Kosmos Energy Beneish M-Score Historical Data
The historical data trend for Kosmos 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.
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Kosmos Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.77 |
-11.47 |
-2.11 |
-2.67 |
-2.50 |
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Kosmos Energy 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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-2.67 |
-3.04 |
-3.19 |
-2.49 |
-2.50 |
Competitive Comparison
For the Oil & Gas E&P subindustry, Kosmos 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.
Kosmos Energy Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Kosmos Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kosmos Energy's Beneish M-Score falls into.
Kosmos 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 Kosmos 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 * 1.3305 | + | 0.528 * 1.1754 | + | 0.404 * 1.2264 | + | 0.892 * 0.7578 | + | 0.115 * 1.1861 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2219 | + | 4.679 * -0.060559 | - | 0.327 * 0.9863 |
| = | -2.50 |
* 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 $121 Mil.
Revenue was 507.765 + 526.348 + 273.255 + 394.24 = $1,702 Mil.
Gross Profit was 290.672 + 255.219 + 119.763 + 200.93 = $867 Mil.
Total Current Assets was $423 Mil.
Total Assets was $4,938 Mil.
Property, Plant and Equipment(Net PPE) was $4,160 Mil.
Depreciation, Depletion and Amortization(DDA) was $455 Mil.
Selling, General, & Admin. Expense(SGA) was $100 Mil.
Total Current Liabilities was $555 Mil.
Long-Term Debt & Capital Lease Obligation was $2,391 Mil.
Net Income was 21.681 + 85.185 + 23.345 + 83.309 = $214 Mil.
Non Operating Income was -195.808 + -53.598 + -7.75 + 4.552 = $-253 Mil.
Cash Flow from Operations was 293.776 + 249.431 + 18.11 + 203.853 = $765 Mil.
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Total Receivables was $120 Mil.
Revenue was 509.916 + 456.056 + 620.368 + 659.015 = $2,245 Mil.
Gross Profit was 272.829 + 287.371 + 408.5 + 375.343 = $1,344 Mil.
Total Current Assets was $469 Mil.
Total Assets was $4,580 Mil.
Property, Plant and Equipment(Net PPE) was $3,843 Mil.
Depreciation, Depletion and Amortization(DDA) was $509 Mil.
Selling, General, & Admin. Expense(SGA) was $107 Mil.
Total Current Liabilities was $574 Mil.
Long-Term Debt & Capital Lease Obligation was $2,196 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) |
| = | (120.733 / 1701.608) | / | (119.735 / 2245.355) |
| = | 0.070952 | / | 0.053326 |
| | = | 1.3305 |
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) |
| = | (1344.043 / 2245.355) | / | (866.584 / 1701.608) |
| = | 0.598588 | / | 0.509274 |
| | = | 1.1754 |
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 - (422.713 + 4160.229) / 4938.134) | / | (1 - (468.721 + 3842.647) / 4579.988) |
| = | 0.071928 | / | 0.058651 |
| | = | 1.2264 |
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 |
| = | 1701.608 | / | 2245.355 |
| | = | 0.7578 |
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)) |
| = | (508.657 / (508.657 + 3842.647)) | / | (454.848 / (454.848 + 4160.229)) |
| = | 0.116898 | / | 0.098557 |
| | = | 1.1861 |
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) |
| = | (99.532 / 1701.608) | / | (107.483 / 2245.355) |
| = | 0.058493 | / | 0.047869 |
| | = | 1.2219 |
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) |
| = | ((2390.914 + 554.83) / 4938.134) | / | ((2195.911 + 574.254) / 4579.988) |
| = | 0.59653 | / | 0.604841 |
| | = | 0.9863 |
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 |
| = | (213.52 - -252.604 | - | 765.17) | / | 4938.134 |
| | = | -0.060559 |
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.
Kosmos Energy has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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