Archrock Beneish M-Score Historical Data
The historical data trend for Archrock'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.
Archrock Beneish M-Score Chart
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Archrock Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-3.29 |
-2.85 |
-2.55 |
-3.03 |
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Archrock 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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-2.55 |
-2.84 |
-2.91 |
-2.91 |
-3.03 |
Competitive Comparison of Archrock's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Archrock'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.
Archrock's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Archrock's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Archrock's Beneish M-Score falls into.
Archrock 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 Archrock 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 * 0.7702 | + | 0.528 * 0.8176 | + | 0.404 * 0.822 | + | 0.892 * 1.1712 | + | 0.115 * 1.03 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8498 | + | 4.679 * -0.075486 | - | 0.327 * 0.9999 |
| = | -3.03 |
* 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 $124.1 Mil.
Revenue was 259.593 + 253.367 + 247.543 + 229.834 = $990.3 Mil.
Gross Profit was 104.606 + 99.251 + 94.957 + 76.263 = $375.1 Mil.
Total Current Assets was $213.2 Mil.
Total Assets was $2,656.0 Mil.
Property, Plant and Equipment(Net PPE) was $2,316.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $169.6 Mil.
Selling, General, & Admin. Expense(SGA) was $116.6 Mil.
Total Current Liabilities was $152.1 Mil.
Long-Term Debt & Capital Lease Obligation was $1,597.1 Mil.
Net Income was 33.002 + 30.858 + 24.653 + 16.485 = $105.0 Mil.
Non Operating Income was -0.953 + -0.042 + -3.094 + -0.614 = $-4.7 Mil.
Cash Flow from Operations was 71.719 + 120.07 + 30.542 + 87.856 = $310.2 Mil.
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Total Receivables was $137.5 Mil.
Revenue was 218.871 + 213.668 + 215.828 + 197.201 = $845.6 Mil.
Gross Profit was 70.207 + 66.188 + 64.407 + 61.023 = $261.8 Mil.
Total Current Assets was $232.0 Mil.
Total Assets was $2,598.8 Mil.
Property, Plant and Equipment(Net PPE) was $2,216.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $167.5 Mil.
Selling, General, & Admin. Expense(SGA) was $117.2 Mil.
Total Current Liabilities was $148.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,563.2 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) |
| = | (124.069 / 990.337) | / | (137.544 / 845.568) |
| = | 0.12528 | / | 0.162665 |
| | = | 0.7702 |
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) |
| = | (261.825 / 845.568) | / | (375.077 / 990.337) |
| = | 0.309644 | / | 0.378737 |
| | = | 0.8176 |
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 - (213.157 + 2316.079) / 2655.95) | / | (1 - (231.96 + 2215.959) / 2598.75) |
| = | 0.047709 | / | 0.05804 |
| | = | 0.822 |
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 |
| = | 990.337 | / | 845.568 |
| | = | 1.1712 |
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)) |
| = | (167.465 / (167.465 + 2215.959)) | / | (169.56 / (169.56 + 2316.079)) |
| = | 0.070262 | / | 0.068216 |
| | = | 1.03 |
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) |
| = | (116.639 / 990.337) | / | (117.184 / 845.568) |
| = | 0.117777 | / | 0.138586 |
| | = | 0.8498 |
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) |
| = | ((1597.14 + 152.143) / 2655.95) | / | ((1563.195 + 148.571) / 2598.75) |
| = | 0.658628 | / | 0.658688 |
| | = | 0.9999 |
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 |
| = | (104.998 - -4.703 | - | 310.187) | / | 2655.95 |
| | = | -0.075486 |
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.
Archrock has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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