Shelf Drilling Beneish M-Score Historical Data
The historical data trend for Shelf Drilling'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.
Shelf Drilling Beneish M-Score Chart
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Shelf Drilling Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-3.89 |
-2.42 |
-2.15 |
-2.27 |
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Shelf Drilling 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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-2.15 |
-1.98 |
-1.88 |
-1.70 |
-2.27 |
Competitive Comparison of Shelf Drilling's Beneish M-Score
For the Oil & Gas Drilling subindustry, Shelf Drilling'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.
Shelf Drilling's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Shelf Drilling's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shelf Drilling's Beneish M-Score falls into.
Shelf Drilling 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 Shelf Drilling 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 * 0.9699 | + | 0.528 * 1.0026 | + | 0.404 * 1.0953 | + | 0.892 * 1.4324 | + | 0.115 * 0.7797 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.861 | + | 4.679 * -0.04541 | - | 0.327 * 0.9252 |
| = | -2.27 |
* 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 kr2,412 Mil.
Revenue was 2552.955 + 2878.509 + 2312.589 + 1931.624 = kr9,676 Mil.
Gross Profit was 2322.978 + 2645.783 + 2088.024 + 1731.51 = kr8,788 Mil.
Total Current Assets was kr4,419 Mil.
Total Assets was kr22,140 Mil.
Property, Plant and Equipment(Net PPE) was kr15,808 Mil.
Depreciation, Depletion and Amortization(DDA) was kr736 Mil.
Selling, General, & Admin. Expense(SGA) was kr685 Mil.
Total Current Liabilities was kr3,304 Mil.
Long-Term Debt & Capital Lease Obligation was kr13,157 Mil.
Net Income was -177.23 + 438.64 + 18.354 + -361.258 = kr-81 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 474.723 + 234.871 + 493.395 + -279.106 = kr924 Mil.
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Total Receivables was kr1,736 Mil.
Revenue was 2195.358 + 1712.607 + 1468.993 + 1378.104 = kr6,755 Mil.
Gross Profit was 2010.6 + 1562.252 + 1327.65 + 1250.894 = kr6,151 Mil.
Total Current Assets was kr3,915 Mil.
Total Assets was kr20,218 Mil.
Property, Plant and Equipment(Net PPE) was kr14,708 Mil.
Depreciation, Depletion and Amortization(DDA) was kr529 Mil.
Selling, General, & Admin. Expense(SGA) was kr556 Mil.
Total Current Liabilities was kr1,996 Mil.
Long-Term Debt & Capital Lease Obligation was kr14,251 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) |
| = | (2411.593 / 9675.677) | / | (1735.934 / 6755.062) |
| = | 0.249243 | / | 0.256983 |
| | = | 0.9699 |
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) |
| = | (6151.396 / 6755.062) | / | (8788.295 / 9675.677) |
| = | 0.910635 | / | 0.908287 |
| | = | 1.0026 |
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 - (4419.144 + 15808.276) / 22140.026) | / | (1 - (3915.484 + 14707.517) / 20217.649) |
| = | 0.086387 | / | 0.078874 |
| | = | 1.0953 |
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 |
| = | 9675.677 | / | 6755.062 |
| | = | 1.4324 |
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)) |
| = | (528.577 / (528.577 + 14707.517)) | / | (736.115 / (736.115 + 15808.276)) |
| = | 0.034692 | / | 0.044493 |
| | = | 0.7797 |
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) |
| = | (685.308 / 9675.677) | / | (555.66 / 6755.062) |
| = | 0.070828 | / | 0.082258 |
| | = | 0.861 |
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) |
| = | ((13157.212 + 3304.072) / 22140.026) | / | ((14251.056 + 1995.78) / 20217.649) |
| = | 0.743508 | / | 0.803597 |
| | = | 0.9252 |
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 |
| = | (-81.494 - 0 | - | 923.883) | / | 22140.026 |
| | = | -0.04541 |
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.
Shelf Drilling has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
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