Andeavor Beneish M-Score Historical Data
The historical data trend for Andeavor'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.
Andeavor Beneish M-Score Chart
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Andeavor Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.29 |
-2.40 |
-3.41 |
-2.27 |
-1.58 |
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Andeavor Quarterly Data
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Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
| Beneish M-Score |
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-2.15 |
-1.95 |
-1.58 |
-1.49 |
-1.75 |
Competitive Comparison of Andeavor's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Andeavor'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.
Andeavor's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Andeavor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Andeavor's Beneish M-Score falls into.
Andeavor 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 Andeavor 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 * 1.327 | + | 0.528 * 1.0479 | + | 0.404 * 0.9798 | + | 0.892 * 1.6261 | + | 0.115 * 0.9587 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7437 | + | 4.679 * 0.003318 | - | 0.327 * 1.0921 |
| = | -1.58 |
* 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 (Jun18) TTM: | Last Year (Jun17) TTM: |
Total Receivables was R$9,891 Mil.
Revenue was 47031.912 + 33773.7 + 35098.34 + 30811.27 = R$146,715 Mil.
Gross Profit was 8435.727 + 5544.789 + 5156.675 + 7189.087 = R$26,326 Mil.
Total Current Assets was R$27,000 Mil.
Total Assets was R$113,409 Mil.
Property, Plant and Equipment(Net PPE) was R$58,243 Mil.
Depreciation, Depletion and Amortization(DDA) was R$3,810 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,395 Mil.
Total Current Liabilities was R$19,059 Mil.
Long-Term Debt & Capital Lease Obligation was R$32,800 Mil.
Net Income was 1942.065 + 563.988 + 2896.305 + 1751.067 = R$7,153 Mil.
Non Operating Income was 37.71 + 65.58 + -131.8 + 28.192 = R$-0 Mil.
Cash Flow from Operations was 3194.037 + 819.75 + 1413.555 + 1350.107 = R$6,777 Mil.
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Total Receivables was R$4,584 Mil.
Revenue was 25865.595 + 20760.345 + 22310.808 + 21288.941 = R$90,226 Mil.
Gross Profit was 4689.354 + 3790.53 + 4165.668 + 4320.25 = R$16,966 Mil.
Total Current Assets was R$19,888 Mil.
Total Assets was R$89,071 Mil.
Property, Plant and Equipment(Net PPE) was R$46,607 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,915 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,980 Mil.
Total Current Liabilities was R$13,686 Mil.
Long-Term Debt & Capital Lease Obligation was R$23,608 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) |
| = | (9891.333 / 146715.222) | / | (4583.901 / 90225.689) |
| = | 0.067419 | / | 0.050805 |
| | = | 1.327 |
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) |
| = | (16965.802 / 90225.689) | / | (26326.278 / 146715.222) |
| = | 0.188037 | / | 0.179438 |
| | = | 1.0479 |
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 - (27000.36 + 58243.095) / 113409.054) | / | (1 - (19887.739 + 46606.842) / 89071.367) |
| = | 0.248354 | / | 0.253469 |
| | = | 0.9798 |
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 |
| = | 146715.222 | / | 90225.689 |
| | = | 1.6261 |
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)) |
| = | (2915.308 / (2915.308 + 46606.842)) | / | (3810.172 / (3810.172 + 58243.095)) |
| = | 0.058869 | / | 0.061402 |
| | = | 0.9587 |
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) |
| = | (2394.586 / 146715.222) | / | (1980.041 / 90225.689) |
| = | 0.016321 | / | 0.021945 |
| | = | 0.7437 |
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) |
| = | ((32800.158 + 19058.634) / 113409.054) | / | ((23608.246 + 13685.796) / 89071.367) |
| = | 0.457272 | / | 0.418698 |
| | = | 1.0921 |
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 |
| = | (7153.425 - -0.318 | - | 6777.449) | / | 113409.054 |
| | = | 0.003318 |
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.
Andeavor has a M-score of -1.58 signals that the company is likely to be a manipulator.
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