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EQT (EQT) Beneish M-Score : 2.90 (As of Jul. 15, 2025)


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What is EQT Beneish M-Score?

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 2.9 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: -3.81   Med: -2.27   Max: 2.9
Current: 2.9

During the past 13 years, the highest Beneish M-Score of EQT was 2.90. The lowest was -3.81. And the median was -2.27.


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 Beneish M-Score Chart

EQT Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.36 -1.08 -1.59 -3.32 2.20

EQT Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial 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 -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.


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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.
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.




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.


EQT Business Description

Traded in Other Exchanges
Address
625 Liberty Avenue, Suite 1700, Pittsburgh, PA, USA, 15222
EQT is an independent natural gas production company. It focuses its operations in the cores of the Marcellus and Utica shales, located in the Appalachian Basin in the Eastern United States. Its main customers include marketers, utilities, and industrial operators in the Appalachian Basin. The company has three reportable segments in production, gathering, and its transmission segment, which is now an operated joint venture with Blackstone. All the firm's operating revenue is generated in the US, with most revenue flowing from the Marcellus Shale field and through the sale of natural gas.
Executives
Jeremy Knop officer: CHIEF FINANCIAL OFFICER 625 LIBERTY AVENUE, SUITE 1700, PITTSBURGH PA 15222
Thomas F Karam director C/O SOUTHERN UNION CO, ONE PEI CENTER, WILKES BARRE PA 18711-0601
William E. Jordan officer: EVP and General Counsel 400 WOODCLIFF DRIVE, CANONSBURG PA 15317
Lesley Evancho officer: Chief Human Resources Officer 625 LIBERTY AVENUE, SUITE 1700, PITTSBURGH PA 15222
Qem Vi, Llc 10 percent owner 800 CAPITAL STREET, SUITE 3600, HOUSTON TX 77002
Vanloh S Wil Jr 10 percent owner 1401 MCKINNEY STREET, SUITE 2700, HOUSTON TX 77010
Q-th Appalachia (vi) Investment Partners, Llc 10 percent owner 800 CAPITOL STREET, SUITE 3600, HOUSTON TX 77002
Q-xcl Holdings I (vi) Investment Partners, Llc 10 percent owner 800 CAPITOL STREET, SUITE 3600, HOUSTON TX 77002
U.s. Bank Trust Company, National Association 10 percent owner 111 SW FIFTH AVENUE, PORTLAND OR 97204
Todd James officer: Chief Accounting Officer 625 LIBERTY AVENUE, SUITE 1700, PITTSBURGH PA 15222
Kathryn Jean Jackson director 121 SW SALMON STREET, PORTLAND OR 97204
Frank C. Hu director 625 LIBERTY AVE., SUITE 1700, PITTSBURGH PA 15222
David M. Khani officer: Chief Financial Officer 625 LIBERTY AVE., SUITE 1700, PITTSBURGH PA 15222
Toby Z. Rice director, officer: President & CEO 400 WOODCLIFF DRIVE, CANONSBURG PA 15317
Lydia I Beebe director 13403 NORTHWEST FREEWAY, HOUSTON TX 77040