EQT Beneish M-Score Historical Data
The historical data trend for EQT'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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EQT Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
|
|
|
|
|
|
0.59 |
-2.67 |
-2.21 |
-4.25 |
-1.66 |
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EQT Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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|
|
|
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|
|
|
|
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|
|
|
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-4.56 |
-2.53 |
-1.66 |
-1.72 |
-0.70 |
Competitive Comparison
For the Oil & Gas E&P subindustry, EQT'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.
EQT Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, EQT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EQT's Beneish M-Score falls into.
EQT 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 EQT 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 * 1.1042 | + | 0.528 * 0.1068 | + | 0.404 * 0.281 | + | 0.892 * 2.8617 | + | 0.115 * 0.9471 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4197 | + | 4.679 * 0.1564 | - | 0.327 * 1.1276 |
| = | -0.70 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $2,059 Mil.
Revenue was 3372.603 + 2498.527 + 2823.154 + 1792.399 = $10,487 Mil.
Gross Profit was 2321.2 + 1489.313 + 1736.584 + 796.803 = $6,344 Mil.
Total Current Assets was $4,086 Mil.
Total Assets was $22,622 Mil.
Property, Plant and Equipment(Net PPE) was $18,202 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,855 Mil.
Selling, General, & Admin. Expense(SGA) was $230 Mil.
Total Current Liabilities was $7,190 Mil.
Long-Term Debt & Capital Lease Obligation was $4,601 Mil.
Net Income was 891.361 + -1516.048 + 1801.333 + -1980.117 = $-803 Mil.
Non Operating Income was -984.62 + -3315.476 + 738.783 + -3250.511 = $-6,812 Mil.
Cash Flow from Operations was 230.421 + 1021.219 + 1170.946 + 48.108 = $2,471 Mil.
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Total Receivables was $652 Mil.
Revenue was 1085.416 + 1138.736 + 841.051 + 599.309 = $3,665 Mil.
Gross Profit was 193.566 + 268.606 + -8.935 + -216.557 = $237 Mil.
Total Current Assets was $2,169 Mil.
Total Assets was $18,985 Mil.
Property, Plant and Equipment(Net PPE) was $15,819 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,519 Mil.
Selling, General, & Admin. Expense(SGA) was $191 Mil.
Total Current Liabilities was $3,679 Mil.
Long-Term Debt & Capital Lease Obligation was $5,097 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) |
| = | (2058.953 / 10486.683) | / | (651.568 / 3664.512) |
| = | 0.19633978 | / | 0.17780485 |
| | = | 1.1042 |
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) |
| = | (236.68 / 3664.512) | / | (6343.9 / 10486.683) |
| = | 0.06458704 | / | 0.6049482 |
| | = | 0.1068 |
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 - (4085.629 + 18202.071) / 22621.664) | / | (1 - (2168.655 + 15819.071) / 18985.257) |
| = | 0.01476302 | / | 0.0525424 |
| | = | 0.281 |
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 |
| = | 10486.683 | / | 3664.512 |
| | = | 2.8617 |
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)) |
| = | (1518.837 / (1518.837 + 15819.071)) | / | (1855.292 / (1855.292 + 18202.071)) |
| = | 0.08760209 | / | 0.0924993 |
| | = | 0.9471 |
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) |
| = | (229.828 / 10486.683) | / | (191.349 / 3664.512) |
| = | 0.02191618 | / | 0.05221678 |
| | = | 0.4197 |
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) |
| = | ((4601.169 + 7189.747) / 22621.664) | / | ((5096.619 + 3679.201) / 18985.257) |
| = | 0.52122231 | / | 0.46224394 |
| | = | 1.1276 |
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 |
| = | (-803.471 - -6811.824 | - | 2470.694) | / | 22621.664 |
| | = | 0.1564 |
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.
EQT has a M-score of -0.70 signals that the company is likely to be a manipulator.
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