International Petroleum Beneish M-Score Historical Data
The historical data trend for International Petroleum'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.
International Petroleum Beneish M-Score Chart
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International Petroleum Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-4.16 |
-2.87 |
-3.36 |
-2.59 |
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International Petroleum 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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-3.36 |
-3.23 |
-3.07 |
-2.52 |
-2.59 |
Competitive Comparison of International Petroleum's Beneish M-Score
For the Oil & Gas E&P subindustry, International Petroleum'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.
International Petroleum's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, International Petroleum's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where International Petroleum's Beneish M-Score falls into.
International Petroleum 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 International Petroleum 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 * 1.1607 | + | 0.528 * 1.6552 | + | 0.404 * 1.2418 | + | 0.892 * 0.7819 | + | 0.115 * 1.4392 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7059 | + | 4.679 * -0.086335 | - | 0.327 * 1.1561 |
| = | -2.61 |
* 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 kr1,164 Mil.
Revenue was 2927.817 + 2852.851 + 2213.739 + 2109.937 = kr10,104 Mil.
Gross Profit was 215.687 + 1035.642 + 568.038 + 584.567 = kr2,404 Mil.
Total Current Assets was kr7,084 Mil.
Total Assets was kr21,161 Mil.
Property, Plant and Equipment(Net PPE) was kr13,403 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,190 Mil.
Selling, General, & Admin. Expense(SGA) was kr196 Mil.
Total Current Liabilities was kr2,081 Mil.
Long-Term Debt & Capital Lease Obligation was kr4,540 Mil.
Net Income was 304.692 + 794.481 + 344.794 + 414.411 = kr1,858 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 1251.366 + 1178.891 + 768.451 + 486.635 = kr3,685 Mil.
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Total Receivables was kr1,283 Mil.
Revenue was 3700.369 + 3266.058 + 3166.412 + 2789.815 = kr12,923 Mil.
Gross Profit was 791.696 + 1532.749 + 1622.734 + 1141.664 = kr5,089 Mil.
Total Current Assets was kr6,627 Mil.
Total Assets was kr17,431 Mil.
Property, Plant and Equipment(Net PPE) was kr10,357 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,377 Mil.
Selling, General, & Admin. Expense(SGA) was kr147 Mil.
Total Current Liabilities was kr1,556 Mil.
Long-Term Debt & Capital Lease Obligation was kr3,162 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) |
| = | (1164.207 / 10104.344) | / | (1282.814 / 12922.654) |
| = | 0.115218 | / | 0.099269 |
| | = | 1.1607 |
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) |
| = | (5088.843 / 12922.654) | / | (2403.934 / 10104.344) |
| = | 0.393792 | / | 0.237911 |
| | = | 1.6552 |
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 - (7083.868 + 13403.339) / 21161.275) | / | (1 - (6627.038 + 10356.891) / 17431.065) |
| = | 0.031854 | / | 0.025652 |
| | = | 1.2418 |
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 |
| = | 10104.344 | / | 12922.654 |
| | = | 0.7819 |
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)) |
| = | (1377.15 / (1377.15 + 10356.891)) | / | (1190.064 / (1190.064 + 13403.339)) |
| = | 0.117364 | / | 0.081548 |
| | = | 1.4392 |
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) |
| = | (195.617 / 10104.344) | / | (146.665 / 12922.654) |
| = | 0.01936 | / | 0.011349 |
| | = | 1.7059 |
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) |
| = | ((4539.706 + 2081.144) / 21161.275) | / | ((3161.741 + 1555.714) / 17431.065) |
| = | 0.312876 | / | 0.270635 |
| | = | 1.1561 |
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 |
| = | (1858.378 - 0 | - | 3685.343) | / | 21161.275 |
| | = | -0.086335 |
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.
International Petroleum has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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