Murphy Oil Beneish M-Score Historical Data
The historical data trend for Murphy Oil'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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Murphy Oil Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.22 |
-39.55 |
-3.06 |
-2.67 |
-3.16 |
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Murphy Oil 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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|
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|
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-2.67 |
-2.94 |
-3.26 |
-2.83 |
-3.16 |
Competitive Comparison
For the Oil & Gas E&P subindustry, Murphy Oil'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.
Murphy Oil Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Murphy Oil's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Murphy Oil's Beneish M-Score falls into.
Murphy Oil 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 Murphy Oil 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 * 1.0761 | + | 0.528 * 1.2808 | + | 0.404 * 0.2871 | + | 0.892 * 0.8172 | + | 0.115 * 0.8908 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0947 | + | 4.679 * -0.107213 | - | 0.327 * 0.7529 |
| = | -3.16 |
* 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 $344 Mil.
Revenue was 842.27 + 953.766 + 812.85 + 839.968 = $3,449 Mil.
Gross Profit was 370.819 + 455.886 + 333.366 + 358.123 = $1,518 Mil.
Total Current Assets was $752 Mil.
Total Assets was $9,767 Mil.
Property, Plant and Equipment(Net PPE) was $8,970 Mil.
Depreciation, Depletion and Amortization(DDA) was $862 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $847 Mil.
Long-Term Debt & Capital Lease Obligation was $1,880 Mil.
Net Income was 116.286 + 255.342 + 98.286 + 191.644 = $662 Mil.
Non Operating Income was -15.348 + 3.753 + -18.721 + -9.765 = $-40 Mil.
Cash Flow from Operations was 543.021 + 456.067 + 469.891 + 279.776 = $1,749 Mil.
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Total Receivables was $391 Mil.
Revenue was 986.119 + 1166.409 + 1196.238 + 871.374 = $4,220 Mil.
Gross Profit was 480.123 + 654.208 + 755.111 + 489.837 = $2,379 Mil.
Total Current Assets was $972 Mil.
Total Assets was $10,309 Mil.
Property, Plant and Equipment(Net PPE) was $9,174 Mil.
Depreciation, Depletion and Amortization(DDA) was $777 Mil.
Selling, General, & Admin. Expense(SGA) was $131 Mil.
Total Current Liabilities was $1,258 Mil.
Long-Term Debt & Capital Lease Obligation was $2,565 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) |
| = | (343.992 / 3448.854) | / | (391.152 / 4220.14) |
| = | 0.099741 | / | 0.092687 |
| | = | 1.0761 |
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) |
| = | (2379.279 / 4220.14) | / | (1518.194 / 3448.854) |
| = | 0.563791 | / | 0.440202 |
| | = | 1.2808 |
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 - (752.194 + 8970.382) / 9766.697) | / | (1 - (972.325 + 9174.422) / 10308.952) |
| = | 0.004517 | / | 0.015734 |
| | = | 0.2871 |
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 |
| = | 3448.854 | / | 4220.14 |
| | = | 0.8172 |
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)) |
| = | (776.817 / (776.817 + 9174.422)) | / | (861.602 / (861.602 + 8970.382)) |
| = | 0.078062 | / | 0.087633 |
| | = | 0.8908 |
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) |
| = | (117.306 / 3448.854) | / | (131.121 / 4220.14) |
| = | 0.034013 | / | 0.03107 |
| | = | 1.0947 |
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) |
| = | ((1880.197 + 846.545) / 9766.697) | / | ((2565.106 + 1257.834) / 10308.952) |
| = | 0.279188 | / | 0.370837 |
| | = | 0.7529 |
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 |
| = | (661.558 - -40.081 | - | 1748.755) | / | 9766.697 |
| | = | -0.107213 |
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.
Murphy Oil has a M-score of -3.16 suggests that the company is unlikely to be a manipulator.
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