Helmerich & Payne Beneish M-Score Historical Data
The historical data trend for Helmerich & Payne'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.
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Helmerich & Payne Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-3.33 |
-2.92 |
-3.43 |
-2.76 |
-3.15 |
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Helmerich & Payne 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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-2.97 |
-2.69 |
-2.96 |
-3.15 |
-3.17 |
Competitive Comparison
For the Oil & Gas Drilling subindustry, Helmerich & Payne'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.
Helmerich & Payne Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Helmerich & Payne's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Helmerich & Payne's Beneish M-Score falls into.
Helmerich & Payne 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 Helmerich & Payne 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 * 0.7116 | + | 0.528 * 0.651 | + | 0.404 * 1.132 | + | 0.892 * 1.1947 | + | 0.115 * 1.062 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9608 | + | 4.679 * -0.102802 | - | 0.327 * 0.9996 |
| = | -3.17 |
* 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 $436 Mil.
Revenue was 677.147 + 659.606 + 723.956 + 769.222 = $2,830 Mil.
Gross Profit was 179.853 + 156.458 + 199.963 + 223.857 = $760 Mil.
Total Current Assets was $989 Mil.
Total Assets was $4,421 Mil.
Property, Plant and Equipment(Net PPE) was $3,033 Mil.
Depreciation, Depletion and Amortization(DDA) was $380 Mil.
Selling, General, & Admin. Expense(SGA) was $215 Mil.
Total Current Liabilities was $469 Mil.
Long-Term Debt & Capital Lease Obligation was $545 Mil.
Net Income was 95.173 + 77.622 + 95.293 + 164.04 = $432 Mil.
Non Operating Income was 5.36 + 18.168 + -13.085 + 53.102 = $64 Mil.
Cash Flow from Operations was 174.798 + 214.682 + 292.746 + 140.879 = $823 Mil.
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Total Receivables was $513 Mil.
Revenue was 719.637 + 631.332 + 550.233 + 467.597 = $2,369 Mil.
Gross Profit was 194.731 + 121.309 + 73.282 + 24.901 = $414 Mil.
Total Current Assets was $1,079 Mil.
Total Assets was $4,412 Mil.
Property, Plant and Equipment(Net PPE) was $2,981 Mil.
Depreciation, Depletion and Amortization(DDA) was $399 Mil.
Selling, General, & Admin. Expense(SGA) was $187 Mil.
Total Current Liabilities was $470 Mil.
Long-Term Debt & Capital Lease Obligation was $543 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) |
| = | (435.819 / 2829.931) | / | (512.681 / 2368.799) |
| = | 0.154003 | / | 0.216431 |
| | = | 0.7116 |
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) |
| = | (414.223 / 2368.799) | / | (760.131 / 2829.931) |
| = | 0.174866 | / | 0.268604 |
| | = | 0.651 |
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 - (988.68 + 3032.625) / 4421.328) | / | (1 - (1078.614 + 2980.598) / 4411.848) |
| = | 0.090476 | / | 0.079929 |
| | = | 1.132 |
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 |
| = | 2829.931 | / | 2368.799 |
| | = | 1.1947 |
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)) |
| = | (399.388 / (399.388 + 2980.598)) | / | (379.65 / (379.65 + 3032.625)) |
| = | 0.118163 | / | 0.11126 |
| | = | 1.062 |
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) |
| = | (214.779 / 2829.931) | / | (187.106 / 2368.799) |
| = | 0.075895 | / | 0.078988 |
| | = | 0.9608 |
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) |
| = | ((545.292 + 468.986) / 4421.328) | / | ((542.932 + 469.571) / 4411.848) |
| = | 0.229406 | / | 0.229496 |
| | = | 0.9996 |
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 |
| = | (432.128 - 63.545 | - | 823.105) | / | 4421.328 |
| | = | -0.102802 |
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.
Helmerich & Payne has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.
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