Liberty Energy Beneish M-Score Historical Data
The historical data trend for Liberty Energy'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.
Liberty Energy Beneish M-Score Chart
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Liberty Energy Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.75 |
-0.63 |
-2.62 |
-3.20 |
-3.08 |
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Liberty Energy Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.20 |
-3.31 |
-3.26 |
-3.39 |
-3.08 |
Competitive Comparison of Liberty Energy's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Liberty Energy'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.
Liberty Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Liberty Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Liberty Energy's Beneish M-Score falls into.
Liberty Energy 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 Liberty Energy 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 * 1.0111 | + | 0.528 * 1.4567 | + | 0.404 * 1.1603 | + | 0.892 * 0.9089 | + | 0.115 * 0.9809 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1205 | + | 4.679 * -0.171314 | - | 0.327 * 1.0404 |
| = | -3.08 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $540 Mil.
Revenue was 943.574 + 1138.578 + 1159.884 + 1073.125 = $4,315 Mil.
Gross Profit was 69.656 + 171.909 + 200.781 + 167.259 = $610 Mil.
Total Current Assets was $849 Mil.
Total Assets was $3,296 Mil.
Property, Plant and Equipment(Net PPE) was $2,247 Mil.
Depreciation, Depletion and Amortization(DDA) was $505 Mil.
Selling, General, & Admin. Expense(SGA) was $225 Mil.
Total Current Liabilities was $667 Mil.
Long-Term Debt & Capital Lease Obligation was $438 Mil.
Net Income was 51.893 + 73.804 + 108.421 + 81.892 = $316 Mil.
Non Operating Income was 52.985 + -8.744 + 5.953 + 1.16 = $51 Mil.
Cash Flow from Operations was 177.292 + 244.495 + 248.191 + 159.396 = $829 Mil.
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Total Receivables was $587 Mil.
Revenue was 1074.958 + 1215.905 + 1194.988 + 1262.077 = $4,748 Mil.
Gross Profit was 179.286 + 256.661 + 261.837 + 279.26 = $977 Mil.
Total Current Assets was $954 Mil.
Total Assets was $3,034 Mil.
Property, Plant and Equipment(Net PPE) was $1,920 Mil.
Depreciation, Depletion and Amortization(DDA) was $422 Mil.
Selling, General, & Admin. Expense(SGA) was $221 Mil.
Total Current Liabilities was $639 Mil.
Long-Term Debt & Capital Lease Obligation was $338 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) |
| = | (539.856 / 4315.161) | / | (587.47 / 4747.928) |
| = | 0.125107 | / | 0.123732 |
| | = | 1.0111 |
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) |
| = | (977.044 / 4747.928) | / | (609.605 / 4315.161) |
| = | 0.205783 | / | 0.141271 |
| | = | 1.4567 |
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 - (848.523 + 2247.433) / 3296.394) | / | (1 - (954.254 + 1920.327) / 3033.557) |
| = | 0.060805 | / | 0.052406 |
| | = | 1.1603 |
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 |
| = | 4315.161 | / | 4747.928 |
| | = | 0.9089 |
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)) |
| = | (421.514 / (421.514 + 1920.327)) | / | (505.05 / (505.05 + 2247.433)) |
| = | 0.179993 | / | 0.183489 |
| | = | 0.9809 |
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) |
| = | (225.474 / 4315.161) | / | (221.406 / 4747.928) |
| = | 0.052252 | / | 0.046632 |
| | = | 1.1205 |
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) |
| = | ((438.388 + 666.523) / 3296.394) | / | ((337.914 + 639.424) / 3033.557) |
| = | 0.335188 | / | 0.322176 |
| | = | 1.0404 |
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 |
| = | (316.01 - 51.354 | - | 829.374) | / | 3296.394 |
| | = | -0.171314 |
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.
Liberty Energy has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
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