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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 -2.73 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 -4.08. And the median was -2.72.
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 * 0.9695||+||0.528 * 1.0989||+||0.404 * 1.0048||+||0.892 * 0.952||+||0.115 * 1.0267|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7869||+||4.679 * -0.0555||-||0.327 * 1.0353|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $19,974 Mil.|
Revenue was 54679 + 57938 + 53265 + 56158 = $222,040 Mil.
Gross Profit was 23572 + 23400 + 22027 + 24602 = $93,601 Mil.
Total Current Assets was $47,083 Mil.
Total Assets was $265,431 Mil.
Property, Plant and Equipment(Net PPE) was $178,096 Mil.
Depreciation, Depletion and Amortization(DDA) was $15,555 Mil.
Selling, General & Admin. Expense(SGA) was $29,536 Mil.
Total Current Liabilities was $37,088 Mil.
Long-Term Debt was $20,044 Mil.
Net Income was 5593 + 5665 + 4512 + 4930 = $20,700 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 8680 + 7881 + 8417 + 10452 = $35,430 Mil.
|Accounts Receivable was $21,641 Mil.
Revenue was 58503 + 57369 + 56818 + 60552 = $233,242 Mil.
Gross Profit was 23122 + 22767 + 17899 + 44261 = $108,049 Mil.
Total Current Assets was $53,503 Mil.
Total Assets was $247,838 Mil.
Property, Plant and Equipment(Net PPE) was $156,932 Mil.
Depreciation, Depletion and Amortization(DDA) was $14,105 Mil.
Selling, General & Admin. Expense(SGA) was $39,430 Mil.
Total Current Liabilities was $33,470 Mil.
Long-Term Debt was $18,054 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)|
|=||(19974 / 222040)||/||(21641 / 233242)|
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)|
|=||(23400 / 233242)||/||(23572 / 222040)|
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 - (47083 + 178096) / 265431)||/||(1 - (53503 + 156932) / 247838)|
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))|
|=||(14105 / (14105 + 156932))||/||(15555 / (15555 + 178096))|
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)|
|=||(29536 / 222040)||/||(39430 / 233242)|
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)|
|=||((20044 + 37088) / 265431)||/||((18054 + 33470) / 247838)|
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|
|=||(20700 - 0||-||35430)||/||265431|
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 -2.73 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