EOG Resources Beneish M-Score Historical Data
The historical data trend for EOG Resources'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.
EOG Resources Beneish M-Score Chart
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EOG Resources Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.88 |
-3.11 |
-2.32 |
-2.09 |
-2.85 |
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EOG Resources 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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-2.09 |
-2.81 |
-3.26 |
-2.88 |
-2.85 |
Competitive Comparison of EOG Resources's Beneish M-Score
For the Oil & Gas E&P subindustry, EOG Resources'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.
EOG Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, EOG Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EOG Resources's Beneish M-Score falls into.
EOG Resources 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 EOG Resources 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 * 1.2035 | + | 0.528 * 1.0734 | + | 0.404 * 1.0449 | + | 0.892 * 0.786 | + | 0.115 * 1.101 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1368 | + | 4.679 * -0.101489 | - | 0.327 * 0.812 |
| = | -2.85 |
* 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 $2,716 Mil.
Revenue was 6030 + 6113 + 5460 + 5579 = $23,182 Mil.
Gross Profit was 4544 + 4680 + 4086 + 4263 = $17,573 Mil.
Total Current Assets was $9,935 Mil.
Total Assets was $43,857 Mil.
Property, Plant and Equipment(Net PPE) was $32,297 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,492 Mil.
Selling, General, & Admin. Expense(SGA) was $6,349 Mil.
Total Current Liabilities was $4,074 Mil.
Long-Term Debt & Capital Lease Obligation was $4,441 Mil.
Net Income was 1988 + 2030 + 1553 + 2023 = $7,594 Mil.
Non Operating Income was 45 + 76 + 108 + 476 = $705 Mil.
Cash Flow from Operations was 3104 + 2704 + 2277 + 3255 = $11,340 Mil.
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Total Receivables was $2,871 Mil.
Revenue was 6494 + 7598 + 8645 + 6755 = $29,492 Mil.
Gross Profit was 5104 + 6190 + 7258 + 5446 = $23,998 Mil.
Total Current Assets was $10,475 Mil.
Total Assets was $41,371 Mil.
Property, Plant and Equipment(Net PPE) was $29,429 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,542 Mil.
Selling, General, & Admin. Expense(SGA) was $7,105 Mil.
Total Current Liabilities was $5,513 Mil.
Long-Term Debt & Capital Lease Obligation was $4,379 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) |
| = | (2716 / 23182) | / | (2871 / 29492) |
| = | 0.11716 | / | 0.097348 |
| | = | 1.2035 |
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) |
| = | (23998 / 29492) | / | (17573 / 23182) |
| = | 0.813712 | / | 0.758045 |
| | = | 1.0734 |
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 - (9935 + 32297) / 43857) | / | (1 - (10475 + 29429) / 41371) |
| = | 0.037052 | / | 0.03546 |
| | = | 1.0449 |
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 |
| = | 23182 | / | 29492 |
| | = | 0.786 |
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)) |
| = | (3542 / (3542 + 29429)) | / | (3492 / (3492 + 32297)) |
| = | 0.107428 | / | 0.097572 |
| | = | 1.101 |
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) |
| = | (6349 / 23182) | / | (7105 / 29492) |
| = | 0.273876 | / | 0.240913 |
| | = | 1.1368 |
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) |
| = | ((4441 + 4074) / 43857) | / | ((4379 + 5513) / 41371) |
| = | 0.194154 | / | 0.239105 |
| | = | 0.812 |
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 |
| = | (7594 - 705 | - | 11340) | / | 43857 |
| | = | -0.101489 |
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.
EOG Resources has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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