PJSC Lukoil Beneish M-Score Historical Data
The historical data trend for PJSC Lukoil'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.
PJSC Lukoil Beneish M-Score Chart
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PJSC Lukoil Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.23 |
-3.27 |
-0.86 |
0.05 |
-0.49 |
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PJSC Lukoil Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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2.10 |
-0.49 |
-0.73 |
-0.69 |
-0.58 |
LSE:31KX vs XOM, CVX: Beneish M-Score Comparison
For the Oil & Gas Integrated subindustry, PJSC Lukoil'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.
PJSC Lukoil Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, PJSC Lukoil's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PJSC Lukoil's Beneish M-Score falls into.
PJSC Lukoil 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 PJSC Lukoil 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 * 1.2454 | + | 0.528 * 1.1729 | + | 0.404 * 1.0323 | + | 0.892 * 0.7497 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7373 | + | 4.679 * 0.321995 | - | 0.327 * 1.3336 |
| = | -0.93 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was £6,764.01 Mil.
Revenue was 6820.652 + 7738.086 + 4991.99 + 7237.373 = £26,788.10 Mil.
Gross Profit was 1763.477 + 3872.48 + 1601.035 + 2411.459 = £9,648.45 Mil.
Total Current Assets was £10,601.88 Mil.
Total Assets was £24,913.76 Mil.
Property, Plant and Equipment(Net PPE) was £46.33 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £342.24 Mil.
Total Current Liabilities was £10,514.55 Mil.
Long-Term Debt & Capital Lease Obligation was £909.74 Mil.
Net Income was 1467.006 + 3505.478 + 1142.093 + 1907.52 = £8,022.10 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = £0.00 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = £0.00 Mil.
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Total Receivables was £7,244.64 Mil.
Revenue was 8653.068 + 13153.077 + 5229.164 + 8696.488 = £35,731.80 Mil.
Gross Profit was 2530.441 + 7027.565 + 1382.789 + 4154.324 = £15,095.12 Mil.
Total Current Assets was £16,919.50 Mil.
Total Assets was £38,167.31 Mil.
Property, Plant and Equipment(Net PPE) was £78.04 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £619.11 Mil.
Total Current Liabilities was £11,189.62 Mil.
Long-Term Debt & Capital Lease Obligation was £1,933.76 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) |
| = | (6764.01 / 26788.101) | / | (7244.635 / 35731.797) |
| = | 0.252501 | / | 0.20275 |
| | = | 1.2454 |
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) |
| = | (15095.119 / 35731.797) | / | (9648.451 / 26788.101) |
| = | 0.422456 | / | 0.360177 |
| | = | 1.1729 |
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 - (10601.881 + 46.331) / 24913.759) | / | (1 - (16919.495 + 78.036) / 38167.307) |
| = | 0.572597 | / | 0.554657 |
| | = | 1.0323 |
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 |
| = | 26788.101 | / | 35731.797 |
| | = | 0.7497 |
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 + 78.036)) | / | (0 / (0 + 46.331)) |
| = | 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) |
| = | (342.241 / 26788.101) | / | (619.11 / 35731.797) |
| = | 0.012776 | / | 0.017327 |
| | = | 0.7373 |
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) |
| = | ((909.736 + 10514.548) / 24913.759) | / | ((1933.762 + 11189.615) / 38167.307) |
| = | 0.458553 | / | 0.343838 |
| | = | 1.3336 |
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 |
| = | (8022.097 - 0 | - | 0) | / | 24913.759 |
| | = | 0.321995 |
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.
PJSC Lukoil has a M-score of -0.93 signals that the company is likely to be a manipulator.
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