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.
EQT Beneish M-Score Chart
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EQT Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.36 |
-1.08 |
-1.59 |
-3.32 |
2.20 |
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EQT 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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-2.63 |
-1.92 |
1.12 |
2.20 |
2.90 |
Competitive Comparison of EQT's Beneish M-Score
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's Beneish M-Score Distribution in the Oil & Gas Industry
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 * 1.7365 | + | 0.528 * 0.927 | + | 0.404 * 12.6225 | + | 0.892 * 1.3956 | + | 0.115 * 1.0874 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9889 | + | 4.679 * -0.068578 | - | 0.327 * 0.9842 |
| = | 2.90 |
* 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 $1,299 Mil.
Revenue was 2418.769 + 1808.27 + 1216.986 + 891.179 = $6,335 Mil.
Gross Profit was 1709.556 + 1083.986 + 533.845 + 323.01 = $3,650 Mil.
Total Current Assets was $1,739 Mil.
Total Assets was $39,703 Mil.
Property, Plant and Equipment(Net PPE) was $31,661 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,296 Mil.
Selling, General, & Admin. Expense(SGA) was $355 Mil.
Total Current Liabilities was $3,062 Mil.
Long-Term Debt & Capital Lease Obligation was $8,108 Mil.
Net Income was 242.139 + 418.395 + -300.823 + 9.517 = $369 Mil.
Non Operating Income was -666.406 + -98.084 + 82.441 + 361.569 = $-320 Mil.
Cash Flow from Operations was 1741.167 + 756.276 + 592.989 + 322.045 = $3,412 Mil.
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Total Receivables was $536 Mil.
Revenue was 1305.757 + 1371.202 + 1008.196 + 854.365 = $4,540 Mil.
Gross Profit was 728.358 + 794.277 + 498.452 + 403.643 = $2,425 Mil.
Total Current Assets was $2,096 Mil.
Total Assets was $25,438 Mil.
Property, Plant and Equipment(Net PPE) was $23,023 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,827 Mil.
Selling, General, & Admin. Expense(SGA) was $257 Mil.
Total Current Liabilities was $2,374 Mil.
Long-Term Debt & Capital Lease Obligation was $4,898 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) |
| = | (1298.512 / 6335.204) | / | (535.821 / 4539.52) |
| = | 0.204968 | / | 0.118035 |
| | = | 1.7365 |
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) |
| = | (2424.73 / 4539.52) | / | (3650.397 / 6335.204) |
| = | 0.534138 | / | 0.576208 |
| | = | 0.927 |
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 - (1739.099 + 31660.705) / 39703.364) | / | (1 - (2095.779 + 23022.582) / 25438.32) |
| = | 0.158766 | / | 0.012578 |
| | = | 12.6225 |
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 |
| = | 6335.204 | / | 4539.52 |
| | = | 1.3956 |
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)) |
| = | (1827.319 / (1827.319 + 23022.582)) | / | (2296.375 / (2296.375 + 31660.705)) |
| = | 0.073534 | / | 0.067626 |
| | = | 1.0874 |
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) |
| = | (355.135 / 6335.204) | / | (257.33 / 4539.52) |
| = | 0.056057 | / | 0.056687 |
| | = | 0.9889 |
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) |
| = | ((8107.783 + 3062.273) / 39703.364) | / | ((4897.774 + 2373.633) / 25438.32) |
| = | 0.281338 | / | 0.285845 |
| | = | 0.9842 |
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 |
| = | (369.228 - -320.48 | - | 3412.477) | / | 39703.364 |
| | = | -0.068578 |
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 2.90 signals that the company is likely to be a manipulator.
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