Ring Energy Beneish M-Score Historical Data
The historical data trend for Ring 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.
Ring Energy Beneish M-Score Chart
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Ring 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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-3.02 |
-2.98 |
-2.18 |
0.70 |
-2.72 |
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Ring Energy Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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0.70 |
0.66 |
-0.19 |
-2.78 |
-2.72 |
Competitive Comparison of Ring Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, Ring 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.
Ring Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Ring Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ring Energy's Beneish M-Score falls into.
Ring 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 Ring 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 * 0.9165 | + | 0.528 * 1.2939 | + | 0.404 * 0.9463 | + | 0.892 * 1.0398 | + | 0.115 * 0.7038 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0413 | + | 4.679 * -0.069876 | - | 0.327 * 0.893 |
| = | -2.72 |
* 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 $41.4 Mil.
Revenue was 99.943 + 93.682 + 79.349 + 88.083 = $361.1 Mil.
Gross Profit was 49.957 + 47.011 + 36.821 + 43.147 = $176.9 Mil.
Total Current Assets was $55.9 Mil.
Total Assets was $1,376.5 Mil.
Property, Plant and Equipment(Net PPE) was $1,295.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $88.6 Mil.
Selling, General, & Admin. Expense(SGA) was $29.7 Mil.
Total Current Liabilities was $113.8 Mil.
Long-Term Debt & Capital Lease Obligation was $428.0 Mil.
Net Income was 50.896 + -7.539 + 28.792 + 32.716 = $104.9 Mil.
Non Operating Income was 29.368 + -39.223 + 3.249 + 9.485 = $2.9 Mil.
Cash Flow from Operations was 55.733 + 55.391 + 43.366 + 43.68 = $198.2 Mil.
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Total Receivables was $43.4 Mil.
Revenue was 99.698 + 94.409 + 84.962 + 68.181 = $347.3 Mil.
Gross Profit was 54.911 + 61.209 + 60.172 + 43.896 = $220.2 Mil.
Total Current Assets was $63.2 Mil.
Total Assets was $1,269.0 Mil.
Property, Plant and Equipment(Net PPE) was $1,181.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $55.7 Mil.
Selling, General, & Admin. Expense(SGA) was $27.5 Mil.
Total Current Liabilities was $141.8 Mil.
Long-Term Debt & Capital Lease Obligation was $417.5 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) |
| = | (41.387 / 361.057) | / | (43.433 / 347.25) |
| = | 0.114627 | / | 0.125077 |
| | = | 0.9165 |
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) |
| = | (220.188 / 347.25) | / | (176.936 / 361.057) |
| = | 0.634091 | / | 0.49005 |
| | = | 1.2939 |
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 - (55.911 + 1295.92) / 1376.496) | / | (1 - (63.166 + 1181.805) / 1269) |
| = | 0.017919 | / | 0.018935 |
| | = | 0.9463 |
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 |
| = | 361.057 | / | 347.25 |
| | = | 1.0398 |
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)) |
| = | (55.741 / (55.741 + 1181.805)) | / | (88.611 / (88.611 + 1295.92)) |
| = | 0.045042 | / | 0.064001 |
| | = | 0.7038 |
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) |
| = | (29.731 / 361.057) | / | (27.459 / 347.25) |
| = | 0.082344 | / | 0.079076 |
| | = | 1.0413 |
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) |
| = | ((427.96 + 113.808) / 1376.496) | / | ((417.526 + 141.795) / 1269) |
| = | 0.393585 | / | 0.440757 |
| | = | 0.893 |
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 |
| = | (104.865 - 2.879 | - | 198.17) | / | 1376.496 |
| | = | -0.069876 |
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.
Ring Energy has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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