ProPetro Holding Beneish M-Score Historical Data
The historical data trend for ProPetro Holding'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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ProPetro Holding Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
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-3.15 |
-2.81 |
-3.13 |
17.26 |
-3.04 |
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ProPetro Holding 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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17.26 |
19.76 |
14.30 |
16.08 |
-3.04 |
Competitive Comparison
For the Oil & Gas Equipment & Services subindustry, ProPetro Holding'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.
ProPetro Holding Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, ProPetro Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ProPetro Holding's Beneish M-Score falls into.
ProPetro Holding 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 ProPetro Holding 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 * 0.8616 | + | 0.528 * 1.1025 | + | 0.404 * 0.8494 | + | 0.892 * 1.274 | + | 0.115 * 0.8561 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8031 | + | 4.679 * -0.139538 | - | 0.327 * 1.0995 |
| = | -3.04 |
* 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 $237 Mil.
Revenue was 347.776 + 423.804 + 435.249 + 423.57 = $1,630 Mil.
Gross Profit was 63.312 + 77.545 + 84.569 + 92.286 = $318 Mil.
Total Current Assets was $311 Mil.
Total Assets was $1,480 Mil.
Property, Plant and Equipment(Net PPE) was $1,093 Mil.
Depreciation, Depletion and Amortization(DDA) was $181 Mil.
Selling, General, & Admin. Expense(SGA) was $114 Mil.
Total Current Liabilities was $271 Mil.
Long-Term Debt & Capital Lease Obligation was $114 Mil.
Net Income was -17.109 + 34.753 + 39.257 + 28.733 = $86 Mil.
Non Operating Income was -51.389 + -2.382 + -2.993 + -25.784 = $-83 Mil.
Cash Flow from Operations was 69.671 + 118.057 + 113.954 + 73.06 = $375 Mil.
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Total Receivables was $216 Mil.
Revenue was 348.925 + 333.014 + 315.083 + 282.68 = $1,280 Mil.
Gross Profit was 98.772 + 67.296 + 55.301 + 53.555 = $275 Mil.
Total Current Assets was $329 Mil.
Total Assets was $1,336 Mil.
Property, Plant and Equipment(Net PPE) was $926 Mil.
Depreciation, Depletion and Amortization(DDA) was $128 Mil.
Selling, General, & Admin. Expense(SGA) was $112 Mil.
Total Current Liabilities was $284 Mil.
Long-Term Debt & Capital Lease Obligation was $32 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) |
| = | (237.012 / 1630.399) | / | (215.925 / 1279.702) |
| = | 0.145371 | / | 0.168731 |
| | = | 0.8616 |
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) |
| = | (274.924 / 1279.702) | / | (317.712 / 1630.399) |
| = | 0.214834 | / | 0.194868 |
| | = | 1.1025 |
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 - (310.809 + 1093.148) / 1480.312) | / | (1 - (328.785 + 925.882) / 1335.786) |
| = | 0.05158 | / | 0.060728 |
| | = | 0.8494 |
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 |
| = | 1630.399 | / | 1279.702 |
| | = | 1.274 |
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)) |
| = | (128.108 / (128.108 + 925.882)) | / | (180.886 / (180.886 + 1093.148)) |
| = | 0.121546 | / | 0.141979 |
| | = | 0.8561 |
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) |
| = | (114.354 / 1630.399) | / | (111.761 / 1279.702) |
| = | 0.070139 | / | 0.087334 |
| | = | 0.8031 |
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) |
| = | ((114.486 + 271.149) / 1480.312) | / | ((32.308 + 284.18) / 1335.786) |
| = | 0.260509 | / | 0.23693 |
| | = | 1.0995 |
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 |
| = | (85.634 - -82.548 | - | 374.742) | / | 1480.312 |
| | = | -0.139538 |
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.
ProPetro Holding has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
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