Energy XXI Beneish M-Score Historical Data
The historical data trend for Energy XXI'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.
Energy XXI Beneish M-Score Chart
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Energy XXI Annual Data
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Trend |
Jun07 |
Jun08 |
Jun09 |
Jun10 |
Jun11 |
Jun12 |
Jun13 |
Jun14 |
Jun15 |
Jun16 |
| Beneish M-Score |
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-2.60 |
-2.95 |
-1.86 |
-6.02 |
-16.82 |
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Energy XXI Quarterly Data
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Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
| Beneish M-Score |
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-8.15 |
-14.89 |
-21.56 |
-16.82 |
-13.89 |
Competitive Comparison of Energy XXI's Beneish M-Score
For the Oil & Gas E&P subindustry, Energy XXI'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.
Energy XXI's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Energy XXI's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Energy XXI's Beneish M-Score falls into.
Energy XXI 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 Energy XXI 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 * 1.1113 | + | 0.528 * 1.7226 | + | 0.404 * 1.9102 | + | 0.892 * 0.492 | + | 0.115 * 0.6104 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7377 | + | 4.679 * -2.620298 | - | 0.327 * 0.2477 |
| = | -14.27 |
* 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 (Sep16) TTM: | Last Year (Sep15) TTM: |
Total Receivables was $71.62 Mil.
Revenue was 142.611 + 147.804 + 116.285 + 184.615 = $591.32 Mil.
Gross Profit was 59.528 + 56.586 + 19.865 + 79.17 = $215.15 Mil.
Total Current Assets was $354.54 Mil.
Total Assets was $924.66 Mil.
Property, Plant and Equipment(Net PPE) was $514.33 Mil.
Depreciation, Depletion and Amortization(DDA) was $247.07 Mil.
Selling, General, & Admin. Expense(SGA) was $95.98 Mil.
Total Current Liabilities was $280.08 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -131.146 + -195.552 + 160.776 + -1310.583 = $-1,476.51 Mil.
Non Operating Income was -32.571 + -14.041 + 777.41 + 292.85 = $1,023.65 Mil.
Cash Flow from Operations was 20.151 + 32.247 + -108.978 + -20.691 = $-77.27 Mil.
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Total Receivables was $130.99 Mil.
Revenue was 257.823 + 219.46 + 221.58 + 502.971 = $1,201.83 Mil.
Gross Profit was 147.466 + 121.035 + 108.207 + 376.571 = $753.28 Mil.
Total Current Assets was $732.11 Mil.
Total Assets was $3,558.63 Mil.
Property, Plant and Equipment(Net PPE) was $2,714.11 Mil.
Depreciation, Depletion and Amortization(DDA) was $670.41 Mil.
Selling, General, & Admin. Expense(SGA) was $112.27 Mil.
Total Current Liabilities was $345.02 Mil.
Long-Term Debt & Capital Lease Obligation was $4,007.08 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) |
| = | (71.621 / 591.315) | / | (130.986 / 1201.834) |
| = | 0.121122 | / | 0.108988 |
| | = | 1.1113 |
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) |
| = | (753.279 / 1201.834) | / | (215.149 / 591.315) |
| = | 0.626775 | / | 0.363848 |
| | = | 1.7226 |
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 - (354.542 + 514.327) / 924.659) | / | (1 - (732.112 + 2714.109) / 3558.629) |
| = | 0.060336 | / | 0.031587 |
| | = | 1.9102 |
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 |
| = | 591.315 | / | 1201.834 |
| | = | 0.492 |
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)) |
| = | (670.405 / (670.405 + 2714.109)) | / | (247.065 / (247.065 + 514.327)) |
| = | 0.19808 | / | 0.324491 |
| | = | 0.6104 |
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) |
| = | (95.982 / 591.315) | / | (112.265 / 1201.834) |
| = | 0.16232 | / | 0.093411 |
| | = | 1.7377 |
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) |
| = | ((0 + 280.081) / 924.659) | / | ((4007.081 + 345.015) / 3558.629) |
| = | 0.302902 | / | 1.22297 |
| | = | 0.2477 |
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 |
| = | (-1476.505 - 1023.648 | - | -77.271) | / | 924.659 |
| | = | -2.620298 |
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.
Energy XXI has a M-score of -14.27 suggests that the company is unlikely to be a manipulator.
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