ChampionX Beneish M-Score Historical Data
The historical data trend for ChampionX'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.
ChampionX Beneish M-Score Chart
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ChampionX Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.81 |
-1.78 |
-2.62 |
-2.69 |
-3.00 |
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ChampionX Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.02 |
-3.10 |
-3.07 |
-3.00 |
-3.11 |
Competitive Comparison of ChampionX's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, ChampionX'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.
ChampionX's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, ChampionX's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ChampionX's Beneish M-Score falls into.
ChampionX 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 ChampionX 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 * 0.9114 | + | 0.528 * 0.8094 | + | 0.404 * 0.9567 | + | 0.892 * 0.9598 | + | 0.115 * 1.0386 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1143 | + | 4.679 * -0.082671 | - | 0.327 * 0.9903 |
| = | -3.11 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $472 Mil.
Revenue was 922.141 + 943.555 + 939.783 + 926.6 = $3,732 Mil.
Gross Profit was 299.204 + 282.218 + 291.86 + 282.206 = $1,155 Mil.
Total Current Assets was $1,476 Mil.
Total Assets was $3,323 Mil.
Property, Plant and Equipment(Net PPE) was $863 Mil.
Depreciation, Depletion and Amortization(DDA) was $239 Mil.
Selling, General, & Admin. Expense(SGA) was $645 Mil.
Total Current Liabilities was $807 Mil.
Long-Term Debt & Capital Lease Obligation was $671 Mil.
Net Income was 112.923 + 77.198 + 77.711 + 95.797 = $364 Mil.
Non Operating Income was 26.901 + -7.067 + -5.998 + 3.104 = $17 Mil.
Cash Flow from Operations was 173.508 + 168.953 + 163.03 + 115.91 = $621 Mil.
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Total Receivables was $539 Mil.
Revenue was 948.347 + 985.855 + 1021.561 + 932.572 = $3,888 Mil.
Gross Profit was 283.355 + 282.623 + 196.543 + 211.888 = $974 Mil.
Total Current Assets was $1,468 Mil.
Total Assets was $3,327 Mil.
Property, Plant and Equipment(Net PPE) was $829 Mil.
Depreciation, Depletion and Amortization(DDA) was $241 Mil.
Selling, General, & Admin. Expense(SGA) was $603 Mil.
Total Current Liabilities was $841 Mil.
Long-Term Debt & Capital Lease Obligation was $653 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) |
| = | (471.813 / 3732.079) | / | (539.38 / 3888.335) |
| = | 0.126421 | / | 0.138717 |
| | = | 0.9114 |
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) |
| = | (974.409 / 3888.335) | / | (1155.488 / 3732.079) |
| = | 0.250598 | / | 0.30961 |
| | = | 0.8094 |
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 - (1476.164 + 862.995) / 3322.949) | / | (1 - (1468.498 + 829.197) / 3327.336) |
| = | 0.296059 | / | 0.309449 |
| | = | 0.9567 |
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 |
| = | 3732.079 | / | 3888.335 |
| | = | 0.9598 |
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)) |
| = | (240.891 / (240.891 + 829.197)) | / | (238.806 / (238.806 + 862.995)) |
| = | 0.225113 | / | 0.216741 |
| | = | 1.0386 |
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) |
| = | (644.63 / 3732.079) | / | (602.738 / 3888.335) |
| = | 0.172727 | / | 0.155012 |
| | = | 1.1143 |
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) |
| = | ((670.572 + 807.193) / 3322.949) | / | ((653.185 + 841.007) / 3327.336) |
| = | 0.444715 | / | 0.449066 |
| | = | 0.9903 |
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 |
| = | (363.629 - 16.94 | - | 621.401) | / | 3322.949 |
| | = | -0.082671 |
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.
ChampionX has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.
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