Halliburton Co (MEX:HAL) Beneish M-Score : -2.63 (As of Mar. 27, 2025)

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What is Halliburton Co 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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:HAL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.93 Med: -2.65 Max: -1.35
Current: -2.63

During the past 13 years, the highest Beneish M-Score of Halliburton Co was -1.35. The lowest was -2.93. And the median was -2.65.

Halliburton Co Beneish M-Score Historical Data

The historical data trend for Halliburton Co'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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Halliburton Co Beneish M-Score Chart

Halliburton Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.93

-2.44

-2.36

-2.56

-2.63

Halliburton Co 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															-2.56	-2.67	-2.61	-2.61	-2.63

Competitive Comparison of Halliburton Co's Beneish M-Score

For the Oil & Gas Equipment & Services subindustry, Halliburton Co'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.

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

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

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

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Halliburton Co 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 Halliburton Co 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 * 1.1975

0.528 * 1.0105

0.404 * 0.9536

0.892 * 1.0802

0.115 * 1.0611

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0613

4.679 * -0.039507

0.327 * 0.9547

-2.41

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was MXN106,719 Mil.
Revenue was 117000.477 + 112175.639 + 106861.161 + 96324.664 = MXN432,362 Mil.
Gross Profit was 21397.948 + 21068.621 + 20573.476 + 17957.148 = MXN80,997 Mil.
Total Current Assets was MXN258,235 Mil.
Total Assets was MXN533,635 Mil.
Property, Plant and Equipment(Net PPE) was MXN127,950 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN20,381 Mil.
Selling, General, & Admin. Expense(SGA) was MXN4,503 Mil.
Total Current Liabilities was MXN126,177 Mil.
Long-Term Debt & Capital Lease Obligation was MXN165,970 Mil.
Net Income was 12826.255 + 11243.161 + 12988.953 + 10057.331 = MXN47,116 Mil.
Non Operating Income was -1147.063 + -3307.97 + -366.402 + -1792.396 = MXN-6,614 Mil.
Cash Flow from Operations was 30365.899 + 16559.542 + 19804.031 + 8082.376 = MXN74,812 Mil.

Total Receivables was MXN82,495 Mil.
Revenue was 97415.209 + 101099.278 + 99400.332 + 102327.925 = MXN400,243 Mil.
Gross Profit was 19231.823 + 19474.327 + 18481.124 + 18583.775 = MXN75,771 Mil.
Total Current Assets was MXN195,934 Mil.
Total Assets was MXN418,975 Mil.
Property, Plant and Equipment(Net PPE) was MXN101,642 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN17,349 Mil.
Selling, General, & Admin. Expense(SGA) was MXN3,928 Mil.
Total Current Liabilities was MXN95,192 Mil.
Long-Term Debt & Capital Lease Obligation was MXN145,079 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)
	=	(106718.617 / 432361.941)	/	(82494.845 / 400242.744)
	=	0.246827	/	0.206112
	=	1.1975

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)
	=	(75771.049 / 400242.744)	/	(80997.193 / 432361.941)
	=	0.189313	/	0.187337
	=	1.0105

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 - (258235.277 + 127949.719) / 533634.796)	/	(1 - (195933.745 + 101641.797) / 418975.363)
	=	0.276312	/	0.289754
	=	0.9536

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
	=	432361.941	/	400242.744
	=	1.0802

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))
	=	(17348.926 / (17348.926 + 101641.797))	/	(20381.261 / (20381.261 + 127949.719))
	=	0.145801	/	0.137404
	=	1.0611

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)
	=	(4503.383 / 432361.941)	/	(3927.872 / 400242.744)
	=	0.010416	/	0.009814
	=	1.0613

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)
	=	((165969.66 + 126176.985) / 533634.796)	/	((145078.898 + 95191.583) / 418975.363)
	=	0.547466	/	0.573472
	=	0.9547

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
	=	(47115.7 - -6613.831	-	74811.848)	/	533634.796
	=	-0.039507

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.

Halliburton Co has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.

Halliburton Co Beneish M-Score Related Terms

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Halliburton Co Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

HAL:USA 1HAL:Italy HALd:UK 0R23:UK HAL:Germany HAL:Germany HAL:Germany HAL:Germany HAL:Chile HALI34:Brazil HAL:Austria

Address

3000 North Sam Houston Parkway East, Houston, TX, USA, 77032

Website

https://www.halliburton.com

Halliburton Co is North America's largest oilfield service company as measured by market share. Despite industry fragmentation, it holds a leading position in the hydraulic fracturing and completions market, which makes up nearly half of its revenue. It also holds strong positions in other service offerings like drilling and completions fluids, which leverages its expertise in material science, as well as the directional drilling market. While we consider SLB the global leader in reservoir evaluation, we think Halliburton leads in any activity from the reservoir to the wellbore. The firm's innovations have helped multiple producers lower their development costs per barrel of oil equivalent, with techniques that have been homed in over a century of operations.