Kodiak Gas Services Beneish M-Score Historical Data
The historical data trend for Kodiak Gas Services'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.
Kodiak Gas Services Beneish M-Score Chart
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Kodiak Gas Services Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.62 |
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Kodiak Gas Services Quarterly Data
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Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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- |
-2.62 |
-2.66 |
-2.32 |
-1.96 |
Competitive Comparison of Kodiak Gas Services's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Kodiak Gas Services'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.
Kodiak Gas Services's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Kodiak Gas Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kodiak Gas Services's Beneish M-Score falls into.
Kodiak Gas Services 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 Kodiak Gas Services 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 * 1.7371 | + | 0.528 * 0.9795 | + | 0.404 * 0.8716 | + | 0.892 * 1.3377 | + | 0.115 * 1.0401 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8904 | + | 4.679 * -0.047426 | - | 0.327 * 1.0796 |
| = | -1.96 |
* 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 $294 Mil.
Revenue was 324.647 + 309.653 + 215.492 + 225.98 = $1,076 Mil.
Gross Profit was 121.904 + 112.921 + 84.982 + 87.818 = $408 Mil.
Total Current Assets was $443 Mil.
Total Assets was $4,492 Mil.
Property, Plant and Equipment(Net PPE) was $3,466 Mil.
Depreciation, Depletion and Amortization(DDA) was $236 Mil.
Selling, General, & Admin. Expense(SGA) was $147 Mil.
Total Current Liabilities was $349 Mil.
Long-Term Debt & Capital Lease Obligation was $2,649 Mil.
Net Income was -5.648 + 6.713 + 30.232 + -6.874 = $24 Mil.
Non Operating Income was -40.78 + 8.188 + 19.689 + -21.766 = $-35 Mil.
Cash Flow from Operations was 36.878 + 121.082 + 51.542 + 62.627 = $272 Mil.
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Total Receivables was $126 Mil.
Revenue was 230.983 + 203.306 + 190.112 + 179.776 = $804 Mil.
Gross Profit was 80.606 + 74.76 + 73.457 + 69.658 = $298 Mil.
Total Current Assets was $216 Mil.
Total Assets was $3,244 Mil.
Property, Plant and Equipment(Net PPE) was $2,545 Mil.
Depreciation, Depletion and Amortization(DDA) was $181 Mil.
Selling, General, & Admin. Expense(SGA) was $58 Mil.
Total Current Liabilities was $223 Mil.
Long-Term Debt & Capital Lease Obligation was $1,782 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) |
| = | (293.927 / 1075.772) | / | (126.483 / 804.177) |
| = | 0.273224 | / | 0.157283 |
| | = | 1.7371 |
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) |
| = | (298.481 / 804.177) | / | (407.625 / 1075.772) |
| = | 0.371163 | / | 0.378914 |
| | = | 0.9795 |
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 - (443.357 + 3465.516) / 4492.008) | / | (1 - (216.47 + 2544.563) / 3244.24) |
| = | 0.129816 | / | 0.148943 |
| | = | 0.8716 |
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 |
| = | 1075.772 | / | 804.177 |
| | = | 1.3377 |
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)) |
| = | (180.964 / (180.964 + 2544.563)) | / | (236.314 / (236.314 + 3465.516)) |
| = | 0.066396 | / | 0.063837 |
| | = | 1.0401 |
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) |
| = | (147.416 / 1075.772) | / | (58.293 / 804.177) |
| = | 0.137033 | / | 0.072488 |
| | = | 1.8904 |
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) |
| = | ((2648.626 + 348.788) / 4492.008) | / | ((1781.938 + 223.2) / 3244.24) |
| = | 0.667277 | / | 0.618061 |
| | = | 1.0796 |
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 |
| = | (24.423 - -34.669 | - | 272.129) | / | 4492.008 |
| | = | -0.047426 |
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.
Kodiak Gas Services has a M-score of -1.96 suggests that the company is unlikely to be a manipulator.
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