Northern Oil & Gas Beneish M-Score Historical Data
The historical data trend for Northern Oil & Gas'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.
Northern Oil & Gas Beneish M-Score Chart
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Northern Oil & Gas Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.04 |
-1.83 |
0.06 |
-1.50 |
-2.67 |
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Northern Oil & Gas Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.92 |
-2.67 |
-2.98 |
-2.83 |
-3.14 |
Competitive Comparison of Northern Oil & Gas's Beneish M-Score
For the Oil & Gas E&P subindustry, Northern Oil & Gas'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.
Northern Oil & Gas's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Northern Oil & Gas's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Northern Oil & Gas's Beneish M-Score falls into.
Northern Oil & Gas 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 Northern Oil & Gas 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 * 0.8131 | + | 0.528 * 1.2321 | + | 0.404 * 1.0347 | + | 0.892 * 1.1961 | + | 0.115 * 0.7375 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7113 | + | 4.679 * -0.191317 | - | 0.327 * 0.7598 |
| = | -3.14 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $354 Mil.
Revenue was 515.488 + 564.194 + 534.879 + 546.145 = $2,161 Mil.
Gross Profit was 208.258 + 238.134 + 204.264 + 246.992 = $898 Mil.
Total Current Assets was $519 Mil.
Total Assets was $5,055 Mil.
Property, Plant and Equipment(Net PPE) was $4,480 Mil.
Depreciation, Depletion and Amortization(DDA) was $687 Mil.
Selling, General, & Admin. Expense(SGA) was $44 Mil.
Total Current Liabilities was $420 Mil.
Long-Term Debt & Capital Lease Obligation was $1,953 Mil.
Net Income was 298.446 + 138.556 + 11.606 + 388.853 = $837 Mil.
Non Operating Income was 238.27 + -3.365 + -138.475 + 247.455 = $344 Mil.
Cash Flow from Operations was 385.761 + 340.477 + 392.147 + 342.362 = $1,461 Mil.
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Total Receivables was $364 Mil.
Revenue was 513.521 + 418.785 + 428.558 + 445.647 = $1,807 Mil.
Gross Profit was 255.066 + 190.87 + 220.934 + 257.849 = $925 Mil.
Total Current Assets was $470 Mil.
Total Assets was $4,305 Mil.
Property, Plant and Equipment(Net PPE) was $3,789 Mil.
Depreciation, Depletion and Amortization(DDA) was $412 Mil.
Selling, General, & Admin. Expense(SGA) was $52 Mil.
Total Current Liabilities was $602 Mil.
Long-Term Debt & Capital Lease Obligation was $2,057 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) |
| = | (353.506 / 2160.706) | / | (363.516 / 1806.511) |
| = | 0.163607 | / | 0.201225 |
| | = | 0.8131 |
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) |
| = | (924.719 / 1806.511) | / | (897.648 / 2160.706) |
| = | 0.511881 | / | 0.415442 |
| | = | 1.2321 |
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 - (518.923 + 4480.019) / 5055.327) | / | (1 - (469.626 + 3788.636) / 4304.666) |
| = | 0.011154 | / | 0.01078 |
| | = | 1.0347 |
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 |
| = | 2160.706 | / | 1806.511 |
| | = | 1.1961 |
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)) |
| = | (412.152 / (412.152 + 3788.636)) | / | (687.415 / (687.415 + 4480.019)) |
| = | 0.098113 | / | 0.133028 |
| | = | 0.7375 |
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) |
| = | (44.489 / 2160.706) | / | (52.294 / 1806.511) |
| = | 0.02059 | / | 0.028948 |
| | = | 0.7113 |
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) |
| = | ((1953.099 + 420.288) / 5055.327) | / | ((2057.359 + 602.491) / 4304.666) |
| = | 0.469482 | / | 0.617899 |
| | = | 0.7598 |
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 |
| = | (837.461 - 343.885 | - | 1460.747) | / | 5055.327 |
| | = | -0.191317 |
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.
Northern Oil & Gas has a M-score of -3.14 suggests that the company is unlikely to be a manipulator.
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