Chevron Beneish M-Score Historical Data
The historical data trend for Chevron'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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Chevron 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 |
-3.02 |
-2.28 |
-2.65 |
-2.77 |
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Chevron 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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|
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-2.65 |
-2.92 |
-3.06 |
-2.81 |
-2.77 |
Competitive Comparison
For the Oil & Gas Integrated subindustry, Chevron'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.
Chevron Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Chevron's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chevron's Beneish M-Score falls into.
Chevron 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 Chevron 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 * 1.1658 | + | 0.528 * 1.0234 | + | 0.404 * 1.033 | + | 0.892 * 0.8354 | + | 0.115 * 1.0109 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1496 | + | 4.679 * -0.069044 | - | 0.327 * 0.9315 |
| = | -2.77 |
* 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 $19,921 Mil.
Revenue was 48933 + 51922 + 47216 + 48842 = $196,913 Mil.
Gross Profit was 14202 + 15569 + 14711 + 15909 = $60,391 Mil.
Total Current Assets was $41,128 Mil.
Total Assets was $261,632 Mil.
Property, Plant and Equipment(Net PPE) was $153,619 Mil.
Depreciation, Depletion and Amortization(DDA) was $17,762 Mil.
Selling, General, & Admin. Expense(SGA) was $4,141 Mil.
Total Current Liabilities was $32,258 Mil.
Long-Term Debt & Capital Lease Obligation was $20,307 Mil.
Net Income was 2259 + 6526 + 6010 + 6574 = $21,369 Mil.
Non Operating Income was -1797 + 2067 + 1641 + 1913 = $3,824 Mil.
Cash Flow from Operations was 12434 + 9673 + 6297 + 7205 = $35,609 Mil.
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Total Receivables was $20,456 Mil.
Revenue was 54523 + 63508 + 65372 + 52314 = $235,717 Mil.
Gross Profit was 17189 + 20556 + 20988 + 15249 = $73,982 Mil.
Total Current Assets was $50,343 Mil.
Total Assets was $257,709 Mil.
Property, Plant and Equipment(Net PPE) was $143,591 Mil.
Depreciation, Depletion and Amortization(DDA) was $16,805 Mil.
Selling, General, & Admin. Expense(SGA) was $4,312 Mil.
Total Current Liabilities was $34,208 Mil.
Long-Term Debt & Capital Lease Obligation was $21,375 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) |
| = | (19921 / 196913) | / | (20456 / 235717) |
| = | 0.101167 | / | 0.086782 |
| | = | 1.1658 |
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) |
| = | (73982 / 235717) | / | (60391 / 196913) |
| = | 0.313859 | / | 0.306689 |
| | = | 1.0234 |
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 - (41128 + 153619) / 261632) | / | (1 - (50343 + 143591) / 257709) |
| = | 0.255645 | / | 0.247469 |
| | = | 1.033 |
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 |
| = | 196913 | / | 235717 |
| | = | 0.8354 |
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)) |
| = | (16805 / (16805 + 143591)) | / | (17762 / (17762 + 153619)) |
| = | 0.104772 | / | 0.10364 |
| | = | 1.0109 |
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) |
| = | (4141 / 196913) | / | (4312 / 235717) |
| = | 0.02103 | / | 0.018293 |
| | = | 1.1496 |
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) |
| = | ((20307 + 32258) / 261632) | / | ((21375 + 34208) / 257709) |
| = | 0.200912 | / | 0.215681 |
| | = | 0.9315 |
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 |
| = | (21369 - 3824 | - | 35609) | / | 261632 |
| | = | -0.069044 |
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.
Chevron has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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