Matador Resources Co Beneish M-Score Historical Data
The historical data trend for Matador Resources Co'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.
Matador Resources Co Beneish M-Score Chart
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Matador Resources Co Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.82 |
-3.24 |
-2.26 |
-1.99 |
-3.09 |
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Matador Resources Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.56 |
-3.08 |
-2.81 |
-3.09 |
-2.78 |
Competitive Comparison of Matador Resources Co's Beneish M-Score
For the Oil & Gas E&P subindustry, Matador Resources Co'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.
Matador Resources Co's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Matador Resources Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Matador Resources Co's Beneish M-Score falls into.
Matador Resources Co 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 Matador Resources Co 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 * 1.3043 | + | 0.528 * 1.2982 | + | 0.404 * 0.9546 | + | 0.892 * 0.9813 | + | 0.115 * 0.9733 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1001 | + | 4.679 * -0.136612 | - | 0.327 * 1.1197 |
| = | -2.78 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $528 Mil.
Revenue was 785.343 + 832.27 + 771.787 + 649.89 = $3,039 Mil.
Gross Profit was 347.529 + 392.477 + 372.452 + 291.582 = $1,404 Mil.
Total Current Assets was $754 Mil.
Total Assets was $8,227 Mil.
Property, Plant and Equipment(Net PPE) was $7,379 Mil.
Depreciation, Depletion and Amortization(DDA) was $803 Mil.
Selling, General, & Admin. Expense(SGA) was $118 Mil.
Total Current Liabilities was $851 Mil.
Long-Term Debt & Capital Lease Obligation was $1,972 Mil.
Net Income was 193.729 + 254.539 + 263.739 + 164.666 = $877 Mil.
Non Operating Income was 2.927 + 7.358 + -11.107 + 4.555 = $4 Mil.
Cash Flow from Operations was 468.562 + 618.347 + 460.97 + 449.011 = $1,997 Mil.
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Total Receivables was $413 Mil.
Revenue was 563.674 + 704.782 + 854.094 + 974.663 = $3,097 Mil.
Gross Profit was 277.963 + 404.205 + 524.668 + 650.67 = $1,858 Mil.
Total Current Assets was $1,006 Mil.
Total Assets was $5,782 Mil.
Property, Plant and Equipment(Net PPE) was $4,706 Mil.
Depreciation, Depletion and Amortization(DDA) was $497 Mil.
Selling, General, & Admin. Expense(SGA) was $109 Mil.
Total Current Liabilities was $601 Mil.
Long-Term Debt & Capital Lease Obligation was $1,171 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) |
| = | (528.473 / 3039.29) | / | (412.912 / 3097.213) |
| = | 0.17388 | / | 0.133317 |
| | = | 1.3043 |
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) |
| = | (1857.506 / 3097.213) | / | (1404.04 / 3039.29) |
| = | 0.599735 | / | 0.461963 |
| | = | 1.2982 |
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 - (754.135 + 7378.85) / 8227.329) | / | (1 - (1006.494 + 4706.156) / 5782.105) |
| = | 0.011467 | / | 0.012012 |
| | = | 0.9546 |
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 |
| = | 3039.29 | / | 3097.213 |
| | = | 0.9813 |
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)) |
| = | (496.82 / (496.82 + 4706.156)) | / | (802.674 / (802.674 + 7378.85)) |
| = | 0.095488 | / | 0.098108 |
| | = | 0.9733 |
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) |
| = | (117.593 / 3039.29) | / | (108.929 / 3097.213) |
| = | 0.038691 | / | 0.03517 |
| | = | 1.1001 |
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) |
| = | ((1971.567 + 851.341) / 8227.329) | / | ((1170.515 + 601.372) / 5782.105) |
| = | 0.343114 | / | 0.306443 |
| | = | 1.1197 |
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 |
| = | (876.673 - 3.733 | - | 1996.89) | / | 8227.329 |
| | = | -0.136612 |
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.
Matador Resources Co has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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