BKV Beneish M-Score Historical Data
The historical data trend for BKV'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.
BKV Beneish M-Score Chart
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BKV Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-3.62 |
-2.34 |
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BKV Quarterly Data
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Dec20 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.62 |
-2.12 |
-0.96 |
-1.88 |
-2.34 |
Competitive Comparison of BKV's Beneish M-Score
For the Oil & Gas E&P subindustry, BKV'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.
BKV's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, BKV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BKV's Beneish M-Score falls into.
BKV 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 BKV 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 * 1.6414 | + | 0.528 * 1.0901 | + | 0.404 * 1.1229 | + | 0.892 * 0.8177 | + | 0.115 * 0.9325 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1129 | + | 4.679 * -0.113437 | - | 0.327 * 0.4817 |
| = | -2.34 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $65.8 Mil.
Revenue was 174.258 + 137.779 + 137.6 + 154.893 = $604.5 Mil.
Gross Profit was 125.57 + 80.413 + 78.287 + 102.727 = $387.0 Mil.
Total Current Assets was $94.6 Mil.
Total Assets was $2,231.1 Mil.
Property, Plant and Equipment(Net PPE) was $1,985.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $217.9 Mil.
Selling, General, & Admin. Expense(SGA) was $241.5 Mil.
Total Current Liabilities was $166.2 Mil.
Long-Term Debt & Capital Lease Obligation was $165.0 Mil.
Net Income was -57.457 + 12.869 + -59.697 + -38.585 = $-142.9 Mil.
Non Operating Income was -64.313 + 90.792 + -31.041 + -3.757 = $-8.3 Mil.
Cash Flow from Operations was 43.762 + 64.994 + -9.469 + 19.251 = $118.5 Mil.
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Total Receivables was $49.1 Mil.
Revenue was 187.828 + 182.071 + 150.645 + 218.736 = $739.3 Mil.
Gross Profit was 95.081 + 129.802 + 109.038 + 181.989 = $515.9 Mil.
Total Current Assets was $312.2 Mil.
Total Assets was $2,683.1 Mil.
Property, Plant and Equipment(Net PPE) was $2,209.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $224.4 Mil.
Selling, General, & Admin. Expense(SGA) was $265.3 Mil.
Total Current Liabilities was $412.3 Mil.
Long-Term Debt & Capital Lease Obligation was $414.7 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) |
| = | (65.849 / 604.53) | / | (49.059 / 739.28) |
| = | 0.108926 | / | 0.066361 |
| | = | 1.6414 |
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) |
| = | (515.91 / 739.28) | / | (386.997 / 604.53) |
| = | 0.697855 | / | 0.640162 |
| | = | 1.0901 |
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 - (94.61 + 1985.581) / 2231.088) | / | (1 - (312.157 + 2209.377) / 2683.146) |
| = | 0.067634 | / | 0.060232 |
| | = | 1.1229 |
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 |
| = | 604.53 | / | 739.28 |
| | = | 0.8177 |
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)) |
| = | (224.427 / (224.427 + 2209.377)) | / | (217.892 / (217.892 + 1985.581)) |
| = | 0.092212 | / | 0.098886 |
| | = | 0.9325 |
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) |
| = | (241.464 / 604.53) | / | (265.335 / 739.28) |
| = | 0.399424 | / | 0.35891 |
| | = | 1.1129 |
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) |
| = | ((165 + 166.205) / 2231.088) | / | ((414.663 + 412.259) / 2683.146) |
| = | 0.14845 | / | 0.308191 |
| | = | 0.4817 |
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 |
| = | (-142.87 - -8.319 | - | 118.538) | / | 2231.088 |
| | = | -0.113437 |
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.
BKV has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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