Civitas Resources Beneish M-Score Historical Data
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 Beneish M-Score Chart
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Civitas Resources Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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4.06 |
0.46 |
-1.24 |
-1.43 |
-2.82 |
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Civitas Resources Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.43 |
0.88 |
1.64 |
-1.86 |
-2.82 |
Competitive Comparison of Civitas Resources's Beneish M-Score
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.
Civitas Resources's Beneish M-Score Distribution in the Oil & Gas Industry
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.
Civitas Resources 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 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.
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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.
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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) |
| = | (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.
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