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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 -2.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for NCS Multistage Holdings's Beneish M-Score or its related term are showing as below:
During the past 10 years, the highest Beneish M-Score of NCS Multistage Holdings was -1.94. The lowest was -5.09. And the median was -2.78.
The historical data trend for NCS Multistage Holdings'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.
NCS Multistage Holdings Annual Data | |||||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-5.09 | -3.18 | -2.40 | -2.65 | -2.91 |
NCS Multistage Holdings Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.65 | -2.78 | -2.84 | -2.72 | -2.91 |
For the Oil & Gas Equipment & Services subindustry, NCS Multistage Holdings'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.
For the Oil & Gas industry and Energy sector, NCS Multistage Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NCS Multistage Holdings's Beneish M-Score falls into.
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 NCS Multistage Holdings 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 * 0.7467 | + | 0.528 * 0.9361 | + | 0.404 * 0.9667 | + | 0.892 * 1.141 | + | 0.115 * 0.8607 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8966 | + | 4.679 * -0.068548 | - | 0.327 * 0.8565 | |||||||
= | -2.91 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $36.7 Mil. Revenue was 45.003 + 44.006 + 29.69 + 43.858 = $162.6 Mil. Gross Profit was 17.968 + 17.176 + 10.67 + 16.331 = $62.1 Mil. Total Current Assets was $105.6 Mil. Total Assets was $152.8 Mil. Property, Plant and Equipment(Net PPE) was $27.2 Mil. Depreciation, Depletion and Amortization(DDA) was $5.3 Mil. Selling, General, & Admin. Expense(SGA) was $57.8 Mil. Total Current Liabilities was $25.4 Mil. Long-Term Debt & Capital Lease Obligation was $10.9 Mil. Net Income was 3.471 + 4.147 + -3.095 + 2.07 = $6.6 Mil. Non Operating Income was 0.268 + 1.74 + 1.696 + 0.639 = $4.3 Mil. Cash Flow from Operations was 10.643 + -2.017 + 5.979 + -1.88 = $12.7 Mil. |
Total Receivables was $43.0 Mil. Revenue was 35.247 + 38.279 + 25.391 + 43.554 = $142.5 Mil. Gross Profit was 11.666 + 14.543 + 7.347 + 17.431 = $51.0 Mil. Total Current Assets was $103.2 Mil. Total Assets was $152.0 Mil. Property, Plant and Equipment(Net PPE) was $28.2 Mil. Depreciation, Depletion and Amortization(DDA) was $4.6 Mil. Selling, General, & Admin. Expense(SGA) was $56.5 Mil. Total Current Liabilities was $32.1 Mil. Long-Term Debt & Capital Lease Obligation was $10.1 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) |
= | (36.656 / 162.557) | / | (43.023 / 142.471) | |
= | 0.225496 | / | 0.301977 | |
= | 0.7467 |
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) | |
= | (50.987 / 142.471) | / | (62.145 / 162.557) | |
= | 0.357876 | / | 0.382297 | |
= | 0.9361 |
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 - (105.57 + 27.194) / 152.812) | / | (1 - (103.217 + 28.183) / 152.032) | |
= | 0.131194 | / | 0.135708 | |
= | 0.9667 |
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 | |
= | 162.557 | / | 142.471 | |
= | 1.141 |
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)) |
= | (4.616 / (4.616 + 28.183)) | / | (5.316 / (5.316 + 27.194)) | |
= | 0.140736 | / | 0.163519 | |
= | 0.8607 |
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) |
= | (57.82 / 162.557) | / | (56.518 / 142.471) | |
= | 0.355691 | / | 0.396698 | |
= | 0.8966 |
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) |
= | ((10.892 + 25.419) / 152.812) | / | ((10.119 + 32.058) / 152.032) | |
= | 0.237619 | / | 0.277422 | |
= | 0.8565 |
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 | |
= | (6.593 - 4.343 | - | 12.725) | / | 152.812 | |
= | -0.068548 |
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.
NCS Multistage Holdings has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of NCS Multistage Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Dewayne Williams | officer: VP, Controller | 1800 WEST LOOP SOUTH, SUITE 1500, HOUSTON TX 77027 |
Marty Stromquist | director, officer: President and Director | C/O NCS MULTISTAGE, LLC, 19450 STATE HIGHWAY 249, SUITE 200, HOUSTON TX 77070 |
Michael L Morrison | officer: Chief Financial Officer | 4203 YOAKUM BLVD, SUITE 100, HOUSTON TX 77042 |
Robert Nipper | director, officer: CEO and Director | C/O NCS MULTISTAGE, LLC, 19450 STATE HIGHWAY 249, SUITE 200, HOUSTON TX 77070 |
Ori Lev | officer: Executive VP, GC and Secretary | 3817 BROWNING STREET, HOUSTON TX 77005 |
Lori A Cole | officer: Vice President, Finance | 2010 MASON STREET, HOUSTON TX 77006 |
Ryan Hummer | officer: Chief Financial Officer | C/O NCS MULTISTAGE, LLC, 19450 STATE HIGHWAY 249, SUITE 200, HOUSTON TX 77070 |
Franklin Myers | director | C/O CAMERON INT'L CORPORATION, 1333 WEST LOOP S. #1700, HOUSTON TX 77027 |
Valerie A Mitchell | director | 4 WATERWAY SQUARE PLACE, SUITE 100, THE WOODLANDS TX 77380 |
Kevin Trautner | officer: Executive VP, GC and Secretary | C/O NCS MULTISTAGE, LLC, 19450 STATE HIGHWAY 249, SUITE 200, HOUSTON TX 77070 |
James Gambrell King | officer: Chief Strategy Officer | 3402 SYCAMORE SHADOWS, KINGWOOD TX 77339 |
John D Deane | director | 1330 POST OAK BLVD, STE 2700, HOUSTON TX 77056 |
Michael Mcshane | director | 1330 POST OAK BLVD, STE 2700, HOUSTON TX 77056 |
Wade Bitter | officer: CAO and Treasurer | C/O NCS MULTISTAGE, LLC, 19450 STATE HIGHWAY, SUITE 200, HOUSTON TX 77070 |
Tim Willems | officer: Chief Operations Officer | C/O NCS MULTISTAGE, LLC, 19450 STATE HIGHWAY 249, SUITE 200, HOUSTON TX 77070 |
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