Antero Resources Beneish M-Score Historical Data
The historical data trend for Antero Resources'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.
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Antero Resources Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
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-1.41 |
-4.09 |
-2.62 |
-2.13 |
-1.76 |
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Antero Resources Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
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-2.13 |
-2.68 |
-3.03 |
-2.69 |
-1.76 |
Competitive Comparison
For the Oil & Gas E&P subindustry, Antero Resources'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.
Antero Resources Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Antero Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Antero Resources's Beneish M-Score falls into.
Antero Resources 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 Antero Resources 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 * 1.1573 | + | 0.528 * 3.5637 | + | 0.404 * 1.061 | + | 0.892 * 0.5155 | + | 0.115 * 0.9752 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4033 | + | 4.679 * -0.06588 | - | 0.327 * 0.9604 |
| = | -1.76 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $443 Mil.
Revenue was 1107.311 + 1061.959 + 893.61 + 1216.094 = $4,279 Mil.
Gross Profit was 203.216 + 148.072 + -6.677 + 324.743 = $669 Mil.
Total Current Assets was $476 Mil.
Total Assets was $13,619 Mil.
Property, Plant and Equipment(Net PPE) was $12,891 Mil.
Depreciation, Depletion and Amortization(DDA) was $693 Mil.
Selling, General, & Admin. Expense(SGA) was $509 Mil.
Total Current Liabilities was $1,452 Mil.
Long-Term Debt & Capital Lease Obligation was $3,966 Mil.
Net Income was 94.764 + 17.808 + -83.084 + 213.431 = $243 Mil.
Non Operating Income was 40.566 + -1.344 + 7.451 + 98.768 = $145 Mil.
Cash Flow from Operations was 312.175 + 183.381 + 155.263 + 343.902 = $995 Mil.
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Total Receivables was $743 Mil.
Revenue was 1802.495 + 2425.684 + 2351.822 + 1719.91 = $8,300 Mil.
Gross Profit was 901.916 + 1419.238 + 1415.12 + 890.656 = $4,627 Mil.
Total Current Assets was $788 Mil.
Total Assets was $14,118 Mil.
Property, Plant and Equipment(Net PPE) was $13,083 Mil.
Depreciation, Depletion and Amortization(DDA) was $685 Mil.
Selling, General, & Admin. Expense(SGA) was $704 Mil.
Total Current Liabilities was $1,775 Mil.
Long-Term Debt & Capital Lease Obligation was $4,073 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) |
| = | (443.424 / 4278.974) | / | (743.173 / 8299.911) |
| = | 0.103629 | / | 0.08954 |
| | = | 1.1573 |
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) |
| = | (4626.93 / 8299.911) | / | (669.354 / 4278.974) |
| = | 0.557467 | / | 0.156429 |
| | = | 3.5637 |
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 - (475.692 + 12890.522) / 13619.414) | / | (1 - (787.525 + 13083.135) / 14118.039) |
| = | 0.018591 | / | 0.017522 |
| | = | 1.061 |
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 |
| = | 4278.974 | / | 8299.911 |
| | = | 0.5155 |
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)) |
| = | (685.227 / (685.227 + 13083.135)) | / | (693.21 / (693.21 + 12890.522)) |
| = | 0.049768 | / | 0.051032 |
| | = | 0.9752 |
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) |
| = | (509.481 / 4278.974) | / | (704.213 / 8299.911) |
| = | 0.119066 | / | 0.084846 |
| | = | 1.4033 |
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) |
| = | ((3966.046 + 1452.091) / 13619.414) | / | ((4073.33 + 1774.909) / 14118.039) |
| = | 0.397825 | / | 0.414239 |
| | = | 0.9604 |
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 |
| = | (242.919 - 145.441 | - | 994.721) | / | 13619.414 |
| | = | -0.06588 |
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.
Antero Resources has a M-score of -1.76 signals that the company is likely to be a manipulator.
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