Newfield Exploration Co Beneish M-Score Historical Data
The historical data trend for Newfield Exploration Co'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.
Newfield Exploration Co Beneish M-Score Chart
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Newfield Exploration Co Annual Data
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Dec08 |
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Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-3.16 |
-2.95 |
-2.45 |
-3.11 |
-2.54 |
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Newfield Exploration Co Quarterly Data
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Dec13 |
Mar14 |
Jun14 |
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Dec14 |
Mar15 |
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Mar17 |
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
| Beneish M-Score |
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-2.78 |
-2.54 |
-2.24 |
-2.04 |
-2.26 |
Competitive Comparison of Newfield Exploration Co's Beneish M-Score
For the Oil & Gas E&P subindustry, Newfield Exploration Co'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.
Newfield Exploration Co's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Newfield Exploration Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Newfield Exploration Co's Beneish M-Score falls into.
Newfield Exploration Co 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 Newfield Exploration Co 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 * 0.9404 | + | 0.528 * 0.8826 | + | 0.404 * 1.3687 | + | 0.892 * 1.4818 | + | 0.115 * 0.9932 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7193 | + | 4.679 * -0.083333 | - | 0.327 * 0.9267 |
| = | -2.34 |
* 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 (Sep18) TTM: | Last Year (Sep17) TTM: |
Total Receivables was $386 Mil.
Revenue was 711 + 679 + 580 + 509 = $2,479 Mil.
Gross Profit was 417 + 418 + 345 + 284 = $1,464 Mil.
Total Current Assets was $757 Mil.
Total Assets was $5,676 Mil.
Property, Plant and Equipment(Net PPE) was $4,806 Mil.
Depreciation, Depletion and Amortization(DDA) was $574 Mil.
Selling, General, & Admin. Expense(SGA) was $453 Mil.
Total Current Liabilities was $1,051 Mil.
Long-Term Debt & Capital Lease Obligation was $2,436 Mil.
Net Income was 224 + 119 + 86 + 95 = $524 Mil.
Non Operating Income was -54 + -145 + -110 + -103 = $-412 Mil.
Cash Flow from Operations was 349 + 488 + 260 + 312 = $1,409 Mil.
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Total Receivables was $277 Mil.
Revenue was 439 + 402 + 417 + 415 = $1,673 Mil.
Gross Profit was 219 + 208 + 225 + 220 = $872 Mil.
Total Current Assets was $836 Mil.
Total Assets was $4,744 Mil.
Property, Plant and Equipment(Net PPE) was $3,839 Mil.
Depreciation, Depletion and Amortization(DDA) was $455 Mil.
Selling, General, & Admin. Expense(SGA) was $425 Mil.
Total Current Liabilities was $712 Mil.
Long-Term Debt & Capital Lease Obligation was $2,433 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) |
| = | (386 / 2479) | / | (277 / 1673) |
| = | 0.155708 | / | 0.165571 |
| | = | 0.9404 |
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) |
| = | (872 / 1673) | / | (1464 / 2479) |
| = | 0.521219 | / | 0.590561 |
| | = | 0.8826 |
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 - (757 + 4806) / 5676) | / | (1 - (836 + 3839) / 4744) |
| = | 0.019908 | / | 0.014545 |
| | = | 1.3687 |
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 |
| = | 2479 | / | 1673 |
| | = | 1.4818 |
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)) |
| = | (455 / (455 + 3839)) | / | (574 / (574 + 4806)) |
| = | 0.105962 | / | 0.106691 |
| | = | 0.9932 |
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) |
| = | (453 / 2479) | / | (425 / 1673) |
| = | 0.182735 | / | 0.254035 |
| | = | 0.7193 |
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) |
| = | ((2436 + 1051) / 5676) | / | ((2433 + 712) / 4744) |
| = | 0.614341 | / | 0.662943 |
| | = | 0.9267 |
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 |
| = | (524 - -412 | - | 1409) | / | 5676 |
| | = | -0.083333 |
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.
Newfield Exploration Co has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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