International Seaways Beneish M-Score Historical Data
The historical data trend for International Seaways'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.
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International Seaways Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.41 |
-3.39 |
-2.74 |
-1.32 |
-2.80 |
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International Seaways Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.32 |
-1.50 |
-2.01 |
-2.50 |
-2.80 |
Competitive Comparison
For the Oil & Gas Midstream subindustry, International Seaways'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.
International Seaways Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, International Seaways's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where International Seaways's Beneish M-Score falls into.
International Seaways 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 International Seaways 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 * 0.6977 | + | 0.528 * 0.9294 | + | 0.404 * 0.9874 | + | 0.892 * 1.2395 | + | 0.115 * 0.9026 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8263 | + | 4.679 * -0.06809 | - | 0.327 * 0.7393 |
| = | -2.80 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $261 Mil.
Revenue was 250.734 + 241.708 + 292.203 + 287.13 = $1,072 Mil.
Gross Profit was 134.402 + 126.696 + 180.237 + 186.203 = $628 Mil.
Total Current Assets was $465 Mil.
Total Assets was $2,522 Mil.
Property, Plant and Equipment(Net PPE) was $1,946 Mil.
Depreciation, Depletion and Amortization(DDA) was $129 Mil.
Selling, General, & Admin. Expense(SGA) was $47 Mil.
Total Current Liabilities was $196 Mil.
Long-Term Debt & Capital Lease Obligation was $607 Mil.
Net Income was 132.114 + 97.937 + 153.762 + 172.633 = $556 Mil.
Non Operating Income was 24.967 + -3.176 + 3.342 + 14.622 = $40 Mil.
Cash Flow from Operations was 125.483 + 148.463 + 193.634 + 220.822 = $688 Mil.
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Total Receivables was $302 Mil.
Revenue was 338.157 + 236.829 + 188.197 + 101.482 = $865 Mil.
Gross Profit was 235.684 + 140.456 + 91.027 + 3.349 = $471 Mil.
Total Current Assets was $643 Mil.
Total Assets was $2,615 Mil.
Property, Plant and Equipment(Net PPE) was $1,857 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $46 Mil.
Total Current Liabilities was $257 Mil.
Long-Term Debt & Capital Lease Obligation was $868 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) |
| = | (261.468 / 1071.775) | / | (302.358 / 864.665) |
| = | 0.243958 | / | 0.349682 |
| | = | 0.6977 |
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) |
| = | (470.516 / 864.665) | / | (627.538 / 1071.775) |
| = | 0.54416 | / | 0.585513 |
| | = | 0.9294 |
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 - (464.98 + 1946.487) / 2521.819) | / | (1 - (642.615 + 1856.812) / 2615.334) |
| = | 0.043759 | / | 0.044318 |
| | = | 0.9874 |
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 |
| = | 1071.775 | / | 864.665 |
| | = | 1.2395 |
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)) |
| = | (110.388 / (110.388 + 1856.812)) | / | (129.038 / (129.038 + 1946.487)) |
| = | 0.056114 | / | 0.062171 |
| | = | 0.9026 |
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) |
| = | (47.473 / 1071.775) | / | (46.351 / 864.665) |
| = | 0.044294 | / | 0.053606 |
| | = | 0.8263 |
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) |
| = | ((606.86 + 195.574) / 2521.819) | / | ((868.318 + 257.389) / 2615.334) |
| = | 0.318197 | / | 0.430426 |
| | = | 0.7393 |
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 |
| = | (556.446 - 39.755 | - | 688.402) | / | 2521.819 |
| | = | -0.06809 |
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.
International Seaways has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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