Range Resources Beneish M-Score Historical Data
The historical data trend for Range Resources'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.
Range Resources Beneish M-Score Chart
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Range Resources Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.45 |
3.32 |
-1.62 |
-1.86 |
-2.63 |
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Range Resources Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.49 |
-2.99 |
-3.26 |
-2.63 |
-2.60 |
Competitive Comparison of Range Resources's Beneish M-Score
For the Oil & Gas E&P subindustry, Range Resources'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.
Range Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Range Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Range Resources's Beneish M-Score falls into.
Range Resources 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 Range Resources 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 * 1.3473 | + | 0.528 * 2.2662 | + | 0.404 * 0.8833 | + | 0.892 * 0.4636 | + | 0.115 * 1.0622 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.1167 | + | 4.679 * -0.093731 | - | 0.327 * 0.882 |
| = | -2.60 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $175 Mil.
Revenue was 598.771 + 650.298 + 571.33 + 513.243 = $2,334 Mil.
Gross Profit was 166.995 + 208.816 + 137.736 + 91.341 = $605 Mil.
Total Current Assets was $862 Mil.
Total Assets was $7,372 Mil.
Property, Plant and Equipment(Net PPE) was $6,351 Mil.
Depreciation, Depletion and Amortization(DDA) was $351 Mil.
Selling, General, & Admin. Expense(SGA) was $166 Mil.
Total Current Liabilities was $638 Mil.
Long-Term Debt & Capital Lease Obligation was $1,827 Mil.
Net Income was 92.138 + 310.034 + 49.43 + 30.231 = $482 Mil.
Non Operating Income was 27.658 + 263.782 + 7.81 + 38.686 = $338 Mil.
Cash Flow from Operations was 331.93 + 226.095 + 150.251 + 126.59 = $835 Mil.
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Total Receivables was $281 Mil.
Revenue was 818.393 + 1182.198 + 1568.253 + 1465.065 = $5,034 Mil.
Gross Profit was 352.296 + 677.934 + 1006.188 + 920.501 = $2,957 Mil.
Total Current Assets was $694 Mil.
Total Assets was $6,882 Mil.
Property, Plant and Equipment(Net PPE) was $6,020 Mil.
Depreciation, Depletion and Amortization(DDA) was $354 Mil.
Selling, General, & Admin. Expense(SGA) was $169 Mil.
Total Current Liabilities was $757 Mil.
Long-Term Debt & Capital Lease Obligation was $1,852 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) |
| = | (175.215 / 2333.642) | / | (280.53 / 5033.909) |
| = | 0.075082 | / | 0.055728 |
| | = | 1.3473 |
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) |
| = | (2956.919 / 5033.909) | / | (604.888 / 2333.642) |
| = | 0.5874 | / | 0.259203 |
| | = | 2.2662 |
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 - (861.64 + 6350.685) / 7371.801) | / | (1 - (693.764 + 6019.94) / 6882.267) |
| = | 0.021633 | / | 0.024492 |
| | = | 0.8833 |
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 |
| = | 2333.642 | / | 5033.909 |
| | = | 0.4636 |
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)) |
| = | (354.378 / (354.378 + 6019.94)) | / | (350.74 / (350.74 + 6350.685)) |
| = | 0.055595 | / | 0.052338 |
| | = | 1.0622 |
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) |
| = | (165.535 / 2333.642) | / | (168.694 / 5033.909) |
| = | 0.070934 | / | 0.033512 |
| | = | 2.1167 |
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) |
| = | ((1826.565 + 638.276) / 7371.801) | / | ((1852.191 + 756.9) / 6882.267) |
| = | 0.334361 | / | 0.379103 |
| | = | 0.882 |
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 |
| = | (481.833 - 337.936 | - | 834.866) | / | 7371.801 |
| | = | -0.093731 |
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.
Range Resources has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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