Earthstone Energy Beneish M-Score Historical Data
The historical data trend for Earthstone Energy'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.
Earthstone Energy Beneish M-Score Chart
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Earthstone Energy Annual Data
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Trend |
Mar13 |
Mar14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.81 |
-2.26 |
-0.94 |
2.96 |
-0.70 |
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Earthstone Energy Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-0.03 |
-0.70 |
-1.73 |
-2.85 |
-3.14 |
Competitive Comparison of Earthstone Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, Earthstone Energy'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.
Earthstone Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Earthstone Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Earthstone Energy's Beneish M-Score falls into.
Earthstone Energy 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 Earthstone Energy 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 * 0.7405 | + | 0.528 * 1.4077 | + | 0.404 * 0.6754 | + | 0.892 * 1.3048 | + | 0.115 * 0.6722 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3067 | + | 4.679 * -0.139127 | - | 0.327 * 1.1113 |
| = | -3.14 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $210 Mil.
Revenue was 475.816 + 370.008 + 413.136 + 494.958 = $1,754 Mil.
Gross Profit was 213.182 + 140.611 + 181.255 + 266.948 = $802 Mil.
Total Current Assets was $268 Mil.
Total Assets was $5,147 Mil.
Property, Plant and Equipment(Net PPE) was $4,859 Mil.
Depreciation, Depletion and Amortization(DDA) was $454 Mil.
Selling, General, & Admin. Expense(SGA) was $98 Mil.
Total Current Liabilities was $576 Mil.
Long-Term Debt & Capital Lease Obligation was $1,727 Mil.
Net Income was 61.358 + 58.042 + 60.548 + 129.622 = $310 Mil.
Non Operating Income was -45.19 + 8.702 + -34.913 + 19.387 = $-52 Mil.
Cash Flow from Operations was 285.131 + 218.437 + 258.33 + 315.71 = $1,078 Mil.
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Total Receivables was $217 Mil.
Revenue was 531.495 + 472.551 + 196.15 + 144.016 = $1,344 Mil.
Gross Profit was 324.567 + 321.379 + 126.878 + 92.419 = $865 Mil.
Total Current Assets was $251 Mil.
Total Assets was $3,892 Mil.
Property, Plant and Equipment(Net PPE) was $3,619 Mil.
Depreciation, Depletion and Amortization(DDA) was $221 Mil.
Selling, General, & Admin. Expense(SGA) was $57 Mil.
Total Current Liabilities was $390 Mil.
Long-Term Debt & Capital Lease Obligation was $1,177 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) |
| = | (209.927 / 1753.918) | / | (217.269 / 1344.212) |
| = | 0.11969 | / | 0.161633 |
| | = | 0.7405 |
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) |
| = | (865.243 / 1344.212) | / | (801.996 / 1753.918) |
| = | 0.64368 | / | 0.45726 |
| | = | 1.4077 |
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 - (268.384 + 4858.751) / 5146.555) | / | (1 - (251.308 + 3619.247) / 3892.297) |
| = | 0.003773 | / | 0.005586 |
| | = | 0.6754 |
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 |
| = | 1753.918 | / | 1344.212 |
| | = | 1.3048 |
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)) |
| = | (220.543 / (220.543 + 3619.247)) | / | (453.943 / (453.943 + 4858.751)) |
| = | 0.057436 | / | 0.085445 |
| | = | 0.6722 |
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) |
| = | (97.683 / 1753.918) | / | (57.293 / 1344.212) |
| = | 0.055694 | / | 0.042622 |
| | = | 1.3067 |
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) |
| = | ((1726.89 + 576.043) / 5146.555) | / | ((1177.101 + 390.16) / 3892.297) |
| = | 0.447471 | / | 0.402657 |
| | = | 1.1113 |
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 |
| = | (309.57 - -52.014 | - | 1077.608) | / | 5146.555 |
| | = | -0.139127 |
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.
Earthstone Energy has a M-score of -3.14 suggests that the company is unlikely to be a manipulator.
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