CNOOC (HKSE:00883) Beneish M-Score: -2.09 (As of Jul. 03, 2026)

What is CNOOC Beneish M-Score?

CNOOC HKSE:00883 +3.53% 80 Beneish M-Score is -2.09 as of Jul. 03, 2026. GuruFocus rates HKSE:00883 with a GF Score™ of 80/100 and a GF Value™ of HK$19.61 (Fairly Valued). The stock has 1 warning sign investors should review. Among 822 Oil & Gas companies, CNOOC ranks worse than 80.78% on this metric.

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 -2.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00883' s Beneish M-Score Range Over the Past 10 Years
Min: -2.35 Med: -2.05 Max: -0.69
Current: -2.09

During the past 13 years, the highest Beneish M-Score of CNOOC was -0.69. The lowest was -2.35. And the median was -2.05.

CNOOC Beneish M-Score Related Terms

CNOOC Beneish M-Score Historical Data

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The historical data trend for CNOOC'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.

CNOOC Beneish M-Score Chart

CNOOC Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.00

-1.46

-2.10

-2.24

-2.22

CNOOC Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.02	-2.15	-2.12	-2.22	-2.09

HKSE:00883 vs COP, EOG, FANG: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, CNOOC'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.

CNOOC Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, CNOOC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CNOOC's Beneish M-Score falls into.

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80GF Score

CNOOC Ltd HKSE:00883

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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CNOOC 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 CNOOC 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 * 1.1498

0.528 * 1.0362

0.404 * 0.7995

0.892 * 1.0054

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0345

4.679 * 0.057756

0.327 * 0.8565

-2.09

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was HK$69,864 Mil.
Revenue was 131821.523 + 94693.724 + 114631.306 + 110130.055 = HK$451,277 Mil.
Gross Profit was 67458.042 + 116561.757 + 26633.105 + 87973.751 = HK$298,627 Mil.
Total Current Assets was HK$389,440 Mil.
Total Assets was HK$1,307,737 Mil.
Property, Plant and Equipment(Net PPE) was HK$775,422 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$12,384 Mil.
Total Current Liabilities was HK$122,995 Mil.
Long-Term Debt & Capital Lease Obligation was HK$74,488 Mil.
Net Income was 44452.672 + 22217.127 + 35448.88 + 36038.151 = HK$138,157 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 62627.119 + 0 + 0 + 0 = HK$62,627 Mil.

Total Receivables was HK$60,439 Mil.
Revenue was 114570.341 + 100875.792 + 109283.199 + 124127.617 = HK$448,857 Mil.
Gross Profit was 62608.712 + 117488.769 + 30543.01 + 97138.671 = HK$307,779 Mil.
Total Current Assets was HK$321,416 Mil.
Total Assets was HK$1,182,337 Mil.
Property, Plant and Equipment(Net PPE) was HK$699,356 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$11,907 Mil.
Total Current Liabilities was HK$134,369 Mil.
Long-Term Debt & Capital Lease Obligation was HK$74,082 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)
	=	(69864.419 / 451276.608)	/	(60438.551 / 448856.949)
	=	0.154815	/	0.13465
	=	1.1498

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)
	=	(307779.162 / 448856.949)	/	(298626.655 / 451276.608)
	=	0.685695	/	0.661738
	=	1.0362

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 - (389440.109 + 775422.259) / 1307736.871)	/	(1 - (321416.479 + 699355.785) / 1182336.667)
	=	0.109253	/	0.136648
	=	0.7995

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
	=	451276.608	/	448856.949
	=	1.0054

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))
	=	(0 / (0 + 699355.785))	/	(0 / (0 + 775422.259))
	=	0	/	0
	=	1

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)
	=	(12383.528 / 451276.608)	/	(11906.584 / 448856.949)
	=	0.027441	/	0.026526
	=	1.0345

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)
	=	((74487.524 + 122995.492) / 1307736.871)	/	((74082.473 + 134368.77) / 1182336.667)
	=	0.151011	/	0.176304
	=	0.8565

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
	=	(138156.83 - 0	-	62627.119)	/	1307736.871
	=	0.057756

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.

CNOOC has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.09 mean?

CNOOC (HKSE:00883) has a Beneish M-Score of -2.09 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CNOOC and its competitors. According to the industry distribution chart, CNOOC ranks #664 out of 822 companies in the Oil & Gas industry, placing it in the top 80.8%.

Is CNOOC's Beneish M-Score too high?

CNOOC's current Beneish M-Score is -2.09. Based on the distribution chart, CNOOC ranks #664 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, CNOOC has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does CNOOC's Beneish M-Score compare to COP and EOG?

According to the Oil & Gas industry distribution chart, CNOOC ranks #664 out of 822 companies for Beneish M-Score. This places CNOOC in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CNOOC and its competitors. CNOOC's current Beneish M-Score is -2.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is CNOOC stock overvalued right now?

Based on GuruFocus' analysis, CNOOC (HKSE:00883) is currently considered Fairly Valued. The stock's GF Value™ is HK$19.61, compared to a current price of HK$21.12 — trading 7.7% above its estimated fair value. The current Beneish M-Score is -2.09. CNOOC's overall GF Score™ is 80/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For CNOOC (HKSE:00883), the current Beneish M-Score is -2.09 as of Jul. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is CNOOC (HKSE:00883) Overvalued in 2026?

Based on GuruFocus' analysis, CNOOC stock appears to be overvalued. The current stock price of HK$21.12 is trading 7.7% above its estimated GF Value™ of HK$19.61. GuruFocus considers CNOOC to be Fairly Valued.

Key valuation signals for HKSE:00883:

Beneish M-Score: -2.09
GF Value™: HK$19.61 vs. price of HK$21.12 (7.7% above fair value)
GF Score™: 80/100 with 1 warning sign

No single metric tells the full story. See the HKSE:00883 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CNOOC Business Description

Industry Energy Oil & Gas

Comparable Companies HKSE:00467 HKSE:00632 HKSE:03395 HKSE:02012 HKSE:01555 COP TSX:CNQ EOG FANG OXY DVN MIC:NVTK ASX:WDS EQT TPL TSE:1605 EXE OSL:AKRBP TSX:TOU ASX:STO

Other Exchanges 600938:China

Address 1 Garden Road, 65th Floor, Bank of China Tower, Hong Kong, HKG, 999077

Website https://www.cnoocltd.com

CNOOC is China's main offshore oil and gas exploration and production company. Through its parent company, it has exclusive rights to partner with foreign companies in offshore China projects. Net production for 2025 reached 777.3 million barrels of oil equivalent (77.2% oil), and year-end proven reserves were 7.77 billion barrels of oil equivalent. Assets outside China make up around 30.9% of production.

80GF Score

Get the complete analysis for HKSE:00883

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$21.12

Price

HK$19.61

GF Value

View HKSE:00883 Analysis

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