Archrock Beneish M-Score Historical Data
The historical data trend for Archrock'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.
Archrock Beneish M-Score Chart
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Archrock Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-3.29 |
-2.85 |
-2.55 |
-3.03 |
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Archrock Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.91 |
-3.03 |
-3.06 |
-3.07 |
-2.40 |
Competitive Comparison of Archrock's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Archrock'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.
Archrock's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Archrock's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Archrock's Beneish M-Score falls into.
Archrock 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 Archrock 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 * 1.0033 | + | 0.528 * 0.8519 | + | 0.404 * 1.5912 | + | 0.892 * 1.1486 | + | 0.115 * 1.2796 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9846 | + | 4.679 * -0.055577 | - | 0.327 * 0.9628 |
| = | -2.40 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $149 Mil.
Revenue was 292.161 + 270.526 + 268.488 + 259.593 = $1,091 Mil.
Gross Profit was 129.579 + 112.237 + 112.91 + 104.606 = $459 Mil.
Total Current Assets was $245 Mil.
Total Assets was $3,816 Mil.
Property, Plant and Equipment(Net PPE) was $3,276 Mil.
Depreciation, Depletion and Amortization(DDA) was $181 Mil.
Selling, General, & Admin. Expense(SGA) was $130 Mil.
Total Current Liabilities was $195 Mil.
Long-Term Debt & Capital Lease Obligation was $2,249 Mil.
Net Income was 37.516 + 34.425 + 40.532 + 33.002 = $145 Mil.
Non Operating Income was -12.388 + -5.735 + -0.326 + -0.953 = $-19 Mil.
Cash Flow from Operations was 96.9 + 70.651 + 137.702 + 71.719 = $377 Mil.
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Total Receivables was $129 Mil.
Revenue was 253.367 + 247.543 + 229.834 + 218.871 = $950 Mil.
Gross Profit was 99.251 + 94.957 + 76.263 + 70.207 = $341 Mil.
Total Current Assets was $225 Mil.
Total Assets was $2,672 Mil.
Property, Plant and Equipment(Net PPE) was $2,317 Mil.
Depreciation, Depletion and Amortization(DDA) was $167 Mil.
Selling, General, & Admin. Expense(SGA) was $115 Mil.
Total Current Liabilities was $159 Mil.
Long-Term Debt & Capital Lease Obligation was $1,617 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) |
| = | (149.019 / 1090.768) | / | (129.306 / 949.615) |
| = | 0.136618 | / | 0.136167 |
| | = | 1.0033 |
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) |
| = | (340.678 / 949.615) | / | (459.332 / 1090.768) |
| = | 0.358754 | / | 0.421109 |
| | = | 0.8519 |
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 - (244.681 + 3276.248) / 3816.248) | / | (1 - (224.877 + 2317.283) / 2672.11) |
| = | 0.077385 | / | 0.048632 |
| | = | 1.5912 |
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 |
| = | 1090.768 | / | 949.615 |
| | = | 1.1486 |
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)) |
| = | (166.744 / (166.744 + 2317.283)) | / | (181.38 / (181.38 + 3276.248)) |
| = | 0.067126 | / | 0.052458 |
| | = | 1.2796 |
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) |
| = | (129.894 / 1090.768) | / | (114.852 / 949.615) |
| = | 0.119085 | / | 0.120946 |
| | = | 0.9846 |
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) |
| = | ((2248.667 + 194.661) / 3816.248) | / | ((1617.482 + 159.375) / 2672.11) |
| = | 0.640244 | / | 0.664964 |
| | = | 0.9628 |
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 |
| = | (145.475 - -19.402 | - | 376.972) | / | 3816.248 |
| | = | -0.055577 |
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.
Archrock has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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