Exxon Mobil (MIL:1XOM) Beneish M-Score : -2.71 (As of Dec. 12, 2024)

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What is Exxon Mobil 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:1XOM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.72 Max: -1.35
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Exxon Mobil was -1.35. The lowest was -3.16. And the median was -2.72.

Exxon Mobil Beneish M-Score Historical Data

The historical data trend for Exxon Mobil'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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Exxon Mobil Beneish M-Score Chart

Exxon Mobil Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.63

-1.35

-2.66

-2.67

-2.88

Exxon Mobil Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.85	-2.88	-2.72	-2.52	-2.71

Competitive Comparison of Exxon Mobil's Beneish M-Score

For the Oil & Gas Integrated subindustry, Exxon Mobil'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.

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

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

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

Exxon Mobil 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 Exxon Mobil 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 * 0.9914

0.528 * 1.1886

0.404 * 0.8401

0.892 * 0.9628

0.115 * 1.0393

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9979

4.679 * -0.07268

0.327 * 0.8

-2.76

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was €37,396 Mil.
Revenue was 79100.592 + 83596.994 + 73978.12 + 74907.896 = €311,584 Mil.
Gross Profit was 18373.192 + 18762.084 + 17394.44 + 16233.651 = €70,763 Mil.
Total Current Assets was €85,008 Mil.
Total Assets was €416,186 Mil.
Property, Plant and Equipment(Net PPE) was €269,888 Mil.
Depreciation, Depletion and Amortization(DDA) was €22,539 Mil.
Selling, General, & Admin. Expense(SGA) was €9,126 Mil.
Total Current Liabilities was €63,064 Mil.
Long-Term Debt & Capital Lease Obligation was €33,263 Mil.
Net Income was 7757.61 + 8583.96 + 7562.4 + 6996.71 = €30,901 Mil.
Non Operating Income was 1974.091 + 2824.16 + 2437.08 + 2236.563 = €9,472 Mil.
Cash Flow from Operations was 15829.669 + 9810.24 + 13490.88 + 12546.394 = €51,677 Mil.

Total Receivables was €39,180 Mil.
Revenue was 82990.09 + 74573.785 + 78123.496 + 87946.816 = €323,634 Mil.
Gross Profit was 20972.871 + 18547.685 + 22379.574 + 25463.456 = €87,364 Mil.
Total Current Assets was €94,770 Mil.
Total Assets was €348,807 Mil.
Property, Plant and Equipment(Net PPE) was €192,893 Mil.
Depreciation, Depletion and Amortization(DDA) was €16,797 Mil.
Selling, General, & Admin. Expense(SGA) was €9,498 Mil.
Total Current Liabilities was €66,701 Mil.
Long-Term Debt & Capital Lease Obligation was €34,210 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)
	=	(37396.005 / 311583.602)	/	(39179.718 / 323634.187)
	=	0.120019	/	0.121062
	=	0.9914

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)
	=	(87363.586 / 323634.187)	/	(70763.367 / 311583.602)
	=	0.269945	/	0.227109
	=	1.1886

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 - (85008.449 + 269888.243) / 416186.316)	/	(1 - (94770.054 + 192892.694) / 348806.683)
	=	0.147265	/	0.175295
	=	0.8401

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
	=	311583.602	/	323634.187
	=	0.9628

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))
	=	(16796.533 / (16796.533 + 192892.694))	/	(22539.201 / (22539.201 + 269888.243))
	=	0.080102	/	0.077076
	=	1.0393

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)
	=	(9125.715 / 311583.602)	/	(9498.288 / 323634.187)
	=	0.029288	/	0.029349
	=	0.9979

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)
	=	((33263.118 + 63063.693) / 416186.316)	/	((34209.87 + 66701.282) / 348806.683)
	=	0.231451	/	0.289304
	=	0.8

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
	=	(30900.68 - 9471.894	-	51677.183)	/	416186.316
	=	-0.07268

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.

Exxon Mobil has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.

Exxon Mobil Beneish M-Score Related Terms

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Exxon Mobil Business Description

Industry

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22777 Springwoods Village Parkway, Spring, TX, USA, 77389-1425

Website

https://www.exxonmobil.com

ExxonMobil is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2023, it produced 2.4 million barrels of liquids and 7.7 billion cubic feet of natural gas per day. At the end of 2023, reserves were 16.9 billion barrels of oil equivalent, 66% of which were liquids. The company is one of the world's largest refiners with a total global refining capacity of 4.5 million barrels of oil per day and is one of the world's largest manufacturers of commodity and specialty chemicals.

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