Enerplus Beneish M-Score Historical Data
The historical data trend for Enerplus'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.
Enerplus Beneish M-Score Chart
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Enerplus Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.52 |
-2.72 |
-2.60 |
-3.16 |
-3.45 |
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Enerplus 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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-3.16 |
-3.67 |
-3.90 |
-3.24 |
-3.45 |
Competitive Comparison of Enerplus's Beneish M-Score
For the Oil & Gas E&P subindustry, Enerplus'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.
Enerplus's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Enerplus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enerplus's Beneish M-Score falls into.
Enerplus 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 Enerplus 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 * 1.2348 | + | 0.528 * 1.4091 | + | 0.404 * 0.7391 | + | 0.892 * 0.786 | + | 0.115 * 0.9477 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1943 | + | 4.679 * -0.235125 | - | 0.327 * 0.8106 |
| = | -3.42 |
* 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 $268 Mil.
Revenue was 414.537 + 467.158 + 365.147 + 447.491 = $1,694 Mil.
Gross Profit was 116.995 + 202.056 + 127.716 + 199.687 = $646 Mil.
Total Current Assets was $383 Mil.
Total Assets was $2,068 Mil.
Property, Plant and Equipment(Net PPE) was $1,546 Mil.
Depreciation, Depletion and Amortization(DDA) was $377 Mil.
Selling, General, & Admin. Expense(SGA) was $66 Mil.
Total Current Liabilities was $478 Mil.
Long-Term Debt & Capital Lease Obligation was $120 Mil.
Net Income was 116.702 + 127.655 + 74.233 + 137.486 = $456 Mil.
Non Operating Income was 30.629 + -12.63 + -10.181 + -3.581 = $4 Mil.
Cash Flow from Operations was 297.946 + 212.245 + 186.598 + 241.401 = $938 Mil.
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Total Receivables was $277 Mil.
Revenue was 650.77 + 575.047 + 489.822 + 440.049 = $2,156 Mil.
Gross Profit was 385.806 + 299.5 + 254.709 + 218.952 = $1,159 Mil.
Total Current Assets was $408 Mil.
Total Assets was $1,938 Mil.
Property, Plant and Equipment(Net PPE) was $1,354 Mil.
Depreciation, Depletion and Amortization(DDA) was $309 Mil.
Selling, General, & Admin. Expense(SGA) was $70 Mil.
Total Current Liabilities was $503 Mil.
Long-Term Debt & Capital Lease Obligation was $188 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) |
| = | (268.433 / 1694.333) | / | (276.59 / 2155.688) |
| = | 0.15843 | / | 0.128307 |
| | = | 1.2348 |
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) |
| = | (1158.967 / 2155.688) | / | (646.454 / 1694.333) |
| = | 0.537632 | / | 0.381539 |
| | = | 1.4091 |
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 - (383.284 + 1546.224) / 2068.476) | / | (1 - (407.684 + 1354.145) / 1937.981) |
| = | 0.067184 | / | 0.090895 |
| | = | 0.7391 |
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 |
| = | 1694.333 | / | 2155.688 |
| | = | 0.786 |
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)) |
| = | (309.367 / (309.367 + 1354.145)) | / | (377.495 / (377.495 + 1546.224)) |
| = | 0.185972 | / | 0.196232 |
| | = | 0.9477 |
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) |
| = | (65.664 / 1694.333) | / | (69.954 / 2155.688) |
| = | 0.038755 | / | 0.032451 |
| | = | 1.1943 |
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) |
| = | ((119.762 + 478.357) / 2068.476) | / | ((188.178 + 503.167) / 1937.981) |
| = | 0.289159 | / | 0.356735 |
| | = | 0.8106 |
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 |
| = | (456.076 - 4.237 | - | 938.19) | / | 2068.476 |
| | = | -0.235125 |
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.
Enerplus has a M-score of -3.42 suggests that the company is unlikely to be a manipulator.
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