Expand Energy (MEX:EXE) Beneish M-Score : -0.10 (As of Mar. 28, 2025)

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What is Expand Energy 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.

Warning Sign:

Beneish M-Score -0.1 higher than -1.78, which implies that the company might have manipulated its financial results.

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

MEX:EXE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.67 Med: -2.73 Max: 7.92
Current: -0.1

During the past 13 years, the highest Beneish M-Score of Expand Energy was 7.92. The lowest was -3.67. And the median was -2.73.

Expand Energy Beneish M-Score Historical Data

The historical data trend for Expand Energy'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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Expand Energy Beneish M-Score Chart

Expand Energy Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.50

-0.66

4.70

-3.41

-0.10

Expand Energy 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															-3.41	-3.34	-3.02	-3.18	-0.10

Competitive Comparison of Expand Energy's Beneish M-Score

For the Oil & Gas E&P subindustry, Expand Energy'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.

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

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

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

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Expand Energy 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 Expand Energy 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 * 4.2447

0.528 * 2.5673

0.404 * 0.4984

0.892 * 0.5984

0.115 * 2.188

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.246

4.679 * -0.077367

0.327 * 1.2975

0.41

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was MXN25,569 Mil.
Revenue was 41690.544 + 12719.934 + 9215.012 + 17807.782 = MXN81,433 Mil.
Gross Profit was 12492.564 + 1929.649 + -3792.261 + 6854.253 = MXN17,484 Mil.
Total Current Assets was MXN41,649 Mil.
Total Assets was MXN581,749 Mil.
Property, Plant and Equipment(Net PPE) was MXN506,418 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN33,087 Mil.
Selling, General, & Admin. Expense(SGA) was MXN26,295 Mil.
Total Current Liabilities was MXN65,132 Mil.
Long-Term Debt & Capital Lease Obligation was MXN110,348 Mil.
Net Income was -8321.424 + -2244.694 + -4158.663 + 431.503 = MXN-14,293 Mil.
Non Operating Income was 646.527 + 374.116 + -36.64 + 464.695 = MXN1,449 Mil.
Cash Flow from Operations was 7966.877 + 8309.307 + 3828.902 + 9161.133 = MXN29,266 Mil.

Total Receivables was MXN10,066 Mil.
Revenue was 30706.415 + 26337.372 + 24327.194 + 54705.875 = MXN136,077 Mil.
Gross Profit was 19452.488 + 14597.036 + 1645.814 + 39312.525 = MXN75,008 Mil.
Total Current Assets was MXN44,286 Mil.
Total Assets was MXN244,022 Mil.
Property, Plant and Equipment(Net PPE) was MXN171,389 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN26,563 Mil.
Selling, General, & Admin. Expense(SGA) was MXN35,264 Mil.
Total Current Liabilities was MXN22,304 Mil.
Long-Term Debt & Capital Lease Obligation was MXN34,424 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)
	=	(25569.088 / 81433.272)	/	(10065.729 / 136076.856)
	=	0.313988	/	0.073971
	=	4.2447

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)
	=	(75007.863 / 136076.856)	/	(17484.205 / 81433.272)
	=	0.551217	/	0.214706
	=	2.5673

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 - (41648.833 + 506418.107) / 581748.895)	/	(1 - (44285.813 + 171388.982) / 244021.789)
	=	0.057898	/	0.116166
	=	0.4984

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
	=	81433.272	/	136076.856
	=	0.5984

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))
	=	(26563.115 / (26563.115 + 171388.982))	/	(33087.191 / (33087.191 + 506418.107))
	=	0.13419	/	0.061329
	=	2.188

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)
	=	(26295.098 / 81433.272)	/	(35263.561 / 136076.856)
	=	0.322904	/	0.259144
	=	1.246

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)
	=	((110347.509 + 65132.351) / 581748.895)	/	((34423.775 + 22304.162) / 244021.789)
	=	0.301642	/	0.232471
	=	1.2975

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
	=	(-14293.278 - 1448.698	-	29266.219)	/	581748.895
	=	-0.077367

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.

Expand Energy has a M-score of 0.41 signals that the company is likely to be a manipulator.

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6100 North Western Avenue, P.O. Box 18496, Oklahoma City, USA, 73154

Website

https://www.expandenergy.com

Expand Energy Corp independent natural gas producer in the United States. It is fueling a more affordable, reliable and lower-carbon future. The group focused on developing abundant natural gas, oil, and gas liquids to expand energy access.