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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -3.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Overseas Shipholding Group's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Overseas Shipholding Group was 155.13. The lowest was -4.08. And the median was -2.52.
The historical data trend for Overseas Shipholding Group'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.
Overseas Shipholding Group Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.32 | -2.51 | 155.13 | -2.98 | -3.03 |
Overseas Shipholding Group Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.98 | -3.46 | -3.46 | -3.58 | -3.03 |
For the Oil & Gas Midstream subindustry, Overseas Shipholding Group'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.
For the Oil & Gas industry and Energy sector, Overseas Shipholding Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Overseas Shipholding Group's Beneish M-Score falls into.
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 Overseas Shipholding Group 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 * 0.8016 | + | 0.528 * 0.6975 | + | 0.404 * 0.9998 | + | 0.892 * 0.968 | + | 0.115 * 0.9839 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0803 | + | 4.679 * -0.04005 | - | 0.327 * 0.9413 | |||||||
= | -3.03 |
* 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 $20.9 Mil. Revenue was 116.02 + 115.435 + 106.625 + 113.791 = $451.9 Mil. Gross Profit was 32.533 + 35.372 + 26.862 + 30.379 = $125.1 Mil. Total Current Assets was $114.6 Mil. Total Assets was $1,078.9 Mil. Property, Plant and Equipment(Net PPE) was $871.7 Mil. Depreciation, Depletion and Amortization(DDA) was $67.2 Mil. Selling, General, & Admin. Expense(SGA) was $28.2 Mil. Total Current Liabilities was $169.5 Mil. Long-Term Debt & Capital Lease Obligation was $465.3 Mil. Net Income was 20.421 + 17.592 + 12.303 + 12.139 = $62.5 Mil. Non Operating Income was -1.477 + 1.643 + 1.46 + 1.08 = $2.7 Mil. Cash Flow from Operations was 19.908 + 29.64 + 17.714 + 35.696 = $103.0 Mil. |
Total Receivables was $26.9 Mil. Revenue was 121.758 + 123.059 + 117.985 + 103.999 = $466.8 Mil. Gross Profit was 26.474 + 28.987 + 20.077 + 14.638 = $90.2 Mil. Total Current Assets was $108.3 Mil. Total Assets was $1,139.1 Mil. Property, Plant and Equipment(Net PPE) was $933.0 Mil. Depreciation, Depletion and Amortization(DDA) was $70.6 Mil. Selling, General, & Admin. Expense(SGA) was $27.0 Mil. Total Current Liabilities was $145.9 Mil. Long-Term Debt & Capital Lease Obligation was $566.0 Mil. |
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) |
= | (20.909 / 451.871) | / | (26.946 / 466.801) | |
= | 0.046272 | / | 0.057725 | |
= | 0.8016 |
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) | |
= | (90.176 / 466.801) | / | (125.146 / 451.871) | |
= | 0.193179 | / | 0.276951 | |
= | 0.6975 |
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 - (114.588 + 871.735) / 1078.884) | / | (1 - (108.346 + 932.976) / 1139.063) | |
= | 0.085793 | / | 0.085808 | |
= | 0.9998 |
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 | |
= | 451.871 | / | 466.801 | |
= | 0.968 |
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)) |
= | (70.637 / (70.637 + 932.976)) | / | (67.164 / (67.164 + 871.735)) | |
= | 0.070383 | / | 0.071535 | |
= | 0.9839 |
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) |
= | (28.22 / 451.871) | / | (26.985 / 466.801) | |
= | 0.062451 | / | 0.057808 | |
= | 1.0803 |
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) |
= | ((465.317 + 169.488) / 1078.884) | / | ((566.046 + 145.927) / 1139.063) | |
= | 0.58839 | / | 0.625051 | |
= | 0.9413 |
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 | |
= | (62.455 - 2.706 | - | 102.958) | / | 1078.884 | |
= | -0.04005 |
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.
Overseas Shipholding Group has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Overseas Shipholding Group's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Samuel H Norton | director, officer: President and CEO | 58 NE 44TH STREET, MIAMI FL 33133 |
Elaine Goodman Luria | director | 7421 GLENEAGLES RD, NORFOLK VA 23505 |
Douglas D Wheat | director, other: Chairman of the Board | C/O HAAS WHEAT & PARTNERS LP, 300 CRESCENT COURT, SUITE 1700, DALLAS TX 75201 |
Cyrus Capital Partners, L.p. | director, 10 percent owner, other: SEE REMARKS | 65 EAST 55 STREET, 35TH FLOOR, NEW YORK NY 10022 |
Gary Eugene Taylor | director | 814 NORTH BEACH BLVD., BAY ST. LOUIS MS 39520 |
Julie Silcock | director | |
Anja Manuel | director | C/O OVERSEAS SHIPHOLDING GROUP, INC., 302 KNIGHTS RUN AVENUE, TAMPA FL 33602 |
Joseph Isaac Kronsberg | director | 233 PACIFIC STREET, APT 4G, BROOKLYN NY 11201 |
Saltchuk Resources, Inc. | 10 percent owner | 450 ALASKAN WAY SOUTH, SUITE 708, SEATTLE WA 98104 |
Rebecca K Delaet | director | 34 BEACH AVENUE, LARCHMONT NY 10538 |
Ty Wallach | director | C/O PAULSON & CO INC., 1251 AVENUE OF THE AMERICAS, NEW YORK NY 10020 |
Paulson & Co. Inc. | 10 percent owner | 1133 AVENUE OF THE AMERICAS, 33RD FLOOR, NEW YORK NY 10036 |
J Patrick Reddy | director | |
Susan Allan | officer: VP, General Counsel & Corp Sec | 302 KNIGHTS RUN AVENUE, SUITE 1200, TAMPA FL 33602 |
Richard Trueblood | officer: CFO | 10812 BULLRUSH TERRACE, LAKEWOOD RANCH FL 34202 |
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