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EQT Beneish M-Score

: -0.70 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -0.7 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for EQT's Beneish M-Score or its related term are showing as below:

EQT' s Beneish M-Score Range Over the Past 10 Years
Min: -10.73   Med: -2.66   Max: 4.79
Current: -0.7

During the past 13 years, the highest Beneish M-Score of EQT was 4.79. The lowest was -10.73. And the median was -2.66.


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.

* Premium members only.

EQT Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.59 -2.67 -2.21 -4.25 -1.66

EQT Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -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.
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.




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.


EQT Business Description

EQT logo
Address
625 Liberty Avenue, EQT Plaza, Suite 1700, Pittsburgh, PA, USA, 15222
EQT Corp is an independent natural gas production company with operations focused in the cores of the Marcellus and Utica shales in the Appalachian Basin, located in the Eastern United States. The firm focuses on executing combo-development projects for developing multiwell pads to meet supply needs, with a focus on maximizing operational efficiency, technology, and sustainability. Its main customers include marketers, utilities, and industrial operators in the Appalachian Basin. The company has one reportable segment and its revenue stems from three types of gas reserves: natural gas, natural gas liquids, and crude oil. All of the firm's operating revenue is generated in the U.S., with most revenue flowing from the Marcellus Shale field and through the sale of natural gas.
Executives
Hu Frank C. director 625 LIBERTY AVE. SUITE 1700 PITTSBURGH PA 15222
Khani David M. officer: Chief Financial Officer 625 LIBERTY AVE. SUITE 1700 PITTSBURGH PA 15222
James Todd officer: Chief Accounting Officer 625 LIBERTY AVENUE SUITE 1700 PITTSBURGH PA 15222
Derham Kyle officer: Interim Chf Financial Officer 625 LIBERTY AVENUE SUITE 1700 PITTSBURGH PA 15222
Evancho Lesley officer: Chief Human Resources Officer 625 LIBERTY AVENUE SUITE 1700 PITTSBURGH PA 15222
Duran Richard A officer: Chief Information Officer 625 LIBERTY AVENUE SUITE 1700 PITTSBURGH PA 15222
Carrig Janet director ONE SOUTH WACKER DRIVE SUITE 3200 CHICAGO IL 60606
Rice Toby Z. director, officer: President & CEO 400 WOODCLIFF DRIVE CANONSBURG PA 15317
Jackson Kathryn Jean director 121 SW SALMON STREET PORTLAND OR 97204
Vanderhider Hallie A. director 600 TRAVIS STREET, SUITE 3250 HOUSTON TX 77002
Mcmanus J T director 605 RICHARD ARRINGTON JR BLVD N BIRMINGHAM AL 35203-2707
Canaan Lee M director 20101 HOOVER RD DETROIT MI 48205
Jordan William E. officer: EVP and General Counsel 400 WOODCLIFF DRIVE CANONSBURG PA 15317
Mccartney John director US ROBOTICS INC 8100 MCCORMICK BLVD SKOKIE IL 60076
Beebe Lydia I director 13403 NORTHWEST FREEWAY HOUSTON TX 77040

EQT Headlines

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