Patterson-UTI Energy Beneish M-Score Historical Data
The historical data trend for Patterson-UTI 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.
Patterson-UTI Energy Beneish M-Score Chart
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Patterson-UTI Energy Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-4.66 |
-3.10 |
-4.69 |
18.36 |
-2.87 |
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Patterson-UTI Energy Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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18.84 |
19.82 |
-2.78 |
-2.87 |
-2.65 |
Competitive Comparison of Patterson-UTI Energy's Beneish M-Score
For the Oil & Gas Drilling subindustry, Patterson-UTI 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.
Patterson-UTI Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Patterson-UTI Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Patterson-UTI Energy's Beneish M-Score falls into.
Patterson-UTI 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 Patterson-UTI 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 * 0.8709 | + | 0.528 * 3.0051 | + | 0.404 * 0.7357 | + | 0.892 * 1.0582 | + | 0.115 * 0.7473 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2498 | + | 4.679 * -0.195946 | - | 0.327 * 1.1903 |
| = | -2.65 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $856 Mil.
Revenue was 1280.537 + 1162.135 + 1357.222 + 1348.194 = $5,148 Mil.
Gross Profit was 87.257 + 47.877 + -29.365 + 109.392 = $215 Mil.
Total Current Assets was $1,317 Mil.
Total Assets was $5,765 Mil.
Property, Plant and Equipment(Net PPE) was $3,024 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,129 Mil.
Selling, General, & Admin. Expense(SGA) was $270 Mil.
Total Current Liabilities was $818 Mil.
Long-Term Debt & Capital Lease Obligation was $1,261 Mil.
Net Income was 1.005 + -51.582 + -978.761 + 11.077 = $-1,018 Mil.
Non Operating Income was 1.536 + -4.793 + -892.655 + -10.421 = $-906 Mil.
Cash Flow from Operations was 208.141 + 315.834 + 296.289 + 197.522 = $1,018 Mil.
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Total Receivables was $929 Mil.
Revenue was 1510.36 + 1584.317 + 1011.452 + 758.885 = $4,865 Mil.
Gross Profit was 158.265 + 186.413 + 122.359 + 143.986 = $611 Mil.
Total Current Assets was $1,355 Mil.
Total Assets was $7,226 Mil.
Property, Plant and Equipment(Net PPE) was $3,445 Mil.
Depreciation, Depletion and Amortization(DDA) was $878 Mil.
Selling, General, & Admin. Expense(SGA) was $204 Mil.
Total Current Liabilities was $917 Mil.
Long-Term Debt & Capital Lease Obligation was $1,273 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) |
| = | (856.494 / 5148.088) | / | (929.382 / 4865.014) |
| = | 0.166371 | / | 0.191034 |
| | = | 0.8709 |
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) |
| = | (611.023 / 4865.014) | / | (215.161 / 5148.088) |
| = | 0.125595 | / | 0.041794 |
| | = | 3.0051 |
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 - (1317.41 + 3024.003) / 5765.426) | / | (1 - (1354.702 + 3445.362) / 7226.188) |
| = | 0.246992 | / | 0.335741 |
| | = | 0.7357 |
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 |
| = | 5148.088 | / | 4865.014 |
| | = | 1.0582 |
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)) |
| = | (878.192 / (878.192 + 3445.362)) | / | (1128.783 / (1128.783 + 3024.003)) |
| = | 0.203118 | / | 0.271813 |
| | = | 0.7473 |
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) |
| = | (270.283 / 5148.088) | / | (204.38 / 4865.014) |
| = | 0.052502 | / | 0.04201 |
| | = | 1.2498 |
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) |
| = | ((1261.33 + 818.288) / 5765.426) | / | ((1272.835 + 916.901) / 7226.188) |
| = | 0.360705 | / | 0.303028 |
| | = | 1.1903 |
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 |
| = | (-1018.261 - -906.333 | - | 1017.786) | / | 5765.426 |
| | = | -0.195946 |
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.
Patterson-UTI Energy has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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