Devon Energy Beneish M-Score Historical Data
The historical data trend for Devon 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.
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Devon 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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|
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-3.81 |
-3.05 |
-1.80 |
-2.84 |
-2.94 |
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Devon 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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-2.84 |
-3.05 |
-3.19 |
-3.00 |
-2.94 |
Competitive Comparison
For the Oil & Gas E&P subindustry, Devon 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.
Devon Energy Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Devon Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Devon Energy's Beneish M-Score falls into.
Devon 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 Devon 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 * 1.0776 | + | 0.528 * 1.241 | + | 0.404 * 1.1223 | + | 0.892 * 0.7717 | + | 0.115 * 0.909 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.297 | + | 4.679 * -0.116801 | - | 0.327 * 0.9042 |
| = | -3.01 |
* 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 R$7,707 Mil.
Revenue was 20309.671 + 18944.853 + 16764.68 + 19912.478 = R$75,932 Mil.
Gross Profit was 8050.371 + 6262.272 + 5076.97 + 7344.126 = R$26,734 Mil.
Total Current Assets was R$15,469 Mil.
Total Assets was R$119,996 Mil.
Property, Plant and Equipment(Net PPE) was R$96,012 Mil.
Depreciation, Depletion and Amortization(DDA) was R$12,700 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,031 Mil.
Total Current Liabilities was R$14,450 Mil.
Long-Term Debt & Capital Lease Obligation was R$29,237 Mil.
Net Income was 5644.57 + 4494.217 + 3349.053 + 5182.557 = R$18,670 Mil.
Non Operating Income was -63.697 + -29.632 + 184.441 + 10.417 = R$102 Mil.
Cash Flow from Operations was 8510.953 + 8519.258 + 6819.449 + 8734.822 = R$32,584 Mil.
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Total Receivables was R$9,269 Mil.
Revenue was 22549.975 + 28483.235 + 28398.36 + 18970.037 = R$98,402 Mil.
Gross Profit was 9064.051 + 13586.168 + 13472.311 + 6872.408 = R$42,995 Mil.
Total Current Assets was R$20,410 Mil.
Total Assets was R$124,426 Mil.
Property, Plant and Equipment(Net PPE) was R$96,148 Mil.
Depreciation, Depletion and Amortization(DDA) was R$11,424 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,030 Mil.
Total Current Liabilities was R$16,287 Mil.
Long-Term Debt & Capital Lease Obligation was R$33,812 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) |
| = | (7707.385 / 75931.682) | / | (9268.622 / 98401.607) |
| = | 0.101504 | / | 0.094192 |
| | = | 1.0776 |
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) |
| = | (42994.938 / 98401.607) | / | (26733.739 / 75931.682) |
| = | 0.436933 | / | 0.352076 |
| | = | 1.241 |
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 - (15468.669 + 96011.581) / 119996.102) | / | (1 - (20409.851 + 96148.182) / 124426.133) |
| = | 0.070968 | / | 0.063235 |
| | = | 1.1223 |
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 |
| = | 75931.682 | / | 98401.607 |
| | = | 0.7717 |
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)) |
| = | (11423.553 / (11423.553 + 96148.182)) | / | (12699.914 / (12699.914 + 96011.581)) |
| = | 0.106195 | / | 0.116822 |
| | = | 0.909 |
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) |
| = | (2031.461 / 75931.682) | / | (2029.87 / 98401.607) |
| = | 0.026754 | / | 0.020628 |
| | = | 1.297 |
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) |
| = | ((29237.107 + 14449.51) / 119996.102) | / | ((33811.848 + 16286.967) / 124426.133) |
| = | 0.364067 | / | 0.402639 |
| | = | 0.9042 |
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 |
| = | (18670.397 - 101.529 | - | 32584.482) | / | 119996.102 |
| | = | -0.116801 |
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.
Devon Energy has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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