APA Beneish M-Score Historical Data
The historical data trend for APA'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.
APA Beneish M-Score Chart
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APA Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.82 |
-2.74 |
-3.39 |
-1.93 |
-2.56 |
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APA Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Sep22 |
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Mar24 |
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Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.11 |
-1.77 |
-2.06 |
-2.56 |
-2.66 |
Competitive Comparison of APA's Beneish M-Score
For the Oil & Gas E&P subindustry, APA'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.
APA's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, APA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where APA's Beneish M-Score falls into.
APA 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 APA 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 * 0.9001 | + | 0.528 * 1.1887 | + | 0.404 * 1.1586 | + | 0.892 * 1.2676 | + | 0.115 * 0.8558 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7847 | + | 4.679 * -0.117749 | - | 0.327 * 0.8804 |
| = | -2.66 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $1,822 Mil.
Revenue was 2636 + 2712 + 2531 + 2543 = $10,422 Mil.
Gross Profit was 1008 + 1099 + 1103 + 1164 = $4,374 Mil.
Total Current Assets was $2,444 Mil.
Total Assets was $18,531 Mil.
Property, Plant and Equipment(Net PPE) was $12,780 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,479 Mil.
Selling, General, & Admin. Expense(SGA) was $377 Mil.
Total Current Liabilities was $2,761 Mil.
Long-Term Debt & Capital Lease Obligation was $5,237 Mil.
Net Income was 347 + 354 + -223 + 541 = $1,019 Mil.
Non Operating Income was 75 + -240 + -1116 + 134 = $-1,147 Mil.
Cash Flow from Operations was 1096 + 1036 + 1339 + 877 = $4,348 Mil.
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Total Receivables was $1,597 Mil.
Revenue was 1951 + 2167 + 2308 + 1796 = $8,222 Mil.
Gross Profit was 936 + 1111 + 1196 + 859 = $4,102 Mil.
Total Current Assets was $2,506 Mil.
Total Assets was $14,952 Mil.
Property, Plant and Equipment(Net PPE) was $10,143 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,638 Mil.
Selling, General, & Admin. Expense(SGA) was $379 Mil.
Total Current Liabilities was $2,152 Mil.
Long-Term Debt & Capital Lease Obligation was $5,178 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) |
| = | (1822 / 10422) | / | (1597 / 8222) |
| = | 0.174822 | / | 0.194235 |
| | = | 0.9001 |
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) |
| = | (4102 / 8222) | / | (4374 / 10422) |
| = | 0.498905 | / | 0.419689 |
| | = | 1.1887 |
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 - (2444 + 12780) / 18531) | / | (1 - (2506 + 10143) / 14952) |
| = | 0.178458 | / | 0.154026 |
| | = | 1.1586 |
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 |
| = | 10422 | / | 8222 |
| | = | 1.2676 |
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)) |
| = | (1638 / (1638 + 10143)) | / | (2479 / (2479 + 12780)) |
| = | 0.139037 | / | 0.162461 |
| | = | 0.8558 |
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) |
| = | (377 / 10422) | / | (379 / 8222) |
| = | 0.036173 | / | 0.046096 |
| | = | 0.7847 |
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) |
| = | ((5237 + 2761) / 18531) | / | ((5178 + 2152) / 14952) |
| = | 0.431601 | / | 0.490235 |
| | = | 0.8804 |
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 |
| = | (1019 - -1147 | - | 4348) | / | 18531 |
| | = | -0.117749 |
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.
APA has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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