Hess Beneish M-Score Historical Data
The historical data trend for Hess'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.
Hess Beneish M-Score Chart
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Hess Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.20 |
-2.60 |
-2.72 |
-2.76 |
-2.78 |
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Hess 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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-2.44 |
-2.62 |
-2.95 |
-2.78 |
-3.33 |
Competitive Comparison of Hess's Beneish M-Score
For the Oil & Gas E&P subindustry, Hess'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.
Hess's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Hess's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hess's Beneish M-Score falls into.
Hess 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 Hess 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 * 0.621 | + | 0.528 * 1.0225 | + | 0.404 * 1.0741 | + | 0.892 * 1.0955 | + | 0.115 * 0.9468 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8985 | + | 4.679 * -0.142715 | - | 0.327 * 0.9156 |
| = | -3.33 |
* 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 $1,149 Mil.
Revenue was 2912 + 3194 + 3191 + 3202 = $12,499 Mil.
Gross Profit was 2242 + 2449 + 2492 + 2538 = $9,721 Mil.
Total Current Assets was $3,076 Mil.
Total Assets was $27,138 Mil.
Property, Plant and Equipment(Net PPE) was $21,107 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,549 Mil.
Selling, General, & Admin. Expense(SGA) was $3,215 Mil.
Total Current Liabilities was $2,850 Mil.
Long-Term Debt & Capital Lease Obligation was $9,127 Mil.
Net Income was 430 + 542 + 498 + 757 = $2,227 Mil.
Non Operating Income was 26 + 31 + -126 + 53 = $-16 Mil.
Cash Flow from Operations was 1401 + 1312 + 1510 + 1893 = $6,116 Mil.
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Total Receivables was $1,689 Mil.
Revenue was 3309 + 3011 + 2800 + 2289 = $11,409 Mil.
Gross Profit was 2696 + 2391 + 2240 + 1746 = $9,073 Mil.
Total Current Assets was $3,624 Mil.
Total Assets was $24,719 Mil.
Property, Plant and Equipment(Net PPE) was $18,589 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,112 Mil.
Selling, General, & Admin. Expense(SGA) was $3,266 Mil.
Total Current Liabilities was $2,951 Mil.
Long-Term Debt & Capital Lease Obligation was $8,964 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) |
| = | (1149 / 12499) | / | (1689 / 11409) |
| = | 0.091927 | / | 0.148041 |
| | = | 0.621 |
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) |
| = | (9073 / 11409) | / | (9721 / 12499) |
| = | 0.795249 | / | 0.777742 |
| | = | 1.0225 |
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 - (3076 + 21107) / 27138) | / | (1 - (3624 + 18589) / 24719) |
| = | 0.108888 | / | 0.10138 |
| | = | 1.0741 |
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 |
| = | 12499 | / | 11409 |
| | = | 1.0955 |
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)) |
| = | (2112 / (2112 + 18589)) | / | (2549 / (2549 + 21107)) |
| = | 0.102024 | / | 0.107753 |
| | = | 0.9468 |
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) |
| = | (3215 / 12499) | / | (3266 / 11409) |
| = | 0.257221 | / | 0.286265 |
| | = | 0.8985 |
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) |
| = | ((9127 + 2850) / 27138) | / | ((8964 + 2951) / 24719) |
| = | 0.441337 | / | 0.482018 |
| | = | 0.9156 |
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 |
| = | (2227 - -16 | - | 6116) | / | 27138 |
| | = | -0.142715 |
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.
Hess has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.
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