Comstock Resources Beneish M-Score Historical Data
The historical data trend for Comstock 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.
Comstock Resources Beneish M-Score Chart
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Comstock Resources Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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0.56 |
-2.94 |
-1.92 |
-1.49 |
-2.44 |
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Comstock Resources Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.51 |
-2.44 |
0.16 |
9.75 |
-6.92 |
Competitive Comparison of Comstock Resources's Beneish M-Score
For the Oil & Gas E&P subindustry, Comstock 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.
Comstock Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Comstock Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Comstock Resources's Beneish M-Score falls into.
Comstock 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 Comstock 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 * 1.1852 | + | 0.528 * -5.7213 | + | 0.404 * 0.9691 | + | 0.892 * 0.6248 | + | 0.115 * 0.7785 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2846 | + | 4.679 * -0.134238 | - | 0.327 * 1.0248 |
| = | -6.92 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $170 Mil.
Revenue was 304.472 + 246.83 + 335.772 + 410.583 = $1,298 Mil.
Gross Profit was -52.322 + -82.316 + -3.676 + 56.777 = $-82 Mil.
Total Current Assets was $300 Mil.
Total Assets was $6,313 Mil.
Property, Plant and Equipment(Net PPE) was $5,673 Mil.
Depreciation, Depletion and Amortization(DDA) was $779 Mil.
Selling, General, & Admin. Expense(SGA) was $35 Mil.
Total Current Liabilities was $500 Mil.
Long-Term Debt & Capital Lease Obligation was $2,996 Mil.
Net Income was -28.891 + -126.31 + -16.321 + 108.377 = $-63 Mil.
Non Operating Income was 76.347 + -24.93 + 39.638 + 111.753 = $203 Mil.
Cash Flow from Operations was 98.17 + 83.575 + 171.539 + 228.207 = $581 Mil.
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Total Receivables was $230 Mil.
Revenue was 376.737 + 288.211 + 489.578 + 922.384 = $2,077 Mil.
Gross Profit was 56.853 + -6.381 + 158.99 + 537.175 = $747 Mil.
Total Current Assets was $327 Mil.
Total Assets was $6,031 Mil.
Property, Plant and Equipment(Net PPE) was $5,368 Mil.
Depreciation, Depletion and Amortization(DDA) was $557 Mil.
Selling, General, & Admin. Expense(SGA) was $44 Mil.
Total Current Liabilities was $660 Mil.
Long-Term Debt & Capital Lease Obligation was $2,599 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) |
| = | (170.158 / 1297.657) | / | (229.792 / 2076.91) |
| = | 0.131127 | / | 0.110641 |
| | = | 1.1852 |
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) |
| = | (746.637 / 2076.91) | / | (-81.537 / 1297.657) |
| = | 0.359494 | / | -0.062834 |
| | = | -5.7213 |
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 - (299.712 + 5672.572) / 6313.009) | / | (1 - (327.184 + 5368.027) / 6031.108) |
| = | 0.053972 | / | 0.055694 |
| | = | 0.9691 |
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 |
| = | 1297.657 | / | 2076.91 |
| | = | 0.6248 |
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)) |
| = | (556.806 / (556.806 + 5368.027)) | / | (778.839 / (778.839 + 5672.572)) |
| = | 0.093978 | / | 0.120724 |
| | = | 0.7785 |
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) |
| = | (35.271 / 1297.657) | / | (43.946 / 2076.91) |
| = | 0.027181 | / | 0.021159 |
| | = | 1.2846 |
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) |
| = | ((2995.862 + 499.765) / 6313.009) | / | ((2598.804 + 659.961) / 6031.108) |
| = | 0.553718 | / | 0.540326 |
| | = | 1.0248 |
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 |
| = | (-63.145 - 202.808 | - | 581.491) | / | 6313.009 |
| | = | -0.134238 |
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.
Comstock Resources has a M-score of -6.92 suggests that the company is unlikely to be a manipulator.
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