SEACOR Holdings Beneish M-Score Historical Data
The historical data trend for SEACOR 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.
SEACOR Holdings Beneish M-Score Chart
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SEACOR Holdings Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.37 |
-3.15 |
-2.06 |
-2.75 |
-2.28 |
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SEACOR Holdings Quarterly Data
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Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
| Beneish M-Score |
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-2.75 |
-2.54 |
-2.58 |
-2.62 |
-2.28 |
Competitive Comparison of SEACOR Holdings's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, SEACOR 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.
SEACOR Holdings's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, SEACOR Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SEACOR Holdings's Beneish M-Score falls into.
SEACOR Holdings 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 SEACOR 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 * 1.4506 | + | 0.528 * 1.0317 | + | 0.404 * 0.9781 | + | 0.892 * 0.9423 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1364 | + | 4.679 * -0.018602 | - | 0.327 * 0.9051 |
| = | -2.19 |
* 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 (Dec20) TTM: | Last Year (Dec19) TTM: |
Total Receivables was $318.4 Mil.
Revenue was 213.531 + 175.414 + 172.585 + 192.296 = $753.8 Mil.
Gross Profit was 48.31 + 29.562 + 28.822 + 28.539 = $135.2 Mil.
Total Current Assets was $404.3 Mil.
Total Assets was $1,532.1 Mil.
Property, Plant and Equipment(Net PPE) was $911.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $113.3 Mil.
Total Current Liabilities was $182.4 Mil.
Long-Term Debt & Capital Lease Obligation was $343.6 Mil.
Net Income was 10.77 + 3.19 + 7.884 + 1.467 = $23.3 Mil.
Non Operating Income was 4.297 + 3.354 + 11.106 + -4.529 = $14.2 Mil.
Cash Flow from Operations was -31.107 + 11.513 + 32.175 + 25.002 = $37.6 Mil.
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Total Receivables was $232.9 Mil.
Revenue was 192.761 + 200.658 + 197.023 + 209.524 = $800.0 Mil.
Gross Profit was 29.346 + 36.297 + 37.143 + 45.277 = $148.1 Mil.
Total Current Assets was $331.5 Mil.
Total Assets was $1,513.0 Mil.
Property, Plant and Equipment(Net PPE) was $962.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $105.8 Mil.
Total Current Liabilities was $210.0 Mil.
Long-Term Debt & Capital Lease Obligation was $363.9 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) |
| = | (318.364 / 753.826) | / | (232.903 / 799.966) |
| = | 0.422331 | / | 0.291141 |
| | = | 1.4506 |
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) |
| = | (148.063 / 799.966) | / | (135.233 / 753.826) |
| = | 0.185087 | / | 0.179396 |
| | = | 1.0317 |
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 - (404.331 + 911.289) / 1532.104) | / | (1 - (331.509 + 962.897) / 1512.972) |
| = | 0.141299 | / | 0.144461 |
| | = | 0.9781 |
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 |
| = | 753.826 | / | 799.966 |
| | = | 0.9423 |
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)) |
| = | (0 / (0 + 962.897)) | / | (0 / (0 + 911.289)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (113.313 / 753.826) | / | (105.818 / 799.966) |
| = | 0.150317 | / | 0.132278 |
| | = | 1.1364 |
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) |
| = | ((343.624 + 182.354) / 1532.104) | / | ((363.907 + 209.961) / 1512.972) |
| = | 0.343304 | / | 0.379298 |
| | = | 0.9051 |
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 |
| = | (23.311 - 14.228 | - | 37.583) | / | 1532.104 |
| | = | -0.018602 |
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.
SEACOR Holdings has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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