Tidewater (FRA:TD9) Beneish M-Score : -2.27 (As of Apr. 25, 2024)

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What is Tidewater Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Tidewater's Beneish M-Score or its related term are showing as below:

FRA:TD9' s Beneish M-Score Range Over the Past 10 Years
Min: -4.18 Med: -2.46 Max: -0.69
Current: -2.27

During the past 13 years, the highest Beneish M-Score of Tidewater was -0.69. The lowest was -4.18. And the median was -2.46.

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.

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Tidewater Beneish M-Score Chart

Tidewater Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.84

-0.78

-4.18

-2.65

-2.27

Tidewater Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.65	-2.28	-2.59	-2.59	-2.27

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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1038

0.528 * 0.7553

0.404 * 0.7999

0.892 * 1.5094

0.115 * 1.0635

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.606

4.679 * -0.006781

0.327 * 1.6601

-2.31

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €246.1 Mil.
Revenue was 277.537 + 280.408 + 198.409 + 180.359 = €936.7 Mil.
Gross Profit was 76.662 + 71.036 + 58.662 + 42.803 = €249.2 Mil.
Total Current Assets was €542.1 Mil.
Total Assets was €1,891.6 Mil.
Property, Plant and Equipment(Net PPE) was €1,206.0 Mil.
Depreciation, Depletion and Amortization(DDA) was €119.5 Mil.
Selling, General, & Admin. Expense(SGA) was €87.4 Mil.
Total Current Liabilities was €301.4 Mil.
Long-Term Debt & Capital Lease Obligation was €579.0 Mil.
Net Income was 34.538 + 24.548 + 20.845 + 10.029 = €90.0 Mil.
Non Operating Income was 4.941 + -1.201 + -2.206 + 4.263 = €5.8 Mil.
Cash Flow from Operations was 43.311 + 32.738 + 8.991 + 11.95 = €97.0 Mil.

Total Receivables was €147.7 Mil.
Revenue was 176.288 + 193.68 + 154.621 + 96.002 = €620.6 Mil.
Gross Profit was 38.397 + 47.75 + 29.27 + 9.262 = €124.7 Mil.
Total Current Assets was €356.7 Mil.
Total Assets was €1,225.0 Mil.
Property, Plant and Equipment(Net PPE) was €752.0 Mil.
Depreciation, Depletion and Amortization(DDA) was €79.7 Mil.
Selling, General, & Admin. Expense(SGA) was €95.5 Mil.
Total Current Liabilities was €183.9 Mil.
Long-Term Debt & Capital Lease Obligation was €159.6 Mil.

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)
	=	(246.079 / 936.713)	/	(147.703 / 620.591)
	=	0.262705	/	0.238004
	=	1.1038

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)
	=	(124.679 / 620.591)	/	(249.163 / 936.713)
	=	0.200904	/	0.265997
	=	0.7553

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 - (542.071 + 1205.967) / 1891.564)	/	(1 - (356.745 + 752.042) / 1224.987)
	=	0.075877	/	0.094858
	=	0.7999

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
	=	936.713	/	620.591
	=	1.5094

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))
	=	(79.723 / (79.723 + 752.042))	/	(119.451 / (119.451 + 1205.967))
	=	0.095848	/	0.090123
	=	1.0635

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)
	=	(87.351 / 936.713)	/	(95.502 / 620.591)
	=	0.093253	/	0.153889
	=	0.606

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)
	=	((578.958 + 301.446) / 1891.564)	/	((159.57 + 183.879) / 1224.987)
	=	0.465437	/	0.28037
	=	1.6601

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
	=	(89.96 - 5.797	-	96.99)	/	1891.564
	=	-0.006781

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 -2.31 suggests that the company is unlikely to be a manipulator.

Tidewater Beneish M-Score Related Terms

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Tidewater (FRA:TD9) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Tidewater Inc (FRA:TD9) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

TDW:USA TD9:Germany

Address

842 West Sam Houston Parkway North, Suite 400, Houston, TX, USA, 77024

Website

https://www.tdw.com

Tidewater Inc provides offshore service vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of marine service vessels. The company's vessels and associated vessel services provide support for all phases of offshore exploration, field development, and production. These services include towing of, and anchor handling for, mobile offshore drilling units; transporting supplies and remotely operated vehicle operations and a variety of specialized services. The company operates in the following principal geographical areas the Americas, Asia Pacific, Middle East, Europe/Mediterranean, and West Africa. The majority of its revenue is derived from West Africa.

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