Montage Resources Beneish M-Score Historical Data
The historical data trend for Montage Resources'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.
Montage Resources Beneish M-Score Chart
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Montage Resources Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-3.70 |
-14.72 |
-2.54 |
-2.31 |
-2.05 |
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Montage Resources Quarterly Data
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Dec15 |
Mar16 |
Jun16 |
Sep16 |
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
| Beneish M-Score |
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-0.11 |
-2.05 |
-3.37 |
-2.79 |
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Competitive Comparison of Montage Resources's Beneish M-Score
For the Oil & Gas E&P subindustry, Montage Resources'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.
Montage Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Montage Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Montage Resources's Beneish M-Score falls into.
Montage Resources 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 Montage Resources 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 * 1.0117 | + | 0.528 * 8.3311 | + | 0.404 * 0.515 | + | 0.892 * 0.8133 | + | 0.115 * 0.8161 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8573 | + | 4.679 * -0.161119 | - | 0.327 * 1.0592 |
| = | 0.27 |
* 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 (Sep20) TTM: | Last Year (Sep19) TTM: |
Total Receivables was $63.5 Mil.
Revenue was 115.405 + 90.684 + 133.425 + 174.109 = $513.6 Mil.
Gross Profit was -12.225 + -22.717 + 8.997 + 45.282 = $19.3 Mil.
Total Current Assets was $78.0 Mil.
Total Assets was $1,823.4 Mil.
Property, Plant and Equipment(Net PPE) was $1,736.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $182.8 Mil.
Selling, General, & Admin. Expense(SGA) was $47.5 Mil.
Total Current Liabilities was $221.1 Mil.
Long-Term Debt & Capital Lease Obligation was $691.4 Mil.
Net Income was -92.2 + -68.851 + 2.828 + 14.064 = $-144.2 Mil.
Non Operating Income was -40.774 + -9.01 + 39.589 + 7.869 = $-2.3 Mil.
Cash Flow from Operations was 30.704 + 20.637 + 21.49 + 79.12 = $152.0 Mil.
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Total Receivables was $77.2 Mil.
Revenue was 163.295 + 155.54 + 141.497 + 171.207 = $631.5 Mil.
Gross Profit was 36.592 + 38.94 + 50.6 + 71.95 = $198.1 Mil.
Total Current Assets was $125.4 Mil.
Total Assets was $1,930.5 Mil.
Property, Plant and Equipment(Net PPE) was $1,787.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $150.6 Mil.
Selling, General, & Admin. Expense(SGA) was $68.1 Mil.
Total Current Liabilities was $254.6 Mil.
Long-Term Debt & Capital Lease Obligation was $657.5 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) |
| = | (63.483 / 513.623) | / | (77.154 / 631.539) |
| = | 0.123598 | / | 0.122168 |
| | = | 1.0117 |
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) |
| = | (198.082 / 631.539) | / | (19.337 / 513.623) |
| = | 0.31365 | / | 0.037648 |
| | = | 8.3311 |
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 - (78.024 + 1736.621) / 1823.401) | / | (1 - (125.409 + 1787.102) / 1930.513) |
| = | 0.004802 | / | 0.009325 |
| | = | 0.515 |
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 |
| = | 513.623 | / | 631.539 |
| | = | 0.8133 |
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)) |
| = | (150.599 / (150.599 + 1787.102)) | / | (182.8 / (182.8 + 1736.621)) |
| = | 0.07772 | / | 0.095237 |
| | = | 0.8161 |
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) |
| = | (47.46 / 513.623) | / | (68.072 / 631.539) |
| = | 0.092402 | / | 0.107787 |
| | = | 0.8573 |
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) |
| = | ((691.427 + 221.086) / 1823.401) | / | ((657.533 + 254.601) / 1930.513) |
| = | 0.500446 | / | 0.472483 |
| | = | 1.0592 |
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 |
| = | (-144.159 - -2.326 | - | 151.951) | / | 1823.401 |
| | = | -0.161119 |
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.
Montage Resources has a M-score of 0.27 signals that the company is likely to be a manipulator.
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