PDC Energy Beneish M-Score Historical Data
The historical data trend for PDC Energy'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.
PDC Energy Beneish M-Score Chart
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PDC Energy Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.31 |
-2.90 |
-3.05 |
-2.15 |
-2.46 |
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PDC Energy Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
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-1.52 |
-1.62 |
-2.46 |
-2.96 |
-2.87 |
Competitive Comparison of PDC Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, PDC Energy'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.
PDC Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, PDC Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PDC Energy's Beneish M-Score falls into.
PDC Energy 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 PDC Energy 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 * 0.6371 | + | 0.528 * 1.0792 | + | 0.404 * 1.6585 | + | 0.892 * 1.0822 | + | 0.115 * 0.8413 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1117 | + | 4.679 * -0.104693 | - | 0.327 * 0.7262 |
| = | -2.87 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $499 Mil.
Revenue was 871.808 + 813.536 + 979.833 + 1204.54 = $3,870 Mil.
Gross Profit was 464.835 + 444.838 + 612.668 + 799.312 = $2,322 Mil.
Total Current Assets was $582 Mil.
Total Assets was $8,359 Mil.
Property, Plant and Equipment(Net PPE) was $7,603 Mil.
Depreciation, Depletion and Amortization(DDA) was $868 Mil.
Selling, General, & Admin. Expense(SGA) was $171 Mil.
Total Current Liabilities was $1,176 Mil.
Long-Term Debt & Capital Lease Obligation was $1,571 Mil.
Net Income was 288.712 + 414.132 + 349.735 + 797.965 = $1,851 Mil.
Non Operating Income was -0.028 + 142.604 + -110.973 + 302.03 = $334 Mil.
Cash Flow from Operations was 267.798 + 588.323 + 687.533 + 848.41 = $2,392 Mil.
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Total Receivables was $723 Mil.
Revenue was 1138.491 + 884.503 + 848.912 + 704.04 = $3,576 Mil.
Gross Profit was 757.984 + 588.405 + 551.489 + 417.361 = $2,315 Mil.
Total Current Assets was $788 Mil.
Total Assets was $7,976 Mil.
Property, Plant and Equipment(Net PPE) was $7,088 Mil.
Depreciation, Depletion and Amortization(DDA) was $668 Mil.
Selling, General, & Admin. Expense(SGA) was $142 Mil.
Total Current Liabilities was $1,878 Mil.
Long-Term Debt & Capital Lease Obligation was $1,732 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) |
| = | (498.751 / 3869.717) | / | (723.415 / 3575.946) |
| = | 0.128886 | / | 0.2023 |
| | = | 0.6371 |
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) |
| = | (2315.239 / 3575.946) | / | (2321.653 / 3869.717) |
| = | 0.647448 | / | 0.599954 |
| | = | 1.0792 |
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 - (581.957 + 7603.179) / 8359.222) | / | (1 - (788.312 + 7087.772) / 7976.241) |
| = | 0.020826 | / | 0.012557 |
| | = | 1.6585 |
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 |
| = | 3869.717 | / | 3575.946 |
| | = | 1.0822 |
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)) |
| = | (668.327 / (668.327 + 7087.772)) | / | (867.641 / (867.641 + 7603.179)) |
| = | 0.086168 | / | 0.102427 |
| | = | 0.8413 |
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) |
| = | (170.787 / 3869.717) | / | (141.969 / 3575.946) |
| = | 0.044134 | / | 0.039701 |
| | = | 1.1117 |
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) |
| = | ((1571.449 + 1175.997) / 8359.222) | / | ((1731.649 + 1878.285) / 7976.241) |
| = | 0.328672 | / | 0.452586 |
| | = | 0.7262 |
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 |
| = | (1850.544 - 333.633 | - | 2392.064) | / | 8359.222 |
| | = | -0.104693 |
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.
PDC Energy has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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