Viper Energy Beneish M-Score Historical Data
The historical data trend for Viper 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.
Viper Energy Beneish M-Score Chart
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Viper 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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-2.17 |
-3.83 |
-1.91 |
4.56 |
-2.88 |
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Viper 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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2.00 |
3.92 |
-2.80 |
-2.88 |
-2.63 |
Competitive Comparison of Viper Energy's Beneish M-Score
For the Oil & Gas Midstream subindustry, Viper 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.
Viper Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Viper Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Viper Energy's Beneish M-Score falls into.
Viper 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 Viper 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 * 1.3338 | + | 0.528 * 1.042 | + | 0.404 * 1.2343 | + | 0.892 * 1.0371 | + | 0.115 * 1.0138 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.327 | + | 4.679 * -0.104825 | - | 0.327 * 1.1922 |
| = | -2.63 |
* 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 $165.1 Mil.
Revenue was 205.237 + 204.577 + 293.047 + 160.608 = $863.5 Mil.
Gross Profit was 143.898 + 147.183 + 244.481 + 113.923 = $649.5 Mil.
Total Current Assets was $189.8 Mil.
Total Assets was $4,012.6 Mil.
Property, Plant and Equipment(Net PPE) was $3,741.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $162.1 Mil.
Selling, General, & Admin. Expense(SGA) was $12.9 Mil.
Total Current Liabilities was $54.9 Mil.
Long-Term Debt & Capital Lease Obligation was $1,093.5 Mil.
Net Income was 43.36 + 56.972 + 78.599 + 30.55 = $209.5 Mil.
Non Operating Income was -7.234 + 5.864 + -2.499 + -12.422 = $-16.3 Mil.
Cash Flow from Operations was 115.442 + 145.795 + 239.728 + 145.426 = $646.4 Mil.
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Total Receivables was $119.4 Mil.
Revenue was 168.556 + 203.431 + 221.406 + 239.159 = $832.6 Mil.
Gross Profit was 124.682 + 161.368 + 175.308 + 191.158 = $652.5 Mil.
Total Current Assets was $133.3 Mil.
Total Assets was $3,019.7 Mil.
Property, Plant and Equipment(Net PPE) was $2,837.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $124.6 Mil.
Selling, General, & Admin. Expense(SGA) was $9.4 Mil.
Total Current Liabilities was $29.8 Mil.
Long-Term Debt & Capital Lease Obligation was $695.2 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) |
| = | (165.118 / 863.469) | / | (119.362 / 832.552) |
| = | 0.191226 | / | 0.143369 |
| | = | 1.3338 |
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) |
| = | (652.516 / 832.552) | / | (649.485 / 863.469) |
| = | 0.783754 | / | 0.752181 |
| | = | 1.042 |
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 - (189.82 + 3741.733) / 4012.566) | / | (1 - (133.27 + 2837.068) / 3019.736) |
| = | 0.02019 | / | 0.016358 |
| | = | 1.2343 |
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 |
| = | 863.469 | / | 832.552 |
| | = | 1.0371 |
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)) |
| = | (124.647 / (124.647 + 2837.068)) | / | (162.064 / (162.064 + 3741.733)) |
| = | 0.042086 | / | 0.041514 |
| | = | 1.0138 |
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) |
| = | (12.872 / 863.469) | / | (9.353 / 832.552) |
| = | 0.014907 | / | 0.011234 |
| | = | 1.327 |
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) |
| = | ((1093.547 + 54.885) / 4012.566) | / | ((695.154 + 29.771) / 3019.736) |
| = | 0.286209 | / | 0.240062 |
| | = | 1.1922 |
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 |
| = | (209.481 - -16.291 | - | 646.391) | / | 4012.566 |
| | = | -0.104825 |
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.
Viper Energy has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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