GulfMark Offshore Beneish M-Score Historical Data
The historical data trend for GulfMark Offshore'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.
GulfMark Offshore Beneish M-Score Chart
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GulfMark Offshore Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.66 |
-3.00 |
-0.33 |
-3.92 |
-4.32 |
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GulfMark Offshore Quarterly Data
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Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
| Beneish M-Score |
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-2.96 |
-4.32 |
-1.55 |
-2.18 |
-1.75 |
Competitive Comparison of GulfMark Offshore's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, GulfMark Offshore'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.
GulfMark Offshore's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, GulfMark Offshore's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GulfMark Offshore's Beneish M-Score falls into.
GulfMark Offshore 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 GulfMark Offshore 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 * 1.2865 | + | 0.528 * -1.084 | + | 0.404 * 6.6423 | + | 0.892 * 0.7753 | + | 0.115 * 0.6821 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.778 | + | 4.679 * -0.020735 | - | 0.327 * 1.6933 |
| = | -1.56 |
* 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 (Sep18) TTM: | Last Year (Sep17) TTM: |
Total Receivables was $26.44 Mil.
Revenue was 27.814 + 26.453 + 24.366 + 0 = $78.63 Mil.
Gross Profit was 18.621 + 17.451 + -6.55 + 0 = $29.52 Mil.
Total Current Assets was $72.39 Mil.
Total Assets was $417.40 Mil.
Property, Plant and Equipment(Net PPE) was $335.58 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.14 Mil.
Selling, General, & Admin. Expense(SGA) was $21.66 Mil.
Total Current Liabilities was $21.03 Mil.
Long-Term Debt & Capital Lease Obligation was $93.60 Mil.
Net Income was -11.155 + -13.575 + -15.238 + 0 = $-39.97 Mil.
Non Operating Income was -0.152 + -2.151 + 1.34 + 0 = $-0.96 Mil.
Cash Flow from Operations was -7.204 + -6.007 + -17.139 + 0 = $-30.35 Mil.
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Total Receivables was $26.51 Mil.
Revenue was 25.805 + 24.641 + 24.359 + 26.617 = $101.42 Mil.
Gross Profit was 10.824 + 9.409 + -11.288 + -50.222 = $-41.28 Mil.
Total Current Assets was $56.69 Mil.
Total Assets was $1,071.67 Mil.
Property, Plant and Equipment(Net PPE) was $1,011.34 Mil.
Depreciation, Depletion and Amortization(DDA) was $54.39 Mil.
Selling, General, & Admin. Expense(SGA) was $35.91 Mil.
Total Current Liabilities was $173.80 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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) |
| = | (26.442 / 78.633) | / | (26.511 / 101.422) |
| = | 0.336271 | / | 0.261393 |
| | = | 1.2865 |
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) |
| = | (-41.277 / 101.422) | / | (29.522 / 78.633) |
| = | -0.406983 | / | 0.37544 |
| | = | -1.084 |
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 - (72.391 + 335.579) / 417.402) | / | (1 - (56.686 + 1011.339) / 1071.671) |
| = | 0.022597 | / | 0.003402 |
| | = | 6.6423 |
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 |
| = | 78.633 | / | 101.422 |
| | = | 0.7753 |
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)) |
| = | (54.387 / (54.387 + 1011.339)) | / | (27.136 / (27.136 + 335.579)) |
| = | 0.051033 | / | 0.074814 |
| | = | 0.6821 |
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) |
| = | (21.658 / 78.633) | / | (35.906 / 101.422) |
| = | 0.275431 | / | 0.354026 |
| | = | 0.778 |
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) |
| = | ((93.596 + 21.033) / 417.402) | / | ((0 + 173.802) / 1071.671) |
| = | 0.274625 | / | 0.162179 |
| | = | 1.6933 |
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 |
| = | (-39.968 - -0.963 | - | -30.35) | / | 417.402 |
| | = | -0.020735 |
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.
GulfMark Offshore has a M-score of -1.56 signals that the company is likely to be a manipulator.
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