Golden Ocean Group Beneish M-Score Historical Data
The historical data trend for Golden Ocean Group'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.
Golden Ocean Group Beneish M-Score Chart
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Golden Ocean Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.18 |
-2.48 |
-2.24 |
-2.25 |
-2.25 |
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Golden Ocean Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.25 |
-2.43 |
-2.65 |
-2.56 |
-2.25 |
Competitive Comparison of Golden Ocean Group's Beneish M-Score
For the Marine Shipping subindustry, Golden Ocean Group'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.
Golden Ocean Group's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Golden Ocean Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Golden Ocean Group's Beneish M-Score falls into.
Golden Ocean Group 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 Golden Ocean Group 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 * 1.4657 | + | 0.528 * 1.5983 | + | 0.404 * 0.828 | + | 0.892 * 0.7955 | + | 0.115 * 1.0442 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1524 | + | 4.679 * -0.050286 | - | 0.327 * 1.0898 |
| = | -2.27 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $95.3 Mil.
Revenue was 254.205 + 221.663 + 213.383 + 196.517 = $885.8 Mil.
Gross Profit was 90.253 + 48.498 + 48.757 + 22.377 = $209.9 Mil.
Total Current Assets was $278.9 Mil.
Total Assets was $3,489.0 Mil.
Property, Plant and Equipment(Net PPE) was $3,120.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $135.5 Mil.
Selling, General, & Admin. Expense(SGA) was $18.7 Mil.
Total Current Liabilities was $226.2 Mil.
Long-Term Debt & Capital Lease Obligation was $1,338.4 Mil.
Net Income was 57.47 + 28.734 + 34.89 + -8.822 = $112.3 Mil.
Non Operating Income was 0.555 + 13.196 + 13.972 + -6.339 = $21.4 Mil.
Cash Flow from Operations was 96.871 + 47.398 + 45.549 + 76.519 = $266.3 Mil.
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Total Receivables was $81.8 Mil.
Revenue was 249.558 + 282.049 + 316.665 + 265.184 = $1,113.5 Mil.
Gross Profit was 77.33 + 84.597 + 151.754 + 108.009 = $421.7 Mil.
Total Current Assets was $299.1 Mil.
Total Assets was $3,257.3 Mil.
Property, Plant and Equipment(Net PPE) was $2,856.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $129.8 Mil.
Selling, General, & Admin. Expense(SGA) was $20.4 Mil.
Total Current Liabilities was $211.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,128.6 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) |
| = | (95.347 / 885.768) | / | (81.771 / 1113.456) |
| = | 0.107643 | / | 0.073439 |
| | = | 1.4657 |
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) |
| = | (421.69 / 1113.456) | / | (209.885 / 885.768) |
| = | 0.378722 | / | 0.236953 |
| | = | 1.5983 |
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 - (278.917 + 3120.318) / 3489.018) | / | (1 - (299.147 + 2856.918) / 3257.291) |
| = | 0.025733 | / | 0.031077 |
| | = | 0.828 |
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 |
| = | 885.768 | / | 1113.456 |
| | = | 0.7955 |
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)) |
| = | (129.839 / (129.839 + 2856.918)) | / | (135.548 / (135.548 + 3120.318)) |
| = | 0.043472 | / | 0.041632 |
| | = | 1.0442 |
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) |
| = | (18.679 / 885.768) | / | (20.375 / 1113.456) |
| = | 0.021088 | / | 0.018299 |
| | = | 1.1524 |
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) |
| = | ((1338.366 + 226.191) / 3489.018) | / | ((1128.63 + 211.628) / 3257.291) |
| = | 0.448423 | / | 0.411464 |
| | = | 1.0898 |
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 |
| = | (112.272 - 21.384 | - | 266.337) | / | 3489.018 |
| | = | -0.050286 |
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.
Golden Ocean Group has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
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