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 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.81 |
-3.05 |
-1.80 |
-2.84 |
-2.94 |
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Devon Energy Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.05 |
-3.18 |
-3.00 |
-2.94 |
-2.82 |
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 * 1.3519 | + | 0.528 * 1.3335 | + | 0.404 * 1.0773 | + | 0.892 * 0.7534 | + | 0.115 * 0.9608 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3094 | + | 4.679 * -0.130857 | - | 0.327 * 0.9249 |
| = | -2.81 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €1,536 Mil.
Revenue was 3308.32 + 3800.965 + 3594.332 + 3188.042 = €13,892 Mil.
Gross Profit was 910.8 + 1506.631 + 1188.116 + 965.458 = €4,571 Mil.
Total Current Assets was €3,126 Mil.
Total Assets was €22,980 Mil.
Property, Plant and Equipment(Net PPE) was €18,271 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,459 Mil.
Selling, General, & Admin. Expense(SGA) was €384 Mil.
Total Current Liabilities was €3,005 Mil.
Long-Term Debt & Capital Lease Obligation was €5,491 Mil.
Net Income was 548.32 + 1056.384 + 852.67 + 636.87 = €3,094 Mil.
Non Operating Income was -21.16 + -11.921 + -5.622 + 35.074 = €-4 Mil.
Cash Flow from Operations was 1598.96 + 1592.829 + 1616.325 + 1296.815 = €6,105 Mil.
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Total Receivables was €1,508 Mil.
Revenue was 3570.682 + 4058.256 + 5486.32 + 5322.196 = €18,437 Mil.
Gross Profit was 1316.94 + 1631.232 + 2616.91 + 2524.874 = €8,090 Mil.
Total Current Assets was €2,979 Mil.
Total Assets was €21,874 Mil.
Property, Plant and Equipment(Net PPE) was €17,498 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,251 Mil.
Selling, General, & Admin. Expense(SGA) was €390 Mil.
Total Current Liabilities was €2,738 Mil.
Long-Term Debt & Capital Lease Obligation was €6,007 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) |
| = | (1536.4 / 13891.659) | / | (1508.41 / 18437.454) |
| = | 0.110599 | / | 0.081812 |
| | = | 1.3519 |
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) |
| = | (8089.956 / 18437.454) | / | (4571.005 / 13891.659) |
| = | 0.438778 | / | 0.329047 |
| | = | 1.3335 |
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 - (3126.16 + 18271.2) / 22979.76) | / | (1 - (2978.526 + 17497.556) / 21874.28) |
| = | 0.068861 | / | 0.06392 |
| | = | 1.0773 |
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 |
| = | 13891.659 | / | 18437.454 |
| | = | 0.7534 |
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)) |
| = | (2250.708 / (2250.708 + 17497.556)) | / | (2459.151 / (2459.151 + 18271.2)) |
| = | 0.11397 | / | 0.118626 |
| | = | 0.9608 |
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) |
| = | (384.346 / 13891.659) | / | (389.586 / 18437.454) |
| = | 0.027667 | / | 0.02113 |
| | = | 1.3094 |
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) |
| = | ((5491.48 + 3004.72) / 22979.76) | / | ((6006.554 + 2737.554) / 21874.28) |
| = | 0.369725 | / | 0.399744 |
| | = | 0.9249 |
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 |
| = | (3094.244 - -3.629 | - | 6104.929) | / | 22979.76 |
| | = | -0.130857 |
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 -2.81 suggests that the company is unlikely to be a manipulator.
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