Dolphin Drilling AS (OSL:DDRIL) Beneish M-Score : 1.66 (As of Mar. 29, 2025)

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What is Dolphin Drilling AS Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score 1.66 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Dolphin Drilling AS's Beneish M-Score or its related term are showing as below:

OSL:DDRIL' s Beneish M-Score Range Over the Past 10 Years
Min: -5.16 Med: -3.96 Max: 1.66
Current: 1.66

During the past 13 years, the highest Beneish M-Score of Dolphin Drilling AS was 1.66. The lowest was -5.16. And the median was -3.96.

Dolphin Drilling AS Beneish M-Score Historical Data

The historical data trend for Dolphin Drilling AS'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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Dolphin Drilling AS Beneish M-Score Chart

Dolphin Drilling AS Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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1.05

1.66

Dolphin Drilling AS Quarterly Data
	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Dec21	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-1.70	-	1.66

Competitive Comparison of Dolphin Drilling AS's Beneish M-Score

For the Oil & Gas Drilling subindustry, Dolphin Drilling AS'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.

Dolphin Drilling AS's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Dolphin Drilling AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dolphin Drilling AS's Beneish M-Score falls into.

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Dolphin Drilling AS 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 Dolphin Drilling AS for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9069

0.528 * 3.6839

0.404 * 10.2895

0.892 * 1.2977

0.115 * -2.4555

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9477

4.679 * -0.10584

0.327 * 1.9848

1.66

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was kr250 Mil.
Revenue was 561.02 + 176.335 + 174.093 + 107.182 = kr1,019 Mil.
Gross Profit was 200.845 + -4.249 + 23.354 + -31.836 = kr188 Mil.
Total Current Assets was kr1,295 Mil.
Total Assets was kr2,653 Mil.
Property, Plant and Equipment(Net PPE) was kr1,125 Mil.
Depreciation, Depletion and Amortization(DDA) was kr113 Mil.
Selling, General, & Admin. Expense(SGA) was kr215 Mil.
Total Current Liabilities was kr1,183 Mil.
Long-Term Debt & Capital Lease Obligation was kr505 Mil.
Net Income was 16.831 + -320.803 + -149.677 + -178.283 = kr-632 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 180.648 + -125.347 + -159.231 + -247.262 = kr-351 Mil.

Total Receivables was kr213 Mil.
Revenue was 272.175 + 259.538 + 235.362 + 17.905 = kr785 Mil.
Gross Profit was 366.064 + 155.508 + 121.999 + -109.536 = kr534 Mil.
Total Current Assets was kr968 Mil.
Total Assets was kr1,749 Mil.
Property, Plant and Equipment(Net PPE) was kr766 Mil.
Depreciation, Depletion and Amortization(DDA) was kr-140 Mil.
Selling, General, & Admin. Expense(SGA) was kr175 Mil.
Total Current Liabilities was kr552 Mil.
Long-Term Debt & Capital Lease Obligation was kr9 Mil.

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)
	=	(250.215 / 1018.63)	/	(212.623 / 784.98)
	=	0.245639	/	0.270864
	=	0.9069

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)
	=	(534.035 / 784.98)	/	(188.114 / 1018.63)
	=	0.680317	/	0.184674
	=	3.6839

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 - (1294.834 + 1125.406) / 2652.503)	/	(1 - (967.981 + 766.287) / 1749.154)
	=	0.087564	/	0.00851
	=	10.2895

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
	=	1018.63	/	784.98
	=	1.2977

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))
	=	(-139.842 / (-139.842 + 766.287))	/	(112.54 / (112.54 + 1125.406))
	=	-0.223231	/	0.090909
	=	-2.4555

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)
	=	(214.689 / 1018.63)	/	(174.578 / 784.98)
	=	0.210762	/	0.222398
	=	0.9477

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)
	=	((504.918 + 1182.63) / 2652.503)	/	((8.661 + 552.029) / 1749.154)
	=	0.63621	/	0.320549
	=	1.9848

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
	=	(-631.932 - 0	-	-351.192)	/	2652.503
	=	-0.10584

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.

Dolphin Drilling AS has a M-score of 1.66 signals that the company is likely to be a manipulator.

Dolphin Drilling AS Beneish M-Score Related Terms

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Dolphin Drilling AS Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Dolphin Drilling AS (OSL:DDRIL) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Vestre Svanholmen 12, Sandnes, NOR, N-4313

Website

https://www.dolphindrilling.no

Dolphin Drilling AS along with its subsidiaries provides exploration and development services to the oil and gas industry. The company operates in one segment, providing drilling services to the offshore oil and gas industry. The company generates the majority of its revenue from Nigeria.

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