YPF (MEX:YPF N) Beneish M-Score : 36.10 (As of Apr. 06, 2025)

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What is YPF 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 36.1 higher than -1.78, which implies that the company might have manipulated its financial results.

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

MEX:YPF N' s Beneish M-Score Range Over the Past 10 Years
Min: -3.15 Med: -2.31 Max: 193.91
Current: 36.1

During the past 13 years, the highest Beneish M-Score of YPF was 193.91. The lowest was -3.15. And the median was -2.31.

YPF Beneish M-Score Historical Data

The historical data trend for YPF'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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YPF Beneish M-Score Chart

YPF Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.59

-3.15

-2.16

193.91

36.10

YPF 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															193.91	77.95	71.25	-572.13	36.10

Competitive Comparison of YPF's Beneish M-Score

For the Oil & Gas Integrated subindustry, YPF'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.

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

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

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

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YPF 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 YPF 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 * 1.6839

0.528 * 0.7019

0.404 * 1.1932

0.892 * 1.2216

0.115 * 0.8182

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0137

4.679 * 7.319498

0.327 * 1.151

32.44

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was MXN43,088 Mil.
Revenue was 99210.565 + 104299.519 + 90409.708 + 71015.375 = MXN364,935 Mil.
Gross Profit was 20876.556 + 31878.596 + 27077.112 + 20911.281 = MXN100,744 Mil.
Total Current Assets was MXN141,673 Mil.
Total Assets was MXN612,970 Mil.
Property, Plant and Equipment(Net PPE) was MXN408,542 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN-1,981,074 Mil.
Selling, General, & Admin. Expense(SGA) was MXN43,981 Mil.
Total Current Liabilities was MXN180,944 Mil.
Long-Term Debt & Capital Lease Obligation was MXN155,187 Mil.
Net Income was -6048.153 + 28944.741 + 9508.133 + 10903.74 = MXN43,308 Mil.
Non Operating Income was -3920.872 + 1693.366 + 403.042 + 2406.457 = MXN582 Mil.
Cash Flow from Operations was -81499904.403 + 77011874.421 + 26051.186 + 18073.322 = MXN-4,443,905 Mil.

Total Receivables was MXN20,946 Mil.
Revenue was 69832.056 + 78454.712 + 75004.563 + 75434.625 = MXN298,726 Mil.
Gross Profit was 12866.48 + 14196.401 + 14846.617 + 15970.15 = MXN57,880 Mil.
Total Current Assets was MXN75,264 Mil.
Total Assets was MXN424,950 Mil.
Property, Plant and Equipment(Net PPE) was MXN313,226 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN-10,473,312 Mil.
Selling, General, & Admin. Expense(SGA) was MXN35,517 Mil.
Total Current Liabilities was MXN83,513 Mil.
Long-Term Debt & Capital Lease Obligation was MXN118,939 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)
	=	(43087.876 / 364935.167)	/	(20946.222 / 298725.956)
	=	0.11807	/	0.070119
	=	1.6839

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)
	=	(57879.648 / 298725.956)	/	(100743.545 / 364935.167)
	=	0.193755	/	0.276059
	=	0.7019

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 - (141672.77 + 408542.307) / 612969.878)	/	(1 - (75263.816 + 313225.798) / 424950.298)
	=	0.102378	/	0.0858
	=	1.1932

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
	=	364935.167	/	298725.956
	=	1.2216

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))
	=	(-10473312.274 / (-10473312.274 + 313225.798))	/	(-1981073.629 / (-1981073.629 + 408542.307))
	=	1.030829	/	1.259799
	=	0.8182

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)
	=	(43981.489 / 364935.167)	/	(35516.936 / 298725.956)
	=	0.120519	/	0.118895
	=	1.0137

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)
	=	((155187.264 + 180944.053) / 612969.878)	/	((118938.556 + 83513.3) / 424950.298)
	=	0.548365	/	0.476413
	=	1.151

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
	=	(43308.461 - 581.993	-	-4443905.474)	/	612969.878
	=	7.319498

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.

YPF has a M-score of 32.44 signals that the company is likely to be a manipulator.

YPF Beneish M-Score Related Terms

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YPF Business Description

Industry

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Traded in Other Exchanges

YPF:USA YPF:Germany YPF:Germany Y2PF34:Brazil YPFD:Argentina

Address

Macacha Guemes 515, Buenos Aires, ARG, C1106BKK

Website

https://www.ypf.com

YPF SA is an Argentina-based integrated oil and gas company. It is engaged in operating a fully integrated oil and gas chain across the domestic upstream, downstream, and gas and power segments. Its upstream segment consists of exploration, development, and production of crude oil, natural gas, and LPG. Its downstream segment include refining, marketing, transportation, and distribution of oil and a wide range of petroleum products, petroleum derivatives, petrochemicals, LPG and bio-fuels. Gas and Power segment performs activities related to natural gas transportation to third parties and Downstream segment. Central Administration and Others includes activities performed by the Group not falling under the business segments. It generates maximum revenue from downstream segment.

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