BW Offshore Beneish M-Score Historical Data
The historical data trend for BW Offshore'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.
BW Offshore Beneish M-Score Chart
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BW Offshore Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.04 |
-3.34 |
-2.47 |
-3.33 |
-3.41 |
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BW Offshore Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.47 |
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-3.33 |
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-3.41 |
Competitive Comparison of BW Offshore's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, BW Offshore'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.
BW Offshore's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, BW Offshore's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BW Offshore's Beneish M-Score falls into.
BW Offshore 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 BW Offshore 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 * 0.7673 | + | 0.528 * 1.0199 | + | 0.404 * 0.9564 | + | 0.892 * 0.9093 | + | 0.115 * 1.2868 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7312 | + | 4.679 * -0.115934 | - | 0.327 * 0.9683 |
| = | -3.41 |
* 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 kr1,559 Mil.
Revenue was kr6,954 Mil.
Gross Profit was kr4,979 Mil.
Total Current Assets was kr5,473 Mil.
Total Assets was kr41,703 Mil.
Property, Plant and Equipment(Net PPE) was kr30,067 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,975 Mil.
Selling, General, & Admin. Expense(SGA) was kr302 Mil.
Total Current Liabilities was kr5,223 Mil.
Long-Term Debt & Capital Lease Obligation was kr13,948 Mil.
Net Income was kr1,059 Mil.
Gross Profit was kr0 Mil.
Cash Flow from Operations was kr5,894 Mil.
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Total Receivables was kr2,235 Mil.
Revenue was kr7,648 Mil.
Gross Profit was kr5,585 Mil.
Total Current Assets was kr5,277 Mil.
Total Assets was kr34,567 Mil.
Property, Plant and Equipment(Net PPE) was kr23,948 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2,063 Mil.
Selling, General, & Admin. Expense(SGA) was kr192 Mil.
Total Current Liabilities was kr5,933 Mil.
Long-Term Debt & Capital Lease Obligation was kr10,478 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) |
| = | (1559.201 / 6954.164) | / | (2234.879 / 7648.185) |
| = | 0.224211 | / | 0.29221 |
| | = | 0.7673 |
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) |
| = | (5585.221 / 7648.185) | / | (4979.317 / 6954.164) |
| = | 0.730268 | / | 0.716019 |
| | = | 1.0199 |
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 - (5473.029 + 30066.845) / 41702.833) | / | (1 - (5276.961 + 23948.374) / 34566.518) |
| = | 0.147783 | / | 0.154519 |
| | = | 0.9564 |
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 |
| = | 6954.164 | / | 7648.185 |
| | = | 0.9093 |
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)) |
| = | (2062.965 / (2062.965 + 23948.374)) | / | (1974.848 / (1974.848 + 30066.845)) |
| = | 0.07931 | / | 0.061634 |
| | = | 1.2868 |
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) |
| = | (301.713 / 6954.164) | / | (191.674 / 7648.185) |
| = | 0.043386 | / | 0.025061 |
| | = | 1.7312 |
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) |
| = | ((13948.417 + 5223.008) / 41702.833) | / | ((10477.846 + 5933) / 34566.518) |
| = | 0.459715 | / | 0.474761 |
| | = | 0.9683 |
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 |
| = | (1059.16 - 0 | - | 5893.95) | / | 41702.833 |
| | = | -0.115934 |
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.
BW Offshore has a M-score of -3.41 suggests that the company is unlikely to be a manipulator.
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