Tullow Oil Beneish M-Score Historical Data
The historical data trend for Tullow Oil'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.
Tullow Oil Beneish M-Score Chart
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Tullow Oil Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-4.33 |
-3.79 |
-3.32 |
-3.68 |
-3.29 |
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Tullow Oil 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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-3.32 |
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-3.68 |
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-3.29 |
Competitive Comparison of Tullow Oil's Beneish M-Score
For the Oil & Gas E&P subindustry, Tullow Oil'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.
Tullow Oil's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Tullow Oil's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tullow Oil's Beneish M-Score falls into.
Tullow Oil 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 Tullow Oil 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 * 1.2335 | + | 0.528 * 1.3007 | + | 0.404 * 1.1852 | + | 0.892 * 0.9164 | + | 0.115 * 0.8593 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5992 | + | 4.679 * -0.221101 | - | 0.327 * 1.0038 |
| = | -3.26 |
* 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 $542 Mil.
Revenue was $1,634 Mil.
Gross Profit was $765 Mil.
Total Current Assets was $1,281 Mil.
Total Assets was $4,459 Mil.
Property, Plant and Equipment(Net PPE) was $2,820 Mil.
Depreciation, Depletion and Amortization(DDA) was $437 Mil.
Selling, General, & Admin. Expense(SGA) was $45 Mil.
Total Current Liabilities was $1,226 Mil.
Long-Term Debt & Capital Lease Obligation was $2,706 Mil.
Net Income was $-110 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $876 Mil.
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Total Receivables was $479 Mil.
Revenue was $1,783 Mil.
Gross Profit was $1,086 Mil.
Total Current Assets was $1,428 Mil.
Total Assets was $5,040 Mil.
Property, Plant and Equipment(Net PPE) was $3,270 Mil.
Depreciation, Depletion and Amortization(DDA) was $426 Mil.
Selling, General, & Admin. Expense(SGA) was $31 Mil.
Total Current Liabilities was $1,321 Mil.
Long-Term Debt & Capital Lease Obligation was $3,106 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) |
| = | (541.6 / 1634.1) | / | (479.1 / 1783.1) |
| = | 0.331436 | / | 0.268689 |
| | = | 1.2335 |
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) |
| = | (1085.6 / 1783.1) | / | (764.9 / 1634.1) |
| = | 0.608827 | / | 0.468086 |
| | = | 1.3007 |
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 - (1280.6 + 2819.8) / 4458.6) | / | (1 - (1428 + 3270) / 5039.6) |
| = | 0.080339 | / | 0.067783 |
| | = | 1.1852 |
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 |
| = | 1634.1 | / | 1783.1 |
| | = | 0.9164 |
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)) |
| = | (425.8 / (425.8 + 3270)) | / | (436.6 / (436.6 + 2819.8)) |
| = | 0.115212 | / | 0.134074 |
| | = | 0.8593 |
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) |
| = | (44.7 / 1634.1) | / | (30.5 / 1783.1) |
| = | 0.027355 | / | 0.017105 |
| | = | 1.5992 |
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) |
| = | ((2705.6 + 1226) / 4458.6) | / | ((3105.7 + 1321.3) / 5039.6) |
| = | 0.881801 | / | 0.878443 |
| | = | 1.0038 |
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 |
| = | (-109.6 - 0 | - | 876.2) | / | 4458.6 |
| | = | -0.221101 |
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.
Tullow Oil has a M-score of -3.26 suggests that the company is unlikely to be a manipulator.
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