Oil Search Beneish M-Score Historical Data
The historical data trend for Oil Search'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.
Oil Search Beneish M-Score Chart
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Oil Search Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-1.21 |
-2.55 |
-2.38 |
-2.66 |
-3.07 |
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Oil Search Semi-Annual Data
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Dec11 |
Jun12 |
Dec12 |
Jun13 |
Dec13 |
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
| Beneish M-Score |
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-2.66 |
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-3.07 |
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Competitive Comparison of Oil Search's Beneish M-Score
For the Oil & Gas E&P subindustry, Oil Search'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.
Oil Search's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Oil Search's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Oil Search's Beneish M-Score falls into.
Oil Search 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 Oil Search 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 * 0.9258 | + | 0.528 * 1.0461 | + | 0.404 * 1.117 | + | 0.892 * 0.6727 | + | 0.115 * 0.9405 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8169 | + | 4.679 * -0.071806 | - | 0.327 * 0.8469 |
| = | -3.20 |
* 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 (Dec20) TTM: | Last Year (Dec19) TTM: |
Total Receivables was $169 Mil.
Revenue was $1,046 Mil.
Gross Profit was $714 Mil.
Total Current Assets was $868 Mil.
Total Assets was $11,388 Mil.
Property, Plant and Equipment(Net PPE) was $9,234 Mil.
Depreciation, Depletion and Amortization(DDA) was $424 Mil.
Selling, General, & Admin. Expense(SGA) was $39 Mil.
Total Current Liabilities was $969 Mil.
Long-Term Debt & Capital Lease Obligation was $2,581 Mil.
Net Income was $-321 Mil.
Gross Profit was $91 Mil.
Cash Flow from Operations was $406 Mil.
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Total Receivables was $272 Mil.
Revenue was $1,555 Mil.
Gross Profit was $1,110 Mil.
Total Current Assets was $792 Mil.
Total Assets was $11,573 Mil.
Property, Plant and Equipment(Net PPE) was $9,611 Mil.
Depreciation, Depletion and Amortization(DDA) was $414 Mil.
Selling, General, & Admin. Expense(SGA) was $32 Mil.
Total Current Liabilities was $1,121 Mil.
Long-Term Debt & Capital Lease Obligation was $3,140 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) |
| = | (169.446 / 1046.108) | / | (272.087 / 1555.106) |
| = | 0.161978 | / | 0.174964 |
| | = | 0.9258 |
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) |
| = | (1110.223 / 1555.106) | / | (713.944 / 1046.108) |
| = | 0.713921 | / | 0.682476 |
| | = | 1.0461 |
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 - (868.035 + 9234.305) / 11388.265) | / | (1 - (792.224 + 9610.679) / 11572.853) |
| = | 0.112917 | / | 0.101094 |
| | = | 1.117 |
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 |
| = | 1046.108 | / | 1555.106 |
| | = | 0.6727 |
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)) |
| = | (413.71 / (413.71 + 9610.679)) | / | (423.799 / (423.799 + 9234.305)) |
| = | 0.04127 | / | 0.04388 |
| | = | 0.9405 |
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) |
| = | (39.229 / 1046.108) | / | (32.097 / 1555.106) |
| = | 0.0375 | / | 0.02064 |
| | = | 1.8169 |
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) |
| = | ((2581.418 + 969.456) / 11388.265) | / | ((3140.069 + 1120.721) / 11572.853) |
| = | 0.311801 | / | 0.368171 |
| | = | 0.8469 |
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 |
| = | (-320.657 - 91.023 | - | 406.07) | / | 11388.265 |
| | = | -0.071806 |
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.
Oil Search has a M-score of -3.20 suggests that the company is unlikely to be a manipulator.
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