Comstock Resources Beneish M-Score Historical Data
The historical data trend for Comstock 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.
Comstock Resources Beneish M-Score Chart
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Comstock 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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-2.94 |
-1.92 |
-1.49 |
-2.44 |
-4.70 |
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Comstock 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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0.16 |
9.75 |
-6.92 |
-4.70 |
1.40 |
Competitive Comparison of Comstock Resources's Beneish M-Score
For the Oil & Gas E&P subindustry, Comstock 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.
Comstock Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Comstock Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Comstock Resources's Beneish M-Score falls into.
Comstock 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 Comstock 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 * 1.7151 | + | 0.528 * 8.0646 | + | 0.404 * 0.957 | + | 0.892 * 1.0137 | + | 0.115 * 0.9165 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1721 | + | 4.679 * -0.089358 | - | 0.327 * 1.1403 |
| = | 1.40 |
* 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 $245 Mil.
Revenue was 512.854 + 366.506 + 304.472 + 246.83 = $1,431 Mil.
Gross Profit was 139.398 + 8.259 + -52.322 + -82.316 = $13 Mil.
Total Current Assets was $339 Mil.
Total Assets was $6,602 Mil.
Property, Plant and Equipment(Net PPE) was $5,927 Mil.
Depreciation, Depletion and Amortization(DDA) was $773 Mil.
Selling, General, & Admin. Expense(SGA) was $41 Mil.
Total Current Liabilities was $858 Mil.
Long-Term Debt & Capital Lease Obligation was $3,101 Mil.
Net Income was -121.278 + -47.232 + -28.891 + -126.31 = $-324 Mil.
Non Operating Income was -330 + -78.773 + 76.347 + -24.93 = $-357 Mil.
Cash Flow from Operations was 174.746 + 267.053 + 98.17 + 83.575 = $624 Mil.
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Total Receivables was $141 Mil.
Revenue was 335.772 + 410.583 + 376.737 + 288.211 = $1,411 Mil.
Gross Profit was -3.676 + 56.777 + 56.853 + -6.381 = $104 Mil.
Total Current Assets was $358 Mil.
Total Assets was $6,317 Mil.
Property, Plant and Equipment(Net PPE) was $5,623 Mil.
Depreciation, Depletion and Amortization(DDA) was $665 Mil.
Selling, General, & Admin. Expense(SGA) was $35 Mil.
Total Current Liabilities was $556 Mil.
Long-Term Debt & Capital Lease Obligation was $2,766 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) |
| = | (244.507 / 1430.662) | / | (140.636 / 1411.303) |
| = | 0.170905 | / | 0.09965 |
| | = | 1.7151 |
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) |
| = | (103.573 / 1411.303) | / | (13.019 / 1430.662) |
| = | 0.073388 | / | 0.0091 |
| | = | 8.0646 |
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 - (338.976 + 5926.674) / 6601.547) | / | (1 - (358.064 + 5623.281) / 6317.242) |
| = | 0.050882 | / | 0.053171 |
| | = | 0.957 |
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 |
| = | 1430.662 | / | 1411.303 |
| | = | 1.0137 |
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)) |
| = | (664.614 / (664.614 + 5623.281)) | / | (772.599 / (772.599 + 5926.674)) |
| = | 0.105697 | / | 0.115326 |
| | = | 0.9165 |
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) |
| = | (41.344 / 1430.662) | / | (34.795 / 1411.303) |
| = | 0.028899 | / | 0.024655 |
| | = | 1.1721 |
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) |
| = | ((3100.519 + 858.08) / 6601.547) | / | ((2765.911 + 556.018) / 6317.242) |
| = | 0.599647 | / | 0.525851 |
| | = | 1.1403 |
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 |
| = | (-323.711 - -357.356 | - | 623.544) | / | 6601.547 |
| | = | -0.089358 |
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.
Comstock Resources has a M-score of 1.40 signals that the company is likely to be a manipulator.
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