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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Nexen, Inc. was 0.00. The lowest was 0.00. And the median was 0.00.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Nexen, Inc. 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 * 0.8215||+||0.528 * 1.3136||+||0.404 * 1.239||+||0.892 * 1.0361||+||0.115 * 0.6317|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 3.4579||+||4.679 * -0.1014||-||0.327 * 0.9264|
|This Year (Dec12) TTM:||Last Year (Dec11) TTM:|
|Accounts Receivable was $1,868 Mil.|
Revenue was 1713.13131313 + 1542.94478528 + 1738.32684825 + 1736.41851107 = $6,731 Mil.
Gross Profit was 124.242424242 + 1412.06543967 + 1636.18677043 + 1615.69416499 = $4,788 Mil.
Total Current Assets was $3,604 Mil.
Total Assets was $20,744 Mil.
Property, Plant and Equipment(Net PPE) was $16,108 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,569 Mil.
Selling, General & Admin. Expense(SGA) was $1,082 Mil.
Total Current Liabilities was $3,188 Mil.
Long-Term Debt was $4,331 Mil.
Net Income was -6.06060606061 + 60.327198364 + 106.031128405 + 172.032193159 = $332 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 271.717171717 + 526.584867076 + 1127.43190661 + 511.06639839 = $2,437 Mil.
|Accounts Receivable was $2,194 Mil.
Revenue was 1654.296875 + 1519.44167498 + 1639.71340839 + 1682.70214944 = $6,496 Mil.
Gross Profit was 1521.484375 + 1409.77068794 + 1525.07676561 + 1614.12487206 = $6,070 Mil.
Total Current Assets was $3,604 Mil.
Total Assets was $19,598 Mil.
Property, Plant and Equipment(Net PPE) was $15,206 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,447 Mil.
Selling, General & Admin. Expense(SGA) was $302 Mil.
Total Current Liabilities was $3,348 Mil.
Long-Term Debt was $4,320 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(1867.67676768 / 6730.82145772)||/||(2194.3359375 / 6496.15410781)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(1412.06543967 / 6496.15410781)||/||(124.242424242 / 6730.82145772)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (3604.04040404 + 16108.0808081) / 20744.4444444)||/||(1 - (3604.4921875 + 15206.0546875) / 19597.65625)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(1447.00609521 / (1447.00609521 + 15206.0546875))||/||(2569.29572504 / (2569.29572504 + 16108.0808081))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(1081.79614273 / 6730.82145772)||/||(301.942209451 / 6496.15410781)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((4331.31313131 + 3187.87878788) / 20744.4444444)||/||((4320.3125 + 3347.65625) / 19597.65625)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(332.329913867 - 0||-||2436.8003438)||/||20744.4444444|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Nexen, Inc. has a M-score of -3.27 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Nexen, Inc. Annual Data
Nexen, Inc. Quarterly Data