Vermilion Energy, Beneish M-Score Historical Data
The historical data trend for Vermilion 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.
Vermilion Energy, Beneish M-Score Chart
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Vermilion Energy, Annual Data
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Dec11 |
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Vermilion Energy, Quarterly Data
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Mar11 |
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| Beneish M-Score |
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Competitive Comparison of Vermilion Energy,'s Beneish M-Score
For the Oil & Gas E&P subindustry, Vermilion 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.
Vermilion Energy,'s Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Vermilion Energy,'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vermilion Energy,'s Beneish M-Score falls into.
Vermilion 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 Vermilion 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 * 0.803 | + | 0.528 * 0.8399 | + | 0.404 * 1.5196 | + | 0.892 * 1.1284 | + | 0.115 * 1.152 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2064 | + | 4.679 * -0.131318 | - | 0.327 * 1.5049 |
| = | -3.22 |
* 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 (Jun12) TTM: | Last Year (Jun11) TTM: |
Total Receivables was $136.31 Mil.
Revenue was 246.544 + 296.036 + 220.937 + 248.361 = $1,011.88 Mil.
Gross Profit was 233.213 + 241.79 + 212.626 + 185.129 = $872.76 Mil.
Total Current Assets was $325.14 Mil.
Total Assets was $2,816.13 Mil.
Property, Plant and Equipment(Net PPE) was $2,149.92 Mil.
Depreciation, Depletion and Amortization(DDA) was $277.77 Mil.
Selling, General, & Admin. Expense(SGA) was $109.22 Mil.
Total Current Liabilities was $397.48 Mil.
Long-Term Debt & Capital Lease Obligation was $811.32 Mil.
Net Income was 37.816 + 65.094 + -30.243 + 64.442 = $137.11 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 123.485 + 124.887 + 158.639 + 99.906 = $506.92 Mil.
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Total Receivables was $150.42 Mil.
Revenue was 278.297 + 229.74 + 216.426 + 172.253 = $896.72 Mil.
Gross Profit was 219.056 + 172.601 + 141.232 + 116.72 = $649.61 Mil.
Total Current Assets was $265.74 Mil.
Total Assets was $2,455.17 Mil.
Property, Plant and Equipment(Net PPE) was $1,993.76 Mil.
Depreciation, Depletion and Amortization(DDA) was $302.69 Mil.
Selling, General, & Admin. Expense(SGA) was $80.23 Mil.
Total Current Liabilities was $332.36 Mil.
Long-Term Debt & Capital Lease Obligation was $367.92 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) |
| = | (136.307 / 1011.878) | / | (150.422 / 896.716) |
| = | 0.134707 | / | 0.167748 |
| | = | 0.803 |
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) |
| = | (649.609 / 896.716) | / | (872.758 / 1011.878) |
| = | 0.724431 | / | 0.862513 |
| | = | 0.8399 |
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 - (325.14 + 2149.918) / 2816.133) | / | (1 - (265.738 + 1993.758) / 2455.173) |
| = | 0.121115 | / | 0.0797 |
| | = | 1.5196 |
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 |
| = | 1011.878 | / | 896.716 |
| | = | 1.1284 |
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)) |
| = | (302.694 / (302.694 + 1993.758)) | / | (277.771 / (277.771 + 2149.918)) |
| = | 0.131809 | / | 0.114418 |
| | = | 1.152 |
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) |
| = | (109.22 / 1011.878) | / | (80.23 / 896.716) |
| = | 0.107938 | / | 0.089471 |
| | = | 1.2064 |
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) |
| = | ((811.316 + 397.483) / 2816.133) | / | ((367.923 + 332.364) / 2455.173) |
| = | 0.429241 | / | 0.285229 |
| | = | 1.5049 |
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 |
| = | (137.109 - 0 | - | 506.917) | / | 2816.133 |
| | = | -0.131318 |
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.
Vermilion Energy, has a M-score of -3.22 suggests that the company is unlikely to be a manipulator.
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