Parsley Energy Beneish M-Score Historical Data
The historical data trend for Parsley 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.
Parsley Energy Beneish M-Score Chart
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Parsley Energy Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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6.00 |
-2.14 |
-2.10 |
-2.66 |
-2.79 |
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Parsley Energy Quarterly Data
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Dec15 |
Mar16 |
Jun16 |
Sep16 |
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
| Beneish M-Score |
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-2.13 |
-2.79 |
-2.30 |
-3.35 |
-3.40 |
Competitive Comparison of Parsley Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, Parsley 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.
Parsley Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Parsley Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Parsley Energy's Beneish M-Score falls into.
Parsley 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 Parsley 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 * 0.8438 | + | 0.528 * 1.2805 | + | 0.404 * 0.2147 | + | 0.892 * 0.9279 | + | 0.115 * 0.8163 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0566 | + | 4.679 * -0.064626 | - | 0.327 * 1.5048 |
| = | -3.36 |
* 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 (Sep20) TTM: | Last Year (Sep19) TTM: |
Total Receivables was $172 Mil.
Revenue was 447.389 + 220.21 + 564.803 + 522.451 = $1,755 Mil.
Gross Profit was 211.757 + -6.731 + 165.137 + 221.317 = $591 Mil.
Total Current Assets was $270 Mil.
Total Assets was $7,845 Mil.
Property, Plant and Equipment(Net PPE) was $7,565 Mil.
Depreciation, Depletion and Amortization(DDA) was $741 Mil.
Selling, General, & Admin. Expense(SGA) was $149 Mil.
Total Current Liabilities was $608 Mil.
Long-Term Debt & Capital Lease Obligation was $3,048 Mil.
Net Income was 22.639 + -356.416 + -3366.4 + -36.369 = $-3,737 Mil.
Non Operating Income was -96.46 + -297.806 + -3832.587 + -108.755 = $-4,336 Mil.
Cash Flow from Operations was 227.386 + 147.737 + 385.943 + 344.979 = $1,106 Mil.
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Total Receivables was $220 Mil.
Revenue was 510.151 + 498.541 + 427.671 + 454.88 = $1,891 Mil.
Gross Profit was 202.408 + 219.93 + 177.112 + 216.786 = $816 Mil.
Total Current Assets was $452 Mil.
Total Assets was $9,996 Mil.
Property, Plant and Equipment(Net PPE) was $9,483 Mil.
Depreciation, Depletion and Amortization(DDA) was $745 Mil.
Selling, General, & Admin. Expense(SGA) was $152 Mil.
Total Current Liabilities was $810 Mil.
Long-Term Debt & Capital Lease Obligation was $2,286 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) |
| = | (172.49 / 1754.853) | / | (220.298 / 1891.243) |
| = | 0.098293 | / | 0.116483 |
| | = | 0.8438 |
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) |
| = | (816.236 / 1891.243) | / | (591.48 / 1754.853) |
| = | 0.431587 | / | 0.337054 |
| | = | 1.2805 |
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 - (269.893 + 7564.815) / 7844.936) | / | (1 - (451.584 + 9483.411) / 9995.696) |
| = | 0.001304 | / | 0.006073 |
| | = | 0.2147 |
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 |
| = | 1754.853 | / | 1891.243 |
| | = | 0.9279 |
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)) |
| = | (744.777 / (744.777 + 9483.411)) | / | (740.907 / (740.907 + 7564.815)) |
| = | 0.072816 | / | 0.089204 |
| | = | 0.8163 |
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) |
| = | (149.09 / 1754.853) | / | (152.076 / 1891.243) |
| = | 0.084959 | / | 0.080411 |
| | = | 1.0566 |
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) |
| = | ((3047.944 + 608.313) / 7844.936) | / | ((2286.078 + 809.735) / 9995.696) |
| = | 0.466066 | / | 0.309715 |
| | = | 1.5048 |
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 |
| = | (-3736.546 - -4335.608 | - | 1106.045) | / | 7844.936 |
| | = | -0.064626 |
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.
Parsley Energy has a M-score of -3.36 suggests that the company is unlikely to be a manipulator.
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