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.
Antero Resources Beneish M-Score Chart
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Antero Resources Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-4.09 |
-2.62 |
-2.14 |
-1.62 |
-2.16 |
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Antero Resources Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-0.30 |
-0.93 |
-1.70 |
-2.16 |
-2.41 |
Competitive Comparison of Antero Resources's Beneish M-Score
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's Beneish M-Score Distribution in the Oil & Gas Industry
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 * 1.3985 | + | 0.528 * 0.6843 | + | 0.404 * 1.1027 | + | 0.892 * 1.0809 | + | 0.115 * 0.9626 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8819 | + | 4.679 * -0.059986 | - | 0.327 * 0.9371 |
| = | -2.41 |
* 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 $554 Mil.
Revenue was 1392.59 + 1149.466 + 983.58 + 928.082 = $4,454 Mil.
Gross Profit was 421.936 + 128.798 + 51.18 + 22.412 = $624 Mil.
Total Current Assets was $575 Mil.
Total Assets was $13,049 Mil.
Property, Plant and Equipment(Net PPE) was $12,199 Mil.
Depreciation, Depletion and Amortization(DDA) was $762 Mil.
Selling, General, & Admin. Expense(SGA) was $464 Mil.
Total Current Liabilities was $1,485 Mil.
Long-Term Debt & Capital Lease Obligation was $3,291 Mil.
Net Income was 207.971 + 106.988 + -20.444 + -65.663 = $229 Mil.
Non Operating Income was -49.644 + -28.974 + 32.833 + 11.992 = $-34 Mil.
Cash Flow from Operations was 457.739 + 278.002 + 166.177 + 143.499 = $1,045 Mil.
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Total Receivables was $366 Mil.
Revenue was 1057.567 + 1107.311 + 1061.959 + 893.61 = $4,120 Mil.
Gross Profit was 107.522 + 146.333 + 148.072 + -6.677 = $395 Mil.
Total Current Assets was $403 Mil.
Total Assets was $13,548 Mil.
Property, Plant and Equipment(Net PPE) was $12,886 Mil.
Depreciation, Depletion and Amortization(DDA) was $773 Mil.
Selling, General, & Admin. Expense(SGA) was $487 Mil.
Total Current Liabilities was $1,383 Mil.
Long-Term Debt & Capital Lease Obligation was $3,909 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) |
| = | (553.767 / 4453.718) | / | (366.339 / 4120.447) |
| = | 0.124338 | / | 0.088908 |
| | = | 1.3985 |
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) |
| = | (395.25 / 4120.447) | / | (624.326 / 4453.718) |
| = | 0.095924 | / | 0.140181 |
| | = | 0.6843 |
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 - (574.785 + 12198.615) / 13049.321) | / | (1 - (402.712 + 12885.991) / 13548.494) |
| = | 0.021144 | / | 0.019175 |
| | = | 1.1027 |
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 |
| = | 4453.718 | / | 4120.447 |
| | = | 1.0809 |
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)) |
| = | (772.884 / (772.884 + 12885.991)) | / | (761.867 / (761.867 + 12198.615)) |
| = | 0.056585 | / | 0.058784 |
| | = | 0.9626 |
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) |
| = | (463.784 / 4453.718) | / | (486.534 / 4120.447) |
| = | 0.104134 | / | 0.118078 |
| | = | 0.8819 |
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) |
| = | ((3291.209 + 1485.346) / 13049.321) | / | ((3909.383 + 1382.903) / 13548.494) |
| = | 0.366039 | / | 0.390618 |
| | = | 0.9371 |
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 |
| = | (228.852 - -33.793 | - | 1045.417) | / | 13049.321 |
| | = | -0.059986 |
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 -2.41 suggests that the company is unlikely to be a manipulator.
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