Gibson Energy Beneish M-Score Historical Data
The historical data trend for Gibson Energy'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.
Gibson Energy Beneish M-Score Chart
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Gibson Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.26 |
-3.34 |
-1.65 |
-2.92 |
-2.67 |
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Gibson Energy Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.96 |
-3.32 |
-2.89 |
-2.67 |
-2.63 |
Competitive Comparison of Gibson Energy's Beneish M-Score
For the Oil & Gas Midstream subindustry, Gibson Energy'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.
Gibson Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Gibson Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gibson Energy's Beneish M-Score falls into.
Gibson Energy 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 Gibson Energy 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 * 1.2768 | + | 0.528 * 1.0893 | + | 0.404 * 0.7738 | + | 0.892 * 1.102 | + | 0.115 * 1.5021 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4571 | + | 4.679 * -0.08798 | - | 0.327 * 1.0234 |
| = | -2.62 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $629 Mil.
Revenue was 2429.527 + 2094.166 + 2383.997 + 1966.983 = $8,875 Mil.
Gross Profit was 86.466 + 96.811 + 83.423 + 71.336 = $338 Mil.
Total Current Assets was $983 Mil.
Total Assets was $3,861 Mil.
Property, Plant and Equipment(Net PPE) was $2,359 Mil.
Depreciation, Depletion and Amortization(DDA) was $117 Mil.
Selling, General, & Admin. Expense(SGA) was $86 Mil.
Total Current Liabilities was $951 Mil.
Long-Term Debt & Capital Lease Obligation was $1,977 Mil.
Net Income was 29.912 + 39.729 + 15.249 + 39.159 = $124 Mil.
Non Operating Income was 4.738 + 5.514 + -4.782 + 6.897 = $12 Mil.
Cash Flow from Operations was 142.459 + 115.982 + 140.429 + 52.47 = $451 Mil.
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Total Receivables was $447 Mil.
Revenue was 1729.182 + 1839.803 + 1988.067 + 2495.864 = $8,053 Mil.
Gross Profit was 106.548 + 84.081 + 85.946 + 57.54 = $334 Mil.
Total Current Assets was $660 Mil.
Total Assets was $2,392 Mil.
Property, Plant and Equipment(Net PPE) was $1,317 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $54 Mil.
Total Current Liabilities was $591 Mil.
Long-Term Debt & Capital Lease Obligation was $1,182 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) |
| = | (629.065 / 8874.673) | / | (447.074 / 8052.916) |
| = | 0.070883 | / | 0.055517 |
| | = | 1.2768 |
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) |
| = | (334.115 / 8052.916) | / | (338.036 / 8874.673) |
| = | 0.04149 | / | 0.03809 |
| | = | 1.0893 |
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 - (983.291 + 2358.792) / 3860.622) | / | (1 - (660.187 + 1316.755) / 2392.154) |
| = | 0.134315 | / | 0.173572 |
| | = | 0.7738 |
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 |
| = | 8874.673 | / | 8052.916 |
| | = | 1.102 |
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)) |
| = | (100.845 / (100.845 + 1316.755)) | / | (117.26 / (117.26 + 2358.792)) |
| = | 0.071138 | / | 0.047358 |
| | = | 1.5021 |
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) |
| = | (86.177 / 8874.673) | / | (53.668 / 8052.916) |
| = | 0.00971 | / | 0.006664 |
| | = | 1.4571 |
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) |
| = | ((1976.798 + 950.81) / 3860.622) | / | ((1181.561 + 590.965) / 2392.154) |
| = | 0.758325 | / | 0.740975 |
| | = | 1.0234 |
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 |
| = | (124.049 - 12.367 | - | 451.34) | / | 3860.622 |
| | = | -0.08798 |
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.
Gibson Energy has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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