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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Chevron Corp has a M-score of -2.71 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Chevron Corp was -0.90. The lowest was -3.41. And the median was -2.71.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Chevron Corp 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 * 1.0885||+||0.528 * 1.027||+||0.404 * 0.9887||+||0.892 * 0.946||+||0.115 * 1.0937|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1175||+||4.679 * -0.0535||-||0.327 * 1.053|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $21,622 Mil.|
Revenue was 56158 + 58503 + 57369 + 56818 = $228,848 Mil.
Gross Profit was 24602 + 23122 + 22767 + 17899 = $88,390 Mil.
Total Current Assets was $50,250 Mil.
Total Assets was $253,753 Mil.
Property, Plant and Equipment(Net PPE) was $164,829 Mil.
Depreciation, Depletion and Amortization(DDA) was $14,186 Mil.
Selling, General & Admin. Expense(SGA) was $23,375 Mil.
Total Current Liabilities was $33,018 Mil.
Long-Term Debt was $20,057 Mil.
Net Income was 4930 + 4950 + 5365 + 6178 = $21,423 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 10452 + 10316 + 8520 + 5714 = $35,002 Mil.
|Accounts Receivable was $20,997 Mil.
Revenue was 60552 + 58044 + 62608 + 60705 = $241,909 Mil.
Gross Profit was 27964 + 23587 + 25343 + 19066 = $95,960 Mil.
Total Current Assets was $55,720 Mil.
Total Assets was $232,982 Mil.
Property, Plant and Equipment(Net PPE) was $141,348 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,413 Mil.
Selling, General & Admin. Expense(SGA) was $22,111 Mil.
Total Current Liabilities was $34,212 Mil.
Long-Term Debt was $12,065 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(21622 / 228848)||/||(20997 / 241909)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(23122 / 241909)||/||(24602 / 228848)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (50250 + 164829) / 253753)||/||(1 - (55720 + 141348) / 232982)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(13413 / (13413 + 141348))||/||(14186 / (14186 + 164829))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(23375 / 228848)||/||(22111 / 241909)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((20057 + 33018) / 253753)||/||((12065 + 34212) / 232982)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(21423 - 0||-||35002)||/||253753|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Chevron Corp has a M-score of -2.71 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Chevron Corp Annual Data
Chevron Corp Quarterly Data