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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 -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Civitas Resources's Beneish M-Score or its related term are showing as below:
During the past 10 years, the highest Beneish M-Score of Civitas Resources was 4.06. The lowest was -3.16. And the median was -0.99.
The historical data trend for Civitas Resources'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.
Civitas Resources Annual Data | |||||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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4.06 | 0.46 | -1.24 | -1.43 | -2.82 |
Civitas Resources Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-1.43 | 0.88 | 1.64 | -1.86 | -2.82 |
For the Oil & Gas E&P subindustry, Civitas Resources'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 Oil & Gas industry and Energy sector, Civitas Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Civitas Resources'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 Civitas Resources 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 * 0.6838 | + | 0.528 * 1.1643 | + | 0.404 * 1.1753 | + | 0.892 * 1.4976 | + | 0.115 * 0.6948 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9409 | + | 4.679 * -0.137491 | - | 0.327 * 0.952 | |||||||
= | -2.82 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $771 Mil. Revenue was 1291.745 + 1271.375 + 1311.532 + 1327.756 = $5,202 Mil. Gross Profit was 464.965 + 493.046 + 557.428 + 626.989 = $2,142 Mil. Total Current Assets was $988 Mil. Total Assets was $14,944 Mil. Property, Plant and Equipment(Net PPE) was $13,888 Mil. Depreciation, Depletion and Amortization(DDA) was $2,056 Mil. Selling, General, & Admin. Expense(SGA) was $227 Mil. Total Current Liabilities was $2,205 Mil. Long-Term Debt & Capital Lease Obligation was $4,494 Mil. Net Income was 151.11 + 295.803 + 215.989 + 175.821 = $839 Mil. Non Operating Income was -6.156 + 160.122 + 3.135 + -128.926 = $28 Mil. Cash Flow from Operations was 858.07 + 835.038 + 359.568 + 812.552 = $2,865 Mil. |
Total Receivables was $753 Mil. Revenue was 1125.731 + 1034.41 + 658.84 + 654.841 = $3,474 Mil. Gross Profit was 508.618 + 530.08 + 296.632 + 330.287 = $1,666 Mil. Total Current Assets was $2,144 Mil. Total Assets was $14,097 Mil. Property, Plant and Equipment(Net PPE) was $11,898 Mil. Depreciation, Depletion and Amortization(DDA) was $1,171 Mil. Selling, General, & Admin. Expense(SGA) was $161 Mil. Total Current Liabilities was $1,852 Mil. Long-Term Debt & Capital Lease Obligation was $4,786 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) |
= | (771.337 / 5202.408) | / | (753.189 / 3473.822) | |
= | 0.148265 | / | 0.216819 | |
= | 0.6838 |
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) | |
= | (1665.617 / 3473.822) | / | (2142.428 / 5202.408) | |
= | 0.479477 | / | 0.411815 | |
= | 1.1643 |
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 - (988.318 + 13887.982) / 14944.12) | / | (1 - (2144.412 + 11898.482) / 14097.319) | |
= | 0.004538 | / | 0.003861 | |
= | 1.1753 |
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 | |
= | 5202.408 | / | 3473.822 | |
= | 1.4976 |
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)) |
= | (1171.192 / (1171.192 + 11898.482)) | / | (2056.427 / (2056.427 + 13887.982)) | |
= | 0.089611 | / | 0.128975 | |
= | 0.6948 |
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) |
= | (226.965 / 5202.408) | / | (161.077 / 3473.822) | |
= | 0.043627 | / | 0.046369 | |
= | 0.9409 |
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) |
= | ((4493.531 + 2205.094) / 14944.12) | / | ((4785.732 + 1851.887) / 14097.319) | |
= | 0.448245 | / | 0.470843 | |
= | 0.952 |
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 | |
= | (838.723 - 28.175 | - | 2865.228) | / | 14944.12 | |
= | -0.137491 |
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.
Civitas Resources has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Civitas Resources's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Canada Pension Plan Investment Board | 10 percent owner | ONE QUEEN STREET EAST, STE 2500, TORONTO ONTARIO A6 0000 |
Jeffrey S Kelly | officer: Chief Transformation Officer | C/O CIVITAS RESOURCES, 555 17TH STREET, SUITE 3700, DENVER CO 80202 |
Kimmeridge Energy Management Company, Llc | director, 10 percent owner, other: See Remarks | 15 LITTLE WEST 12TH STREET, 5TH FLOOR, NEW YORK NY 10014 |
Travis L Counts | officer: Chief Legal Officer & Sec. | 555 17TH STREET, SUITE 3700, DENVER CO 80202 |
Thomas Hodge Walker | officer: Chief Operating Officer | 1001 NOBLE ENERGY WAY, HOUSTON TX 77070 |
Deborah L Byers | director | C/O EXCELERATE ENERGY, INC., 2445 TECHNOLOGY FOREST BLVD., LEVEL 6, THE WOODLANDS TX 77381 |
Van Kempen Wouter T. | director | 370 17TH STREET, SUITE 2500, DENVER CO 80202 |
Sandra Garbiso | officer: Vice President and CAO | 410 - 17TH STREET, SUITE 1400, DENVER CO 80202 |
M. Christopher Doyle | officer: President & CEO | 555 - 17TH STREET, SUITE 3700, DENVER CO 80022 |
Brian Cain | officer: Chief Sustainability Officer | 410-17TH STREET, SUITE 1400, DENVER CO 80202 |
Dean Tinsley | officer: SVP, Operations | 410 - 17TH STREET, SUITE 1400, DENVER CO 80202 |
Brant Demuth | officer: EVP & Chief Financial Officer | 410 - 17TH STREET, SUITE 1400, DENVER CO 80202 |
Paul Keglevic | director | STELLUS CAPITAL, 10000 MEMORIAL DRIVE STE 500, HOUSTON TX 77024 |
Marter Iv Cyrus D | officer: SVP, General Counsel & Secy. | 410 - 17TH STREET, SUITE 1400, DENVER CO 80202 |
Morris R Clark | director | CIVITAS RESOURCES, INC., 410 - 17TH STREET, SUITE 1400, DENVER CO 80202 |
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