Magnolia Oil & Gas Beneish M-Score Historical Data
The historical data trend for Magnolia Oil & Gas'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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Magnolia Oil & Gas Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
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-2.47 |
-3.53 |
-3.03 |
0.79 |
-3.11 |
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Magnolia Oil & Gas 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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|
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|
|
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0.79 |
-0.56 |
-0.99 |
-1.29 |
-3.11 |
Competitive Comparison
For the Oil & Gas E&P subindustry, Magnolia Oil & Gas'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.
Magnolia Oil & Gas Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Magnolia Oil & Gas's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Magnolia Oil & Gas's Beneish M-Score falls into.
Magnolia Oil & Gas 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 Magnolia Oil & Gas 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 * 1.5342 | + | 0.528 * 1.2799 | + | 0.404 * 0.5582 | + | 0.892 * 0.7241 | + | 0.115 * 1.0018 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4702 | + | 4.679 * -0.169475 | - | 0.327 * 0.9041 |
| = | -3.11 |
* 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 $190 Mil.
Revenue was 322.628 + 315.678 + 280.291 + 308.382 = $1,227 Mil.
Gross Profit was 186.275 + 198.627 + 166.487 + 195.31 = $747 Mil.
Total Current Assets was $591 Mil.
Total Assets was $2,756 Mil.
Property, Plant and Equipment(Net PPE) was $2,052 Mil.
Depreciation, Depletion and Amortization(DDA) was $325 Mil.
Selling, General, & Admin. Expense(SGA) was $77 Mil.
Total Current Liabilities was $315 Mil.
Long-Term Debt & Capital Lease Obligation was $393 Mil.
Net Income was 98.445 + 102.03 + 91.492 + 96.335 = $388 Mil.
Non Operating Income was 7.717 + -0.479 + 9.259 + -16.873 = $-0 Mil.
Cash Flow from Operations was 246.882 + 187.311 + 201.773 + 219.823 = $856 Mil.
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Total Receivables was $171 Mil.
Revenue was 349.042 + 482.963 + 484.649 + 377.839 = $1,694 Mil.
Gross Profit was 249.765 + 379.282 + 394.791 + 295.989 = $1,320 Mil.
Total Current Assets was $851 Mil.
Total Assets was $2,573 Mil.
Property, Plant and Equipment(Net PPE) was $1,533 Mil.
Depreciation, Depletion and Amortization(DDA) was $243 Mil.
Selling, General, & Admin. Expense(SGA) was $72 Mil.
Total Current Liabilities was $340 Mil.
Long-Term Debt & Capital Lease Obligation was $390 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) |
| = | (189.705 / 1226.979) | / | (170.77 / 1694.493) |
| = | 0.154611 | / | 0.100779 |
| | = | 1.5342 |
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) |
| = | (1319.827 / 1694.493) | / | (746.699 / 1226.979) |
| = | 0.778892 | / | 0.608567 |
| | = | 1.2799 |
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 - (591.273 + 2052.021) / 2756.216) | / | (1 - (850.747 + 1533.029) / 2572.585) |
| = | 0.04097 | / | 0.073393 |
| | = | 0.5582 |
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 |
| = | 1226.979 | / | 1694.493 |
| | = | 0.7241 |
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)) |
| = | (243.152 / (243.152 + 1533.029)) | / | (324.79 / (324.79 + 2052.021)) |
| = | 0.136896 | / | 0.136649 |
| | = | 1.0018 |
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) |
| = | (77.102 / 1226.979) | / | (72.425 / 1694.493) |
| = | 0.062839 | / | 0.042741 |
| | = | 1.4702 |
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) |
| = | ((392.839 + 314.887) / 2756.216) | / | ((390.383 + 340.273) / 2572.585) |
| = | 0.256775 | / | 0.284016 |
| | = | 0.9041 |
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 |
| = | (388.302 - -0.376 | - | 855.789) | / | 2756.216 |
| | = | -0.169475 |
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.
Magnolia Oil & Gas has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.
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