Pioneer Natural Resources Co Beneish M-Score Historical Data
The historical data trend for Pioneer Natural Resources Co'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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Pioneer Natural Resources Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.46 |
-2.79 |
-1.66 |
-2.73 |
-3.02 |
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Pioneer Natural Resources Co 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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-2.73 |
-3.23 |
-3.26 |
-2.90 |
-3.02 |
Competitive Comparison
For the Oil & Gas E&P subindustry, Pioneer Natural Resources Co'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.
Pioneer Natural Resources Co Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Pioneer Natural Resources Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pioneer Natural Resources Co's Beneish M-Score falls into.
Pioneer Natural Resources Co 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 Pioneer Natural Resources Co 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 * 1.0799 | + | 0.528 * 1.2009 | + | 0.404 * 1.0647 | + | 0.892 * 0.7946 | + | 0.115 * 0.9433 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7423 | + | 4.679 * -0.094475 | - | 0.327 * 0.9502 |
| = | -3.02 |
* 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 $1,590 Mil.
Revenue was 5076 + 5141 + 4560 + 4597 = $19,374 Mil.
Gross Profit was 1782 + 1982 + 1551 + 1785 = $7,100 Mil.
Total Current Assets was $2,605 Mil.
Total Assets was $36,613 Mil.
Property, Plant and Equipment(Net PPE) was $33,587 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,862 Mil.
Selling, General, & Admin. Expense(SGA) was $461 Mil.
Total Current Liabilities was $2,974 Mil.
Long-Term Debt & Capital Lease Obligation was $5,055 Mil.
Net Income was 1269 + 1301 + 1102 + 1222 = $4,894 Mil.
Non Operating Income was 152 + -174 + -13 + -60 = $-95 Mil.
Cash Flow from Operations was 2349 + 2072 + 1713 + 2314 = $8,448 Mil.
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Total Receivables was $1,853 Mil.
Revenue was 5174 + 6057 + 7005 + 6147 = $24,383 Mil.
Gross Profit was 2110 + 2626 + 3254 + 2741 = $10,731 Mil.
Total Current Assets was $3,726 Mil.
Total Assets was $35,740 Mil.
Property, Plant and Equipment(Net PPE) was $31,628 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,530 Mil.
Selling, General, & Admin. Expense(SGA) was $333 Mil.
Total Current Liabilities was $3,887 Mil.
Long-Term Debt & Capital Lease Obligation was $4,361 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) |
| = | (1590 / 19374) | / | (1853 / 24383) |
| = | 0.082069 | / | 0.075996 |
| | = | 1.0799 |
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) |
| = | (10731 / 24383) | / | (7100 / 19374) |
| = | 0.440102 | / | 0.366471 |
| | = | 1.2009 |
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 - (2605 + 33587) / 36613) | / | (1 - (3726 + 31628) / 35740) |
| = | 0.011499 | / | 0.0108 |
| | = | 1.0647 |
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 |
| = | 19374 | / | 24383 |
| | = | 0.7946 |
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)) |
| = | (2530 / (2530 + 31628)) | / | (2862 / (2862 + 33587)) |
| = | 0.074068 | / | 0.078521 |
| | = | 0.9433 |
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) |
| = | (461 / 19374) | / | (333 / 24383) |
| = | 0.023795 | / | 0.013657 |
| | = | 1.7423 |
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) |
| = | ((5055 + 2974) / 36613) | / | ((4361 + 3887) / 35740) |
| = | 0.219294 | / | 0.230778 |
| | = | 0.9502 |
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 |
| = | (4894 - -95 | - | 8448) | / | 36613 |
| | = | -0.094475 |
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.
Pioneer Natural Resources Co has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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