ProPetro Holding Beneish M-Score Historical Data
The historical data trend for ProPetro Holding'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.
ProPetro Holding Beneish M-Score Chart
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ProPetro Holding Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.81 |
-3.13 |
17.26 |
-3.04 |
-2.92 |
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ProPetro Holding 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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-3.04 |
-3.22 |
-3.18 |
-2.80 |
-2.92 |
Competitive Comparison of ProPetro Holding's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, ProPetro Holding'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.
ProPetro Holding's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, ProPetro Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ProPetro Holding's Beneish M-Score falls into.
ProPetro Holding 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 ProPetro Holding 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 * 0.9753 | + | 0.528 * 1.691 | + | 0.404 * 1.2706 | + | 0.892 * 0.883 | + | 0.115 * 0.7378 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1299 | + | 4.679 * -0.14066 | - | 0.327 * 1.0644 |
| = | -2.86 |
* 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 €187 Mil.
Revenue was 306.129 + 325.142 + 331.673 + 373.376 = €1,336 Mil.
Gross Profit was 28.053 + 35.152 + 31.265 + 59.796 = €154 Mil.
Total Current Assets was €279 Mil.
Total Assets was €1,169 Mil.
Property, Plant and Equipment(Net PPE) was €813 Mil.
Depreciation, Depletion and Amortization(DDA) was €196 Mil.
Selling, General, & Admin. Expense(SGA) was €106 Mil.
Total Current Liabilities was €212 Mil.
Long-Term Debt & Capital Lease Obligation was €112 Mil.
Net Income was -16.294 + -123.497 + -3.4 + 18.336 = €-125 Mil.
Non Operating Income was -20.12 + -168.623 + -0.812 + -4.649 = €-194 Mil.
Cash Flow from Operations was 36.159 + 31.237 + 97.49 + 68.836 = €234 Mil.
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Total Receivables was €217 Mil.
Revenue was 318.911 + 397.104 + 401.735 + 395.614 = €1,513 Mil.
Gross Profit was 28.065 + 80.538 + 88.922 + 97.895 = €295 Mil.
Total Current Assets was €285 Mil.
Total Assets was €1,357 Mil.
Property, Plant and Equipment(Net PPE) was €1,002 Mil.
Depreciation, Depletion and Amortization(DDA) was €168 Mil.
Selling, General, & Admin. Expense(SGA) was €106 Mil.
Total Current Liabilities was €249 Mil.
Long-Term Debt & Capital Lease Obligation was €105 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) |
| = | (187.174 / 1336.32) | / | (217.34 / 1513.364) |
| = | 0.140067 | / | 0.143614 |
| | = | 0.9753 |
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) |
| = | (295.42 / 1513.364) | / | (154.266 / 1336.32) |
| = | 0.195207 | / | 0.115441 |
| | = | 1.691 |
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 - (279.071 + 812.927) / 1168.581) | / | (1 - (285.012 + 1002.417) / 1357.446) |
| = | 0.065535 | / | 0.05158 |
| | = | 1.2706 |
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 |
| = | 1336.32 | / | 1513.364 |
| | = | 0.883 |
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)) |
| = | (167.677 / (167.677 + 1002.417)) | / | (195.95 / (195.95 + 812.927)) |
| = | 0.143302 | / | 0.194226 |
| | = | 0.7378 |
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) |
| = | (105.856 / 1336.32) | / | (106.097 / 1513.364) |
| = | 0.079215 | / | 0.070107 |
| | = | 1.1299 |
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) |
| = | ((111.769 + 212.264) / 1168.581) | / | ((104.984 + 248.644) / 1357.446) |
| = | 0.277288 | / | 0.26051 |
| | = | 1.0644 |
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 |
| = | (-124.855 - -194.204 | - | 233.722) | / | 1168.581 |
| | = | -0.14066 |
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.
ProPetro Holding has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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