Tidewater Beneish M-Score Historical Data
The historical data trend for Tidewater'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.
Tidewater Beneish M-Score Chart
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Tidewater Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-0.78 |
-4.18 |
-2.65 |
-2.27 |
-2.44 |
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Tidewater Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.35 |
-2.46 |
-2.29 |
-2.44 |
-2.65 |
Competitive Comparison of Tidewater's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Tidewater'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.
Tidewater's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Tidewater's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tidewater's Beneish M-Score falls into.
Tidewater 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 Tidewater 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 * 0.9185 | + | 0.528 * 0.9238 | + | 0.404 * 1.1689 | + | 0.892 * 1.1977 | + | 0.115 * 0.8651 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9949 | + | 4.679 * -0.064355 | - | 0.327 * 0.9365 |
| = | -2.65 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was €289 Mil.
Revenue was 308.436 + 329.556 + 306.661 + 315.145 = €1,260 Mil.
Gross Profit was 93.983 + 104.47 + 88.628 + 95.182 = €382 Mil.
Total Current Assets was €646 Mil.
Total Assets was €1,911 Mil.
Property, Plant and Equipment(Net PPE) was €1,076 Mil.
Depreciation, Depletion and Amortization(DDA) was €145 Mil.
Selling, General, & Admin. Expense(SGA) was €106 Mil.
Total Current Liabilities was €312 Mil.
Long-Term Debt & Capital Lease Obligation was €514 Mil.
Net Income was 39.454 + 35.244 + 41.78 + 46.779 = €163 Mil.
Non Operating Income was 9.349 + -11.824 + 5.021 + -0.345 = €2 Mil.
Cash Flow from Operations was 79.525 + 87.194 + 44.272 + 73.061 = €284 Mil.
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Total Receivables was €263 Mil.
Revenue was 295.471 + 277.537 + 280.408 + 198.409 = €1,052 Mil.
Gross Profit was 88.493 + 76.662 + 71.036 + 58.662 = €295 Mil.
Total Current Assets was €566 Mil.
Total Assets was €1,912 Mil.
Property, Plant and Equipment(Net PPE) was €1,184 Mil.
Depreciation, Depletion and Amortization(DDA) was €135 Mil.
Selling, General, & Admin. Expense(SGA) was €89 Mil.
Total Current Liabilities was €312 Mil.
Long-Term Debt & Capital Lease Obligation was €571 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) |
| = | (289.436 / 1259.798) | / | (263.091 / 1051.825) |
| = | 0.229748 | / | 0.250128 |
| | = | 0.9185 |
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) |
| = | (294.853 / 1051.825) | / | (382.263 / 1259.798) |
| = | 0.280325 | / | 0.303432 |
| | = | 0.9238 |
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 - (645.833 + 1076.476) / 1911.204) | / | (1 - (566.268 + 1183.689) / 1911.591) |
| = | 0.098836 | / | 0.084555 |
| | = | 1.1689 |
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 |
| = | 1259.798 | / | 1051.825 |
| | = | 1.1977 |
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)) |
| = | (135.498 / (135.498 + 1183.689)) | / | (145.019 / (145.019 + 1076.476)) |
| = | 0.102713 | / | 0.118723 |
| | = | 0.8651 |
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) |
| = | (105.647 / 1259.798) | / | (88.663 / 1051.825) |
| = | 0.08386 | / | 0.084294 |
| | = | 0.9949 |
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) |
| = | ((514.294 + 312.228) / 1911.204) | / | ((570.703 + 312.006) / 1911.591) |
| = | 0.432461 | / | 0.461767 |
| | = | 0.9365 |
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 |
| = | (163.257 - 2.201 | - | 284.052) | / | 1911.204 |
| | = | -0.064355 |
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.
Tidewater has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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