Diamond Offshore Drilling Beneish M-Score Historical Data
The historical data trend for Diamond Offshore Drilling'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.
Diamond Offshore Drilling Beneish M-Score Chart
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Diamond Offshore Drilling Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.62 |
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Diamond Offshore Drilling Quarterly Data
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Dec20 |
Mar21 |
Sep21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.47 |
-2.00 |
-2.62 |
Competitive Comparison of Diamond Offshore Drilling's Beneish M-Score
For the Oil & Gas Drilling subindustry, Diamond Offshore Drilling'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.
Diamond Offshore Drilling's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Diamond Offshore Drilling's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Diamond Offshore Drilling's Beneish M-Score falls into.
Diamond Offshore Drilling 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 Diamond Offshore Drilling 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 * 1.1884 | + | 0.528 * 0.0196 | + | 0.404 * 1.2965 | + | 0.892 * 1.2554 | + | 0.115 * 0.9463 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8198 | + | 4.679 * -0.027949 | - | 0.327 * 1.1161 |
| = | -2.62 |
* 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 $257 Mil.
Revenue was 297.637 + 244.958 + 281.563 + 232.021 = $1,056 Mil.
Gross Profit was 63.825 + 16.557 + 25.131 + 13.412 = $119 Mil.
Total Current Assets was $457 Mil.
Total Assets was $1,713 Mil.
Property, Plant and Equipment(Net PPE) was $1,156 Mil.
Depreciation, Depletion and Amortization(DDA) was $111 Mil.
Selling, General, & Admin. Expense(SGA) was $72 Mil.
Total Current Liabilities was $296 Mil.
Long-Term Debt & Capital Lease Obligation was $647 Mil.
Net Income was -145.702 + -145.016 + 238.783 + 7.229 = $-45 Mil.
Non Operating Income was -2.637 + -5.875 + 0.101 + -0.21 = $-9 Mil.
Cash Flow from Operations was -8.425 + 9.462 + 18.92 + -8.177 = $12 Mil.
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Total Receivables was $172 Mil.
Revenue was 223.264 + 226.073 + 205.702 + 186.239 = $841 Mil.
Gross Profit was 5.107 + 8.672 + 9.305 + -21.228 = $2 Mil.
Total Current Assets was $318 Mil.
Total Assets was $1,528 Mil.
Property, Plant and Equipment(Net PPE) was $1,142 Mil.
Depreciation, Depletion and Amortization(DDA) was $103 Mil.
Selling, General, & Admin. Expense(SGA) was $70 Mil.
Total Current Liabilities was $262 Mil.
Long-Term Debt & Capital Lease Obligation was $492 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) |
| = | (256.898 / 1056.179) | / | (172.194 / 841.278) |
| = | 0.243233 | / | 0.204681 |
| | = | 1.1884 |
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) |
| = | (1.856 / 841.278) | / | (118.925 / 1056.179) |
| = | 0.002206 | / | 0.112599 |
| | = | 0.0196 |
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 - (457.423 + 1156.368) / 1712.553) | / | (1 - (318.082 + 1141.908) / 1527.956) |
| = | 0.057669 | / | 0.044482 |
| | = | 1.2965 |
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 |
| = | 1056.179 | / | 841.278 |
| | = | 1.2554 |
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)) |
| = | (103.478 / (103.478 + 1141.908)) | / | (111.301 / (111.301 + 1156.368)) |
| = | 0.083089 | / | 0.0878 |
| | = | 0.9463 |
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) |
| = | (72.248 / 1056.179) | / | (70.196 / 841.278) |
| = | 0.068405 | / | 0.08344 |
| | = | 0.8198 |
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) |
| = | ((646.715 + 296.15) / 1712.553) | / | ((492.037 + 261.661) / 1527.956) |
| = | 0.550561 | / | 0.493272 |
| | = | 1.1161 |
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 |
| = | (-44.706 - -8.621 | - | 11.78) | / | 1712.553 |
| | = | -0.027949 |
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.
Diamond Offshore Drilling has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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