Sea1 Offshore Beneish M-Score Historical Data
The historical data trend for Sea1 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.
Sea1 Offshore Beneish M-Score Chart
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Sea1 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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-2.88 |
-4.30 |
-2.13 |
-2.70 |
-1.90 |
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Sea1 Offshore 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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-2.70 |
-2.58 |
-2.59 |
-2.43 |
-1.90 |
Competitive Comparison of Sea1 Offshore's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Sea1 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.
Sea1 Offshore's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Sea1 Offshore's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sea1 Offshore's Beneish M-Score falls into.
Sea1 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 Sea1 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 * 1.0361 | + | 0.528 * 0.8698 | + | 0.404 * 1.1218 | + | 0.892 * 1.3424 | + | 0.115 * 0.9667 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.807 | + | 4.679 * 0.033785 | - | 0.327 * 0.7892 |
| = | -1.90 |
* 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 kr605 Mil.
Revenue was 898.387 + 918.292 + 958.58 + 805.247 = kr3,581 Mil.
Gross Profit was 412.777 + 731.264 + 958.58 + 805.247 = kr2,908 Mil.
Total Current Assets was kr1,763 Mil.
Total Assets was kr11,467 Mil.
Property, Plant and Equipment(Net PPE) was kr8,932 Mil.
Depreciation, Depletion and Amortization(DDA) was kr725 Mil.
Selling, General, & Admin. Expense(SGA) was kr237 Mil.
Total Current Liabilities was kr2,905 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,832 Mil.
Net Income was 1054.919 + 143.496 + 325.911 + 325.975 = kr1,850 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 499.208 + 293.16 + 299.697 + 370.832 = kr1,463 Mil.
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Total Receivables was kr435 Mil.
Revenue was 635.735 + 759.397 + 733.688 + 538.468 = kr2,667 Mil.
Gross Profit was 185.538 + 588.486 + 571.738 + 538.468 = kr1,884 Mil.
Total Current Assets was kr1,498 Mil.
Total Assets was kr10,072 Mil.
Property, Plant and Equipment(Net PPE) was kr7,971 Mil.
Depreciation, Depletion and Amortization(DDA) was kr623 Mil.
Selling, General, & Admin. Expense(SGA) was kr219 Mil.
Total Current Liabilities was kr1,139 Mil.
Long-Term Debt & Capital Lease Obligation was kr5,246 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) |
| = | (605.04 / 3580.506) | / | (435.021 / 2667.288) |
| = | 0.168982 | / | 0.163095 |
| | = | 1.0361 |
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) |
| = | (1884.23 / 2667.288) | / | (2907.868 / 3580.506) |
| = | 0.706422 | / | 0.812139 |
| | = | 0.8698 |
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 - (1763.385 + 8931.977) / 11466.871) | / | (1 - (1497.507 + 7970.563) / 10072.189) |
| = | 0.067282 | / | 0.059979 |
| | = | 1.1218 |
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 |
| = | 3580.506 | / | 2667.288 |
| | = | 1.3424 |
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)) |
| = | (623.403 / (623.403 + 7970.563)) | / | (724.645 / (724.645 + 8931.977)) |
| = | 0.07254 | / | 0.075041 |
| | = | 0.9667 |
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) |
| = | (237.359 / 3580.506) | / | (219.113 / 2667.288) |
| = | 0.066292 | / | 0.082148 |
| | = | 0.807 |
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) |
| = | ((2831.575 + 2905.284) / 11466.871) | / | ((5245.612 + 1139.245) / 10072.189) |
| = | 0.500299 | / | 0.63391 |
| | = | 0.7892 |
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 |
| = | (1850.301 - 0 | - | 1462.897) | / | 11466.871 |
| | = | 0.033785 |
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.
Sea1 Offshore has a M-score of -1.90 suggests that the company is unlikely to be a manipulator.
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