Legacy Reserves Beneish M-Score Historical Data
The historical data trend for Legacy Reserves'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.
Legacy Reserves Beneish M-Score Chart
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Legacy Reserves Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-2.62 |
-5.25 |
-2.44 |
-3.41 |
-3.61 |
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Legacy Reserves Quarterly Data
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Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
| Beneish M-Score |
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-3.55 |
-3.61 |
-3.48 |
-3.36 |
-3.25 |
Competitive Comparison of Legacy Reserves's Beneish M-Score
For the Oil & Gas E&P subindustry, Legacy Reserves'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.
Legacy Reserves's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Legacy Reserves's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Legacy Reserves's Beneish M-Score falls into.
Legacy Reserves 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 Legacy Reserves 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Sep19) TTM: | Last Year (Sep18) TTM: |
Total Receivables was $62.42 Mil.
Revenue was 97.503 + 117.779 + 118.497 + 132.894 = $466.67 Mil.
Gross Profit was 12.239 + 29.832 + 28.471 + 35.587 = $106.13 Mil.
Total Current Assets was $93.87 Mil.
Total Assets was $1,281.20 Mil.
Property, Plant and Equipment(Net PPE) was $1,185.91 Mil.
Depreciation, Depletion and Amortization(DDA) was $170.25 Mil.
Selling, General, & Admin. Expense(SGA) was $76.46 Mil.
Total Current Liabilities was $686.73 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -136.23 + -62.77 + -78.378 + 78.012 = $-199.37 Mil.
Non Operating Income was -114.423 + 4.471 + -47.057 + 89.442 = $-67.57 Mil.
Cash Flow from Operations was 41.854 + 1.939 + 35.427 + 16.727 = $95.95 Mil.
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Total Receivables was $0.00 Mil.
Revenue was 145.207 + 139.281 + 137.479 + 137.092 = $559.06 Mil.
Gross Profit was 54.315 + 51.711 + 52.965 + 55.233 = $214.22 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $0.00 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $151.01 Mil.
Selling, General, & Admin. Expense(SGA) was $84.58 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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) |
| = | (62.418 / 466.673) | / | (0 / 559.059) |
| = | 0.133751 | / | 0 |
| | = | |
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) |
| = | (214.224 / 559.059) | / | (106.129 / 466.673) |
| = | 0.383187 | / | 0.227416 |
| | = | |
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 - (93.866 + 1185.913) / 1281.197) | / | (1 - (0 + 0) / 0) |
| = | 0.001107 | / | |
| | = | |
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 |
| = | 466.673 | / | 559.059 |
| | = | |
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)) |
| = | (151.012 / (151.012 + 0)) | / | (170.25 / (170.25 + 1185.913)) |
| = | 1 | / | 0.125538 |
| | = | |
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) |
| = | (76.464 / 466.673) | / | (84.58 / 559.059) |
| = | 0.163849 | / | 0.15129 |
| | = | |
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) |
| = | ((0 + 686.732) / 1281.197) | / | ((0 + 0) / 0) |
| = | 0.536008 | / | |
| | = | |
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 |
| = | (-199.366 - -67.567 | - | 95.947) | / | 1281.197 |
| | = | -0.17776 |
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.
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