Schlumberger Beneish M-Score Historical Data
The historical data trend for Schlumberger'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.
Schlumberger Beneish M-Score Chart
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Schlumberger Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.85 |
-2.90 |
-2.90 |
-2.38 |
-2.60 |
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Schlumberger 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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-2.30 |
-2.46 |
-2.46 |
-2.60 |
-2.64 |
Competitive Comparison of Schlumberger's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Schlumberger'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.
Schlumberger's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Schlumberger's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Schlumberger's Beneish M-Score falls into.
Schlumberger 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 Schlumberger 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 * 0.95 | + | 0.528 * 0.9494 | + | 0.404 * 0.9644 | + | 0.892 * 1.142 | + | 0.115 * 1.0203 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9324 | + | 4.679 * -0.050359 | - | 0.327 * 0.9431 |
| = | -2.64 |
* 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 $8,222 Mil.
Revenue was 8707 + 8990 + 8310 + 8099 = $34,106 Mil.
Gross Profit was 1700 + 1796 + 1718 + 1597 = $6,811 Mil.
Total Current Assets was $17,700 Mil.
Total Assets was $47,856 Mil.
Property, Plant and Equipment(Net PPE) was $7,253 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,796 Mil.
Selling, General, & Admin. Expense(SGA) was $394 Mil.
Total Current Liabilities was $12,879 Mil.
Long-Term Debt & Capital Lease Obligation was $10,740 Mil.
Net Income was 1068 + 1112 + 1123 + 1033 = $4,336 Mil.
Non Operating Income was -11 + 9 + 51 + 63 = $112 Mil.
Cash Flow from Operations was 327 + 3022 + 1677 + 1608 = $6,634 Mil.
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Total Receivables was $7,578 Mil.
Revenue was 7736 + 7878 + 7477 + 6773 = $29,864 Mil.
Gross Profit was 1451 + 1571 + 1435 + 1205 = $5,662 Mil.
Total Current Assets was $15,400 Mil.
Total Assets was $43,855 Mil.
Property, Plant and Equipment(Net PPE) was $6,691 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,699 Mil.
Selling, General, & Admin. Expense(SGA) was $370 Mil.
Total Current Liabilities was $12,252 Mil.
Long-Term Debt & Capital Lease Obligation was $10,698 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) |
| = | (8222 / 34106) | / | (7578 / 29864) |
| = | 0.241072 | / | 0.25375 |
| | = | 0.95 |
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) |
| = | (5662 / 29864) | / | (6811 / 34106) |
| = | 0.189593 | / | 0.199701 |
| | = | 0.9494 |
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 - (17700 + 7253) / 47856) | / | (1 - (15400 + 6691) / 43855) |
| = | 0.478582 | / | 0.496272 |
| | = | 0.9644 |
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 |
| = | 34106 | / | 29864 |
| | = | 1.142 |
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)) |
| = | (1699 / (1699 + 6691)) | / | (1796 / (1796 + 7253)) |
| = | 0.202503 | / | 0.198475 |
| | = | 1.0203 |
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) |
| = | (394 / 34106) | / | (370 / 29864) |
| = | 0.011552 | / | 0.012389 |
| | = | 0.9324 |
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) |
| = | ((10740 + 12879) / 47856) | / | ((10698 + 12252) / 43855) |
| = | 0.493543 | / | 0.523315 |
| | = | 0.9431 |
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 |
| = | (4336 - 112 | - | 6634) | / | 47856 |
| | = | -0.050359 |
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.
Schlumberger has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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