Oil States International Beneish M-Score Historical Data
The historical data trend for Oil States International'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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Oil States International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.99 |
-5.65 |
-3.64 |
-2.86 |
-2.79 |
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Oil States International 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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-2.86 |
-2.74 |
-3.06 |
-2.94 |
-2.79 |
Competitive Comparison
For the Oil & Gas Equipment & Services subindustry, Oil States International'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.
Oil States International Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Oil States International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Oil States International's Beneish M-Score falls into.
Oil States International 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 Oil States International 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 * 0.876 | + | 0.528 * 0.8495 | + | 0.404 * 0.9481 | + | 0.892 * 1.0604 | + | 0.115 * 1.0206 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9248 | + | 4.679 * -0.042555 | - | 0.327 * 0.9057 |
| = | -2.79 |
* 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 $203.2 Mil.
Revenue was 208.266 + 194.289 + 183.529 + 196.199 = $782.3 Mil.
Gross Profit was 30.001 + 28.446 + 25.962 + 30.208 = $114.6 Mil.
Total Current Assets was $488.0 Mil.
Total Assets was $1,046.5 Mil.
Property, Plant and Equipment(Net PPE) was $302.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $60.8 Mil.
Selling, General, & Admin. Expense(SGA) was $94.2 Mil.
Total Current Liabilities was $157.3 Mil.
Long-Term Debt & Capital Lease Obligation was $153.8 Mil.
Net Income was 5.963 + 4.212 + 0.558 + 2.158 = $12.9 Mil.
Non Operating Income was 0.177 + 0.186 + 0.21 + 0.276 = $0.8 Mil.
Cash Flow from Operations was 4.198 + 13.635 + 44.66 + -5.918 = $56.6 Mil.
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Total Receivables was $218.8 Mil.
Revenue was 202.434 + 189.394 + 181.834 + 164.044 = $737.7 Mil.
Gross Profit was 28.072 + 21.682 + 22.439 + 19.623 = $91.8 Mil.
Total Current Assets was $462.8 Mil.
Total Assets was $1,064.4 Mil.
Property, Plant and Equipment(Net PPE) was $326.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $67.3 Mil.
Selling, General, & Admin. Expense(SGA) was $96.0 Mil.
Total Current Liabilities was $193.7 Mil.
Long-Term Debt & Capital Lease Obligation was $155.7 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) |
| = | (203.211 / 782.283) | / | (218.769 / 737.706) |
| = | 0.259767 | / | 0.296553 |
| | = | 0.876 |
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) |
| = | (91.816 / 737.706) | / | (114.617 / 782.283) |
| = | 0.124462 | / | 0.146516 |
| | = | 0.8495 |
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 - (487.997 + 302.359) / 1046.486) | / | (1 - (462.762 + 326.863) / 1064.392) |
| = | 0.244752 | / | 0.258145 |
| | = | 0.9481 |
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 |
| = | 782.283 | / | 737.706 |
| | = | 1.0604 |
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)) |
| = | (67.334 / (67.334 + 326.863)) | / | (60.778 / (60.778 + 302.359)) |
| = | 0.170813 | / | 0.167369 |
| | = | 1.0206 |
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) |
| = | (94.185 / 782.283) | / | (96.038 / 737.706) |
| = | 0.120398 | / | 0.130185 |
| | = | 0.9248 |
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) |
| = | ((153.848 + 157.27) / 1046.486) | / | ((155.724 + 193.676) / 1064.392) |
| = | 0.297298 | / | 0.328263 |
| | = | 0.9057 |
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 |
| = | (12.891 - 0.849 | - | 56.575) | / | 1046.486 |
| | = | -0.042555 |
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.
Oil States International has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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