Inpex Beneish M-Score Historical Data
The historical data trend for Inpex'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.
Inpex Beneish M-Score Chart
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Inpex Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-1.72 |
-1.51 |
-2.75 |
-2.31 |
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Inpex 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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-2.75 |
-1.85 |
-1.87 |
-2.50 |
-2.31 |
Competitive Comparison of Inpex's Beneish M-Score
For the Oil & Gas E&P subindustry, Inpex'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.
Inpex's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Inpex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Inpex's Beneish M-Score falls into.
Inpex 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 Inpex 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 * 1.1382 | + | 0.528 * 1.0206 | + | 0.404 * 1.0547 | + | 0.892 * 0.9775 | + | 0.115 * 0.9889 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3469 | + | 4.679 * 0.009066 | - | 0.327 * 0.873 |
| = | -2.32 |
* 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 €1,944 Mil.
Revenue was 3217.889 + 3508.703 + 3496.026 + 3664.805 = €13,887 Mil.
Gross Profit was 1891.898 + 2068.126 + 2115.055 + 2200.124 = €8,275 Mil.
Total Current Assets was €5,403 Mil.
Total Assets was €45,826 Mil.
Property, Plant and Equipment(Net PPE) was €24,115 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,133 Mil.
Selling, General, & Admin. Expense(SGA) was €828 Mil.
Total Current Liabilities was €3,313 Mil.
Long-Term Debt & Capital Lease Obligation was €5,402 Mil.
Net Income was 856.328 + 484.276 + 534.096 + 748.123 = €2,623 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 0 + 0 + 1346.291 + 861.094 = €2,207 Mil.
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Total Receivables was €1,747 Mil.
Revenue was 3583.644 + 3313.619 + 3271.203 + 4038.913 = €14,207 Mil.
Gross Profit was 2351.095 + 1861.134 + 1982.139 + 2446.064 = €8,640 Mil.
Total Current Assets was €5,340 Mil.
Total Assets was €42,923 Mil.
Property, Plant and Equipment(Net PPE) was €23,100 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,073 Mil.
Selling, General, & Admin. Expense(SGA) was €629 Mil.
Total Current Liabilities was €3,644 Mil.
Long-Term Debt & Capital Lease Obligation was €5,706 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) |
| = | (1944.188 / 13887.423) | / | (1747.409 / 14207.379) |
| = | 0.139996 | / | 0.122993 |
| | = | 1.1382 |
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) |
| = | (8640.432 / 14207.379) | / | (8275.203 / 13887.423) |
| = | 0.608165 | / | 0.595878 |
| | = | 1.0206 |
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 - (5402.922 + 24115.482) / 45826.195) | / | (1 - (5339.772 + 23100.154) / 42922.872) |
| = | 0.355862 | / | 0.337418 |
| | = | 1.0547 |
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 |
| = | 13887.423 | / | 14207.379 |
| | = | 0.9775 |
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)) |
| = | (1072.998 / (1072.998 + 23100.154)) | / | (1133.378 / (1133.378 + 24115.482)) |
| = | 0.044388 | / | 0.044888 |
| | = | 0.9889 |
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) |
| = | (827.8 / 13887.423) | / | (628.775 / 14207.379) |
| = | 0.059608 | / | 0.044257 |
| | = | 1.3469 |
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) |
| = | ((5402.041 + 3313.399) / 45826.195) | / | ((5706.021 + 3644.346) / 42922.872) |
| = | 0.190185 | / | 0.217841 |
| | = | 0.873 |
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 |
| = | (2622.823 - 0 | - | 2207.385) | / | 45826.195 |
| | = | 0.009066 |
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.
Inpex has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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