 5 GREENWAY PLAZA, SUITE 110, HOUSTON TX 77046 |
Peter J Fluor | director | 20 N. BROADWAY, OKLAHOMA CITY OK 73102 |
Eric D. Mullins | director | HERITAGE PLAZA, 1111 BAGBY STREET, SUITE 4600, HOUSTON TX 77002 |
R A Walker | director, officer: Chairman & CEO | 1201 LAKE ROBBINS DRIVE, THE WOODLANDS TX 77380 |
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