Surge Energy Beneish M-Score Historical Data
The historical data trend for Surge 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.
Surge Energy Beneish M-Score Chart
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Surge Energy Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-3.55 |
4.03 |
-4.60 |
- |
- |
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Surge Energy Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
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Mar20 |
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Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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38.99 |
24.02 |
19.98 |
Competitive Comparison of Surge Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, Surge 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.
Surge Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Surge Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Surge Energy's Beneish M-Score falls into.
Surge 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 Surge 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 * 1.2892 | + | 0.528 * 1.0805 | + | 0.404 * 56.735 | + | 0.892 * 0.906 | + | 0.115 * 1.0444 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3115 | + | 4.679 * -0.064528 | - | 0.327 * 0.8798 |
| = | 19.95 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $55.2 Mil.
Revenue was 137.674 + 118.303 + 120.225 + 123.47 = $499.7 Mil.
Gross Profit was 75.564 + 65.17 + 66.583 + 79.245 = $286.6 Mil.
Total Current Assets was $58.9 Mil.
Total Assets was $1,107.7 Mil.
Property, Plant and Equipment(Net PPE) was $1,001.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $127.6 Mil.
Selling, General, & Admin. Expense(SGA) was $19.5 Mil.
Total Current Liabilities was $130.1 Mil.
Long-Term Debt & Capital Lease Obligation was $172.2 Mil.
Net Income was 12.256 + 10.579 + 10.808 + 76.188 = $109.8 Mil.
Non Operating Income was -7.605 + 0.548 + 0.92 + -8.844 = $-15.0 Mil.
Cash Flow from Operations was 52.705 + 45.618 + 39.835 + 58.134 = $196.3 Mil.
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Total Receivables was $47.2 Mil.
Revenue was 135.871 + 167.579 + 135.016 + 113.06 = $551.5 Mil.
Gross Profit was 81.754 + 109.974 + 84.588 + 65.448 = $341.8 Mil.
Total Current Assets was $50.7 Mil.
Total Assets was $904.5 Mil.
Property, Plant and Equipment(Net PPE) was $853.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $114.1 Mil.
Selling, General, & Admin. Expense(SGA) was $16.4 Mil.
Total Current Liabilities was $119.4 Mil.
Long-Term Debt & Capital Lease Obligation was $161.2 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) |
| = | (55.15 / 499.672) | / | (47.218 / 551.526) |
| = | 0.110372 | / | 0.085613 |
| | = | 1.2892 |
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) |
| = | (341.764 / 551.526) | / | (286.562 / 499.672) |
| = | 0.61967 | / | 0.5735 |
| | = | 1.0805 |
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 - (58.869 + 1001.676) / 1107.744) | / | (1 - (50.713 + 853.111) / 904.503) |
| = | 0.042608 | / | 0.000751 |
| | = | 56.735 |
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 |
| = | 499.672 | / | 551.526 |
| | = | 0.906 |
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)) |
| = | (114.103 / (114.103 + 853.111)) | / | (127.55 / (127.55 + 1001.676)) |
| = | 0.117971 | / | 0.112953 |
| | = | 1.0444 |
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) |
| = | (19.536 / 499.672) | / | (16.442 / 551.526) |
| = | 0.039098 | / | 0.029812 |
| | = | 1.3115 |
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) |
| = | ((172.151 + 130.147) / 1107.744) | / | ((161.19 + 119.379) / 904.503) |
| = | 0.272895 | / | 0.310191 |
| | = | 0.8798 |
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 |
| = | (109.831 - -14.981 | - | 196.292) | / | 1107.744 |
| | = | -0.064528 |
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.
Surge Energy has a M-score of 19.95 signals that the company is likely to be a manipulator.
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