BG Group Beneish M-Score Historical Data
The historical data trend for BG Group'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.
BG Group Beneish M-Score Chart
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BG Group Annual Data
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BG Group Quarterly Data
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Competitive Comparison of BG Group's Beneish M-Score
For the Oil & Gas E&P subindustry, BG Group'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.
BG Group's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, BG Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BG Group's Beneish M-Score falls into.
BG Group 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 BG Group 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 * 3.567 | + | 0.528 * 0.7769 | + | 0.404 * 0.8878 | + | 0.892 * 0.8372 | + | 0.115 * 0.8692 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.032995 | - | 0.327 * 0.9351 |
| = | -0.57 |
* 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 (Dec15) TTM: | Last Year (Dec14) TTM: |
Total Receivables was $3,667 Mil.
Revenue was $16,148 Mil.
Gross Profit was $16,148 Mil.
Total Current Assets was $12,364 Mil.
Total Assets was $59,676 Mil.
Property, Plant and Equipment(Net PPE) was $35,256 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,204 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $6,016 Mil.
Long-Term Debt & Capital Lease Obligation was $15,473 Mil.
Net Income was $2,334 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $4,303 Mil.
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Total Receivables was $1,228 Mil.
Revenue was $19,289 Mil.
Gross Profit was $14,986 Mil.
Total Current Assets was $11,917 Mil.
Total Assets was $61,846 Mil.
Property, Plant and Equipment(Net PPE) was $35,855 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,799 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $7,894 Mil.
Long-Term Debt & Capital Lease Obligation was $15,921 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) |
| = | (3667 / 16148) | / | (1228 / 19289) |
| = | 0.227087 | / | 0.063663 |
| | = | 3.567 |
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) |
| = | (14986 / 19289) | / | (16148 / 16148) |
| = | 0.776919 | / | 1 |
| | = | 0.7769 |
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 - (12364 + 35256) / 59676) | / | (1 - (11917 + 35855) / 61846) |
| = | 0.202024 | / | 0.227565 |
| | = | 0.8878 |
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 |
| = | 16148 | / | 19289 |
| | = | 0.8372 |
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)) |
| = | (2799 / (2799 + 35855)) | / | (3204 / (3204 + 35256)) |
| = | 0.072412 | / | 0.083307 |
| | = | 0.8692 |
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) |
| = | (0 / 16148) | / | (0 / 19289) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((15473 + 6016) / 59676) | / | ((15921 + 7894) / 61846) |
| = | 0.360095 | / | 0.385069 |
| | = | 0.9351 |
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 |
| = | (2334 - 0 | - | 4303) | / | 59676 |
| | = | -0.032995 |
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.
BG Group has a M-score of -0.57 signals that the company is likely to be a manipulator.
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