Kodiak Gas Services Beneish M-Score Historical Data
The historical data trend for Kodiak Gas Services'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.
Kodiak Gas Services Beneish M-Score Chart
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Kodiak Gas Services Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.56 |
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Kodiak Gas Services Quarterly Data
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Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.56 |
Competitive Comparison of Kodiak Gas Services's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Kodiak Gas Services'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.
Kodiak Gas Services's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Kodiak Gas Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kodiak Gas Services's Beneish M-Score falls into.
Kodiak Gas Services 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 Kodiak Gas Services 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 * 1.0754 | + | 0.528 * 1.025 | + | 0.404 * 0.8709 | + | 0.892 * 1.2013 | + | 0.115 * 0.9825 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3904 | + | 4.679 * -0.068256 | - | 0.327 * 0.6902 |
| = | -2.56 |
* 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 $130.6 Mil.
Revenue was 225.98 + 230.983 + 203.306 + 190.112 = $850.4 Mil.
Gross Profit was 87.818 + 80.606 + 74.76 + 118.354 = $361.5 Mil.
Total Current Assets was $231.0 Mil.
Total Assets was $3,244.1 Mil.
Property, Plant and Equipment(Net PPE) was $2,569.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $182.9 Mil.
Selling, General, & Admin. Expense(SGA) was $75.0 Mil.
Total Current Liabilities was $210.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,825.9 Mil.
Net Income was -6.874 + 21.766 + 17.517 + 10.138 = $42.5 Mil.
Non Operating Income was -21.766 + 8.422 + 23.01 + -12.016 = $-2.4 Mil.
Cash Flow from Operations was 62.627 + 85.731 + 94.678 + 23.29 = $266.3 Mil.
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Total Receivables was $101.1 Mil.
Revenue was 179.776 + 182.645 + 177.151 + 168.341 = $707.9 Mil.
Gross Profit was 69.658 + 68.625 + 63.644 + 106.577 = $308.5 Mil.
Total Current Assets was $204.0 Mil.
Total Assets was $3,205.5 Mil.
Property, Plant and Equipment(Net PPE) was $2,498.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $174.5 Mil.
Selling, General, & Admin. Expense(SGA) was $44.9 Mil.
Total Current Liabilities was $189.0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,726.8 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) |
| = | (130.616 / 850.381) | / | (101.106 / 707.913) |
| = | 0.153597 | / | 0.142823 |
| | = | 1.0754 |
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) |
| = | (308.504 / 707.913) | / | (361.538 / 850.381) |
| = | 0.435794 | / | 0.425148 |
| | = | 1.025 |
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 - (230.963 + 2569.807) / 3244.106) | / | (1 - (204.035 + 2498.509) / 3205.54) |
| = | 0.136659 | / | 0.156915 |
| | = | 0.8709 |
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 |
| = | 850.381 | / | 707.913 |
| | = | 1.2013 |
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)) |
| = | (174.463 / (174.463 + 2498.509)) | / | (182.869 / (182.869 + 2569.807)) |
| = | 0.065269 | / | 0.066433 |
| | = | 0.9825 |
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) |
| = | (74.963 / 850.381) | / | (44.882 / 707.913) |
| = | 0.088152 | / | 0.0634 |
| | = | 1.3904 |
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) |
| = | ((1825.928 + 210.629) / 3244.106) | / | ((2726.773 + 188.974) / 3205.54) |
| = | 0.627771 | / | 0.909596 |
| | = | 0.6902 |
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 |
| = | (42.547 - -2.35 | - | 266.326) | / | 3244.106 |
| | = | -0.068256 |
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.
Kodiak Gas Services has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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