APA (MEX:AP A) Beneish M-Score : -2.56 (As of Mar. 27, 2025)

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What is APA Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for APA's Beneish M-Score or its related term are showing as below:

MEX:AP A' s Beneish M-Score Range Over the Past 10 Years
Min: -6.55 Med: -2.83 Max: -1.72
Current: -2.56

During the past 13 years, the highest Beneish M-Score of APA was -1.72. The lowest was -6.55. And the median was -2.83.

APA Beneish M-Score Historical Data

The historical data trend for APA'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.

* Premium members only.

APA Beneish M-Score Chart

APA Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.82

-2.74

-3.39

-1.93

-2.56

APA Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-1.93	-2.11	-1.77	-2.06	-2.56

Competitive Comparison of APA's Beneish M-Score

For the Oil & Gas E&P subindustry, APA'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.

APA's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, APA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where APA's Beneish M-Score falls into.

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APA 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 APA for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1612

0.528 * 1.1618

0.404 * 0.9569

0.892 * 1.2875

0.115 * 0.9629

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8963

4.679 * -0.071796

0.327 * 0.9266

-2.31

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was MXN40,856 Mil.
Revenue was 56560.658 + 49836.149 + 46588.022 + 32379.294 = MXN185,364 Mil.
Gross Profit was 22920.414 + 21718.401 + 21324.6 + 15534.095 = MXN81,498 Mil.
Total Current Assets was MXN70,993 Mil.
Total Assets was MXN404,392 Mil.
Property, Plant and Equipment(Net PPE) was MXN263,741 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN43,243 Mil.
Selling, General, & Admin. Expense(SGA) was MXN7,039 Mil.
Total Current Liabilities was MXN61,629 Mil.
Long-Term Debt & Capital Lease Obligation was MXN124,946 Mil.
Net Income was 7382.918 + -4390.937 + 9911.176 + 2190.706 = MXN15,094 Mil.
Non Operating Income was -5005.368 + -21974.375 + 2454.894 + -1493.663 = MXN-26,019 Mil.
Cash Flow from Operations was 21606.505 + 26365.312 + 16066.73 + 6107.422 = MXN70,146 Mil.

Total Receivables was MXN27,329 Mil.
Revenue was 36783.195 + 40202.814 + 30790.444 + 36194.2 = MXN143,971 Mil.
Gross Profit was 18858.39 + 20833.001 + 14726.61 + 19124.525 = MXN73,543 Mil.
Total Current Assets was MXN41,791 Mil.
Total Assets was MXN258,755 Mil.
Property, Plant and Equipment(Net PPE) was MXN170,388 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN26,737 Mil.
Selling, General, & Admin. Expense(SGA) was MXN6,100 Mil.
Total Current Liabilities was MXN40,806 Mil.
Long-Term Debt & Capital Lease Obligation was MXN88,028 Mil.

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)
	=	(40856.316 / 185364.123)	/	(27328.539 / 143970.653)
	=	0.220411	/	0.18982
	=	1.1612

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)
	=	(73542.526 / 143970.653)	/	(81497.51 / 185364.123)
	=	0.510816	/	0.439662
	=	1.1618

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 - (70992.803 + 263741.182) / 404392.023)	/	(1 - (41790.599 + 170387.501) / 258755.436)
	=	0.172254	/	0.180005
	=	0.9569

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
	=	185364.123	/	143970.653
	=	1.2875

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))
	=	(26737.317 / (26737.317 + 170387.501))	/	(43243.112 / (43243.112 + 263741.182))
	=	0.135636	/	0.140864
	=	0.9629

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)
	=	(7039.45 / 185364.123)	/	(6100.282 / 143970.653)
	=	0.037976	/	0.042372
	=	0.8963

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)
	=	((124946.499 + 61628.593) / 404392.023)	/	((88028.45 + 40806.092) / 258755.436)
	=	0.461372	/	0.497901
	=	0.9266

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
	=	(15093.863 - -26018.512	-	70145.969)	/	404392.023
	=	-0.071796

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.

APA has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.

APA Beneish M-Score Related Terms

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APA Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » APA Corp (MEX:AP A) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

APA:USA 0HGC:UK APA:Germany 2S3:Germany A1PA34:Brazil

Address

2000 W. Sam Houston Pkwy S, Suite 200, Houston, TX, USA, 77042-3643

Website

https://www.apacorp.com

APA Corp is an independent exploration and production company. It develops, and produces crude oil, natural gas, and natural gas liquids. The Company's business has oil and gas operations in three geographic areas: the United States (U.S.), Egypt, and offshore the U.K. in the North Sea (North Sea). APA also has active development, exploration, and appraisal operations ongoing in Suriname, as well as exploration interests in Uruguay, Alaska, and other international locations.

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