Hess Beneish M-Score Historical Data
The historical data trend for Hess'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.
Hess Beneish M-Score Chart
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Hess Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.20 |
-2.60 |
-2.72 |
-2.76 |
-2.78 |
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Hess Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.76 |
-2.44 |
-2.62 |
-2.95 |
-2.78 |
Competitive Comparison of Hess's Beneish M-Score
For the Oil & Gas E&P subindustry, Hess'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.
Hess's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Hess's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hess's Beneish M-Score falls into.
Hess 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 Hess 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 * 0.9009 | + | 0.528 * 0.9947 | + | 0.404 * 1.0595 | + | 0.892 * 1.2269 | + | 0.115 * 0.9379 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7783 | + | 4.679 * -0.106248 | - | 0.327 * 0.8842 |
| = | -2.78 |
* 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 $1,470 Mil.
Revenue was 3194 + 3191 + 3202 + 3309 = $12,896 Mil.
Gross Profit was 2449 + 2492 + 2538 + 2696 = $10,175 Mil.
Total Current Assets was $3,173 Mil.
Total Assets was $26,551 Mil.
Property, Plant and Equipment(Net PPE) was $20,663 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,487 Mil.
Selling, General, & Admin. Expense(SGA) was $3,112 Mil.
Total Current Liabilities was $2,826 Mil.
Long-Term Debt & Capital Lease Obligation was $9,091 Mil.
Net Income was 542 + 498 + 757 + 972 = $2,769 Mil.
Non Operating Income was 31 + -126 + 53 + 32 = $-10 Mil.
Cash Flow from Operations was 1312 + 1510 + 1893 + 885 = $5,600 Mil.
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Total Receivables was $1,330 Mil.
Revenue was 3011 + 2800 + 2289 + 2411 = $10,511 Mil.
Gross Profit was 2391 + 2240 + 1746 + 1872 = $8,249 Mil.
Total Current Assets was $3,430 Mil.
Total Assets was $24,007 Mil.
Property, Plant and Equipment(Net PPE) was $18,260 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,046 Mil.
Selling, General, & Admin. Expense(SGA) was $3,259 Mil.
Total Current Liabilities was $3,270 Mil.
Long-Term Debt & Capital Lease Obligation was $8,917 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) |
| = | (1470 / 12896) | / | (1330 / 10511) |
| = | 0.113989 | / | 0.126534 |
| | = | 0.9009 |
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) |
| = | (8249 / 10511) | / | (10175 / 12896) |
| = | 0.784797 | / | 0.789004 |
| | = | 0.9947 |
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 - (3173 + 20663) / 26551) | / | (1 - (3430 + 18260) / 24007) |
| = | 0.102256 | / | 0.096514 |
| | = | 1.0595 |
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 |
| = | 12896 | / | 10511 |
| | = | 1.2269 |
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)) |
| = | (2046 / (2046 + 18260)) | / | (2487 / (2487 + 20663)) |
| = | 0.100758 | / | 0.10743 |
| | = | 0.9379 |
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) |
| = | (3112 / 12896) | / | (3259 / 10511) |
| = | 0.241315 | / | 0.310056 |
| | = | 0.7783 |
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) |
| = | ((9091 + 2826) / 26551) | / | ((8917 + 3270) / 24007) |
| = | 0.448834 | / | 0.507644 |
| | = | 0.8842 |
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 |
| = | (2769 - -10 | - | 5600) | / | 26551 |
| | = | -0.106248 |
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.
Hess has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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