Devon Energy Beneish M-Score Historical Data
The historical data trend for Devon 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.
Devon Energy Beneish M-Score Chart
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Devon Energy Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.05 |
-1.80 |
-2.84 |
-2.94 |
-2.85 |
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Devon Energy 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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-2.94 |
-2.82 |
-2.95 |
-3.06 |
-2.85 |
Competitive Comparison of Devon Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, Devon 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.
Devon Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Devon Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Devon Energy's Beneish M-Score falls into.
Devon Energy 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 Devon 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 * 1.2 | + | 0.528 * 1.1904 | + | 0.404 * 0.8079 | + | 0.892 * 1.0447 | + | 0.115 * 1.0121 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1731 | + | 4.679 * -0.11942 | - | 0.327 * 1.0835 |
| = | -2.85 |
* 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 $1,972 Mil.
Revenue was 4403 + 4024 + 3917 + 3596 = $15,940 Mil.
Gross Profit was 1149 + 1318 + 1253 + 990 = $4,710 Mil.
Total Current Assets was $3,427 Mil.
Total Assets was $30,489 Mil.
Property, Plant and Equipment(Net PPE) was $25,314 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,255 Mil.
Selling, General, & Admin. Expense(SGA) was $500 Mil.
Total Current Liabilities was $3,309 Mil.
Long-Term Debt & Capital Lease Obligation was $8,718 Mil.
Net Income was 639 + 812 + 844 + 596 = $2,891 Mil.
Non Operating Income was 20 + -45 + -20 + -23 = $-68 Mil.
Cash Flow from Operations was 1664 + 1663 + 1535 + 1738 = $6,600 Mil.
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Total Receivables was $1,573 Mil.
Revenue was 4145 + 3836 + 3454 + 3823 = $15,258 Mil.
Gross Profit was 1643 + 1268 + 1046 + 1410 = $5,367 Mil.
Total Current Assets was $3,157 Mil.
Total Assets was $24,490 Mil.
Property, Plant and Equipment(Net PPE) was $19,595 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,554 Mil.
Selling, General, & Admin. Expense(SGA) was $408 Mil.
Total Current Liabilities was $2,949 Mil.
Long-Term Debt & Capital Lease Obligation was $5,967 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) |
| = | (1972 / 15940) | / | (1573 / 15258) |
| = | 0.123714 | / | 0.103093 |
| | = | 1.2 |
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) |
| = | (5367 / 15258) | / | (4710 / 15940) |
| = | 0.35175 | / | 0.295483 |
| | = | 1.1904 |
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 - (3427 + 25314) / 30489) | / | (1 - (3157 + 19595) / 24490) |
| = | 0.057332 | / | 0.070968 |
| | = | 0.8079 |
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 |
| = | 15940 | / | 15258 |
| | = | 1.0447 |
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)) |
| = | (2554 / (2554 + 19595)) | / | (3255 / (3255 + 25314)) |
| = | 0.11531 | / | 0.113935 |
| | = | 1.0121 |
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) |
| = | (500 / 15940) | / | (408 / 15258) |
| = | 0.031368 | / | 0.02674 |
| | = | 1.1731 |
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) |
| = | ((8718 + 3309) / 30489) | / | ((5967 + 2949) / 24490) |
| = | 0.39447 | / | 0.364067 |
| | = | 1.0835 |
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 |
| = | (2891 - -68 | - | 6600) | / | 30489 |
| | = | -0.11942 |
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.
Devon Energy has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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