BP Beneish M-Score Historical Data
The historical data trend for BP'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.
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BP Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-3.00 |
-2.95 |
-2.47 |
-2.91 |
-2.97 |
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BP Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.91 |
-2.65 |
-2.99 |
-3.01 |
-2.97 |
Competitive Comparison
For the Oil & Gas Integrated subindustry, BP'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.
BP Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, BP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BP's Beneish M-Score falls into.
BP 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 BP 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 * 1.0272 | + | 0.528 * 0.9839 | + | 0.404 * 0.9829 | + | 0.892 * 0.8537 | + | 0.115 * 0.8863 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4311 | + | 4.679 * -0.060202 | - | 0.327 * 0.9866 |
| = | -2.97 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was £23,965 Mil.
Revenue was 41191.39 + 43041.352 + 38442.096 + 46293.968 = £168,969 Mil.
Gross Profit was 8550.17 + 10210.696 + 6975.936 + 13022.496 = £38,759 Mil.
Total Current Assets was £82,275 Mil.
Total Assets was £221,432 Mil.
Property, Plant and Equipment(Net PPE) was £86,147 Mil.
Depreciation, Depletion and Amortization(DDA) was £12,798 Mil.
Selling, General, & Admin. Expense(SGA) was £13,465 Mil.
Total Current Liabilities was £68,002 Mil.
Long-Term Debt & Capital Lease Obligation was £45,141 Mil.
Net Income was 293.09 + 3925.264 + 1419.264 + 6771.632 = £12,409 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = £0 Mil.
Cash Flow from Operations was 7407.83 + 7067.576 + 4984.056 + 6280.528 = £25,740 Mil.
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Total Receivables was £27,329 Mil.
Revenue was 56859.997 + 48574.713 + 55107.192 + 37386.822 = £197,929 Mil.
Gross Profit was 19740.124 + 3283.877 + 13794.256 + 7851.855 = £44,670 Mil.
Total Current Assets was £88,412 Mil.
Total Assets was £236,547 Mil.
Property, Plant and Equipment(Net PPE) was £90,521 Mil.
Depreciation, Depletion and Amortization(DDA) was £11,722 Mil.
Selling, General, & Admin. Expense(SGA) was £11,022 Mil.
Total Current Liabilities was £81,294 Mil.
Long-Term Debt & Capital Lease Obligation was £41,208 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) |
| = | (23964.65 / 168968.806) | / | (27329.448 / 197928.724) |
| = | 0.141829 | / | 0.138077 |
| | = | 1.0272 |
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) |
| = | (44670.112 / 197928.724) | / | (38759.298 / 168968.806) |
| = | 0.225688 | / | 0.229387 |
| | = | 0.9839 |
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 - (82275.34 + 86147.13) / 221432.26) | / | (1 - (88411.848 + 90520.997) / 236546.52) |
| = | 0.239395 | / | 0.243562 |
| | = | 0.9829 |
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 |
| = | 168968.806 | / | 197928.724 |
| | = | 0.8537 |
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)) |
| = | (11721.705 / (11721.705 + 90520.997)) | / | (12798.29 / (12798.29 + 86147.13)) |
| = | 0.114646 | / | 0.129347 |
| | = | 0.8863 |
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) |
| = | (13465.19 / 168968.806) | / | (11021.836 / 197928.724) |
| = | 0.07969 | / | 0.055686 |
| | = | 1.4311 |
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) |
| = | ((45141.39 + 68001.62) / 221432.26) | / | ((41208.453 + 81293.778) / 236546.52) |
| = | 0.51096 | / | 0.517878 |
| | = | 0.9866 |
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 |
| = | (12409.25 - 0 | - | 25739.99) | / | 221432.26 |
| | = | -0.060202 |
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.
BP has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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