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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for CONSOL Energy's Beneish M-Score or its related term are showing as below:
During the past 10 years, the highest Beneish M-Score of CONSOL Energy was -1.87. The lowest was -3.63. And the median was -2.72.
The historical data trend for CONSOL 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.
CONSOL Energy Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.42 | -3.00 | -2.87 | -1.87 | -2.82 |
CONSOL Energy Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.34 | -2.59 | -2.61 | -2.82 | -2.70 |
For the Thermal Coal subindustry, CONSOL 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.
For the Other Energy Sources industry and Energy sector, CONSOL Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CONSOL Energy's Beneish M-Score falls into.
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 CONSOL 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 * 0.9903 | + | 0.528 * 1.0557 | + | 0.404 * 1.2766 | + | 0.892 * 0.9793 | + | 0.115 * 0.9467 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1198 | + | 4.679 * -0.075443 | - | 0.327 * 0.8561 | |||||||
= | -2.70 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $180 Mil. Revenue was 542.297 + 634.349 + 540.666 + 654.023 = $2,371 Mil. Gross Profit was 415.458 + 499.235 + 413.502 + 507.939 = $1,836 Mil. Total Current Assets was $614 Mil. Total Assets was $2,680 Mil. Property, Plant and Equipment(Net PPE) was $1,908 Mil. Depreciation, Depletion and Amortization(DDA) was $239 Mil. Selling, General, & Admin. Expense(SGA) was $107 Mil. Total Current Liabilities was $417 Mil. Long-Term Debt & Capital Lease Obligation was $195 Mil. Net Income was 101.891 + 157.067 + 100.725 + 167.723 = $527 Mil. Non Operating Income was 22.745 + -14.857 + 28.536 + 6.256 = $43 Mil. Cash Flow from Operations was 77.484 + 219.131 + 162.734 + 227.573 = $687 Mil. |
Total Receivables was $186 Mil. Revenue was 677.597 + 608.915 + 530.017 + 604.916 = $2,421 Mil. Gross Profit was 550.539 + 499.622 + 432.625 + 496.625 = $1,979 Mil. Total Current Assets was $612 Mil. Total Assets was $2,695 Mil. Property, Plant and Equipment(Net PPE) was $1,959 Mil. Depreciation, Depletion and Amortization(DDA) was $230 Mil. Selling, General, & Admin. Expense(SGA) was $97 Mil. Total Current Liabilities was $442 Mil. Long-Term Debt & Capital Lease Obligation was $277 Mil. |
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) |
= | (180.001 / 2371.335) | / | (185.613 / 2421.445) | |
= | 0.075907 | / | 0.076654 | |
= | 0.9903 |
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) | |
= | (1979.411 / 2421.445) | / | (1836.134 / 2371.335) | |
= | 0.81745 | / | 0.774304 | |
= | 1.0557 |
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 - (613.713 + 1908.113) / 2680.124) | / | (1 - (611.988 + 1958.616) / 2695.311) | |
= | 0.059064 | / | 0.046268 | |
= | 1.2766 |
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 | |
= | 2371.335 | / | 2421.445 | |
= | 0.9793 |
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)) |
= | (230.475 / (230.475 + 1958.616)) | / | (238.763 / (238.763 + 1908.113)) | |
= | 0.105283 | / | 0.111214 | |
= | 0.9467 |
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) |
= | (106.805 / 2371.335) | / | (97.392 / 2421.445) | |
= | 0.04504 | / | 0.040221 | |
= | 1.1198 |
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) |
= | ((194.988 + 417.296) / 2680.124) | / | ((276.772 + 442.466) / 2695.311) | |
= | 0.228454 | / | 0.266848 | |
= | 0.8561 |
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 | |
= | (527.406 - 42.68 | - | 686.922) | / | 2680.124 | |
= | -0.075443 |
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.
CONSOL Energy has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of CONSOL Energy's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
James A Brock | director, officer: Chief Executive Officer | 1000 CONSOL ENERGY DRIVE, CANONSBURG PA 15317 |
Martha A Wiegand | officer: General Counsel & Secretary | 1000 CONSOL ENERGY DRIVE, CANONSBURG PA 15317 |
Platt Joseph P Jr | director | HENRY W. OLIVER BLDG., 535 SMITHFIELD ST., PITTSBURGH PA 15222 |
John T Mills | director | MARATHON OIL CORP, 5555 SAN FELIPE ROAD, HOUSTON TX 77056 |
Kurt R. Salvatori | officer: Chief Administrative Officer | 1000 CONSOL ENERGY DRIVE, CANONSBURG PA 15317 |
Valli Perera | director | C/O CONSOL ENERGY INC., 275 TECHNOLOGY DRIVE SUITE 101, CANONSBURG PA 15317 |
Cassandra Chia-wei Pan | director | C/O CONSOL ENERGY INC., 275 TECHNOLOGY DRIVE, SUITE 101, CANONSBURG PA 15317 |
John Rothka | officer: Chief Accounting Officer | 2970 HENDERSON AVENUE, WASHINGTON PA 15301 |
Sophie Bergeron | director | 1000 CONSOL ENERGY DRIVE, SUITE 100, CANONSBURG PA 15317 |
Dme Capital Management, Lp | other: Former 10% Owner | 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017 |
Dme Advisors Gp, L.l.c. | other: Former 10% Owner | 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017 |
Dme Advisors, Lp | other: Former 10% Owner | 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017 |
Greenlight Capital Inc | other: Former 10% Owner | 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017 |
David Einhorn | other: Former 10% Owner | 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017 |
Matthew T Wood | 10 percent owner | 60 CHARLOTTE STREET, LONDON W1T 2NU X0 00000 |
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