TechnipFMC Beneish M-Score Historical Data
The historical data trend for TechnipFMC'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.
TechnipFMC Beneish M-Score Chart
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TechnipFMC Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.26 |
-2.96 |
-3.26 |
-2.69 |
-2.66 |
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TechnipFMC Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.61 |
-2.66 |
-2.89 |
-2.81 |
-2.70 |
Competitive Comparison of TechnipFMC's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, TechnipFMC'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.
TechnipFMC's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, TechnipFMC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TechnipFMC's Beneish M-Score falls into.
TechnipFMC 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 TechnipFMC 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 * 0.7941 | + | 0.528 * 0.7897 | + | 0.404 * 1.1858 | + | 0.892 * 1.1818 | + | 0.115 * 1.0067 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9248 | + | 4.679 * -0.04012 | - | 0.327 * 0.9539 |
| = | -2.70 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $2,799 Mil.
Revenue was 2348.4 + 2325.6 + 2042 + 2077.7 = $8,794 Mil.
Gross Profit was 493.8 + 500.9 + 341.4 + 356.4 = $1,693 Mil.
Total Current Assets was $5,190 Mil.
Total Assets was $9,721 Mil.
Property, Plant and Equipment(Net PPE) was $3,115 Mil.
Depreciation, Depletion and Amortization(DDA) was $380 Mil.
Selling, General, & Admin. Expense(SGA) was $710 Mil.
Total Current Liabilities was $4,562 Mil.
Long-Term Debt & Capital Lease Obligation was $1,415 Mil.
Net Income was 274.6 + 186.5 + 157.1 + 53 = $671 Mil.
Non Operating Income was -2.7 + -43.9 + 59.3 + -34.7 = $-22 Mil.
Cash Flow from Operations was 277.9 + 230.9 + -126.7 + 701.1 = $1,083 Mil.
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Total Receivables was $2,983 Mil.
Revenue was 2056.9 + 1972.2 + 1717.4 + 1694.4 = $7,441 Mil.
Gross Profit was 366.4 + 330.4 + 220.9 + 213.3 = $1,131 Mil.
Total Current Assets was $5,295 Mil.
Total Assets was $9,524 Mil.
Property, Plant and Equipment(Net PPE) was $3,060 Mil.
Depreciation, Depletion and Amortization(DDA) was $376 Mil.
Selling, General, & Admin. Expense(SGA) was $650 Mil.
Total Current Liabilities was $4,456 Mil.
Long-Term Debt & Capital Lease Obligation was $1,683 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) |
| = | (2799.2 / 8793.7) | / | (2982.8 / 7440.9) |
| = | 0.318319 | / | 0.400865 |
| | = | 0.7941 |
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) |
| = | (1131 / 7440.9) | / | (1692.5 / 8793.7) |
| = | 0.151998 | / | 0.192467 |
| | = | 0.7897 |
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 - (5190.2 + 3115.2) / 9720.8) | / | (1 - (5295.3 + 3059.5) / 9524.3) |
| = | 0.145605 | / | 0.122791 |
| | = | 1.1858 |
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 |
| = | 8793.7 | / | 7440.9 |
| | = | 1.1818 |
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)) |
| = | (376.1 / (376.1 + 3059.5)) | / | (380.1 / (380.1 + 3115.2)) |
| = | 0.109471 | / | 0.108746 |
| | = | 1.0067 |
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) |
| = | (710.3 / 8793.7) | / | (649.9 / 7440.9) |
| = | 0.080774 | / | 0.087342 |
| | = | 0.9248 |
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) |
| = | ((1415.4 + 4561.9) / 9720.8) | / | ((1683 + 4456.2) / 9524.3) |
| = | 0.614898 | / | 0.644583 |
| | = | 0.9539 |
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 |
| = | (671.2 - -22 | - | 1083.2) | / | 9720.8 |
| | = | -0.04012 |
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.
TechnipFMC has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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