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LBRT (Liberty Energy) Beneish M-Score : -3.08 (As of Mar. 16, 2025)


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What is Liberty Energy 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 -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LBRT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2   Med: -2.69   Max: 0.46
Current: -3.08

During the past 10 years, the highest Beneish M-Score of Liberty Energy was 0.46. The lowest was -3.20. And the median was -2.69.


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.

* Premium members only.

Liberty Energy Beneish M-Score Chart

Liberty Energy Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.75 -0.63 -2.62 -3.20 -3.08

Liberty Energy Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -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.
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.




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.


Liberty Energy Beneish M-Score Related Terms

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Liberty Energy Business Description

Traded in Other Exchanges
N/A
Address
950 17th Street, Suite 2400, Denver, CO, USA, 80202
Liberty Energy Inc is a integrated energy services and technology company focused on providing hydraulic fracturing services and related technologies to onshore oil and natural gas exploration and production (E&P) companies. The Company offers customers with hydraulic fracturing services, together with complementary services including wireline services, proppant delivery solutions, field gas processing and treating, compressed natural gas (CNG) delivery, data analytics, related goods (including sand mine operations), and technologies to facilitate lower emission completions, thereby helping customers reduce emissions profile. The company provides services across USA and Canada.
Executives
Michael Stock officer: Chief Financial Officer 950 17TH STREET, SUITE 2000, DENVER CO 80202
Christopher A Wright director, officer: Chief Executive Officer 106 ALTA VISTA AVENUE, MILL VALLEY CA 94941
Ken Babcock director 950 17TH STREET, SUITE 2000, DENVER CO 80202
Ryan T Gosney officer: Chief Accounting Officer 950 17TH STREET, SUITE 2000, DENVER CO 80202
Ron Gusek officer: President 950 17TH STREET, SUITE 2000, DENVER CO 80202
R Sean Elliott officer: See Remarks 6565 MACARTHUR BLVD, SUITE 1050, IRVING TX 75039
William F Kimble director 6900 E. LAYTON AVE., SUITE 900, DENVER CO 80237
Cary D. Steinbeck director 950 17TH STREET, SUITE 2000, DENVER CO 80202
Limited/nv Schlumberger 10 percent owner 5599 SAN FELIPE, 17TH FLOOR, HOUSTON TX 77056
Audrey Robertson director BONANZA CREEK ENERGY, INC., 410 - 17TH STREET, SUITE 1400, DENVER CO 80202
Riverstone/carlyle Energy Partners Iv, L.p. director, 10 percent owner C/O RIVERSTONE HOLDINGS LLC, 712 FIFTH AVENUE, 36TH FLOOR, NEW YORK NY 10019
Simon Ayat director C/O SCHLUMBERGER LIMITED, 5999 SAN FELIPE, 17TH FLOOR, HOUSTON TX 77056
James R Mcdonald director 13126 CONIFER RD, HOUSTON TX 77079
B.v. Schlumberger 10 percent owner 5599 SAN FELIPE, 17TH FLOOR, HOUSTON TX 77056
Schlumberger Holdings Corp 10 percent owner 5599 SAN FELIPE, 17TH FLOOR, HOUSTON TX 77056