Frontline Beneish M-Score Historical Data
The historical data trend for Frontline'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.
Frontline Beneish M-Score Chart
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Frontline Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.16 |
3.61 |
-2.03 |
-2.38 |
-2.96 |
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Frontline Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.71 |
-2.56 |
-3.25 |
-2.96 |
-2.71 |
Competitive Comparison of Frontline's Beneish M-Score
For the Oil & Gas Midstream subindustry, Frontline'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.
Frontline's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Frontline's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Frontline's Beneish M-Score falls into.
Frontline 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 Frontline 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 | + | 0.528 * 1.3068 | + | 0.404 * 0.9162 | + | 0.892 * 1.0179 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6099 | + | 4.679 * -0.095977 | - | 0.327 * 0.9678 |
| = | -2.71 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was kr0 Mil.
Revenue was 4568.839 + 4775.896 + 5208.452 + 5902.438 = kr20,456 Mil.
Gross Profit was 1134.965 + 1274.391 + 1611.778 + 2303.521 = kr6,325 Mil.
Total Current Assets was kr8,922 Mil.
Total Assets was kr65,547 Mil.
Property, Plant and Equipment(Net PPE) was kr55,158 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr369 Mil.
Total Current Liabilities was kr4,890 Mil.
Long-Term Debt & Capital Lease Obligation was kr35,784 Mil.
Net Income was 355.445 + 748.771 + 642.211 + 1991.173 = kr3,738 Mil.
Non Operating Income was 4.656 + 1358.802 + -23.083 + 1114.129 = kr2,455 Mil.
Cash Flow from Operations was 1472.801 + 1883.322 + 1747.981 + 2469.959 = kr7,574 Mil.
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Total Receivables was kr0 Mil.
Revenue was 6138.007 + 4378.043 + 4044.124 + 5535.994 = kr20,096 Mil.
Gross Profit was 2370.435 + 1602.855 + 1390.457 + 2756.159 = kr8,120 Mil.
Total Current Assets was kr8,911 Mil.
Total Assets was kr70,293 Mil.
Property, Plant and Equipment(Net PPE) was kr59,666 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,875 Mil.
Selling, General, & Admin. Expense(SGA) was kr594 Mil.
Total Current Liabilities was kr5,084 Mil.
Long-Term Debt & Capital Lease Obligation was kr39,985 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) |
| = | (0 / 20455.625) | / | (0 / 20096.168) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (8119.906 / 20096.168) | / | (6324.655 / 20455.625) |
| = | 0.404052 | / | 0.309189 |
| | = | 1.3068 |
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 - (8922.32 + 55158.37) / 65546.839) | / | (1 - (8911.033 + 59666.299) / 70293.425) |
| = | 0.022368 | / | 0.024413 |
| | = | 0.9162 |
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 |
| = | 20455.625 | / | 20096.168 |
| | = | 1.0179 |
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)) |
| = | (1874.642 / (1874.642 + 59666.299)) | / | (0 / (0 + 55158.37)) |
| = | 0.030462 | / | 0 |
| | = | 1 |
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) |
| = | (369.088 / 20455.625) | / | (594.484 / 20096.168) |
| = | 0.018043 | / | 0.029582 |
| | = | 0.6099 |
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) |
| = | ((35784.496 + 4889.526) / 65546.839) | / | ((39985.034 + 5084.331) / 70293.425) |
| = | 0.620534 | / | 0.64116 |
| | = | 0.9678 |
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 |
| = | (3737.6 - 2454.504 | - | 7574.063) | / | 65546.839 |
| | = | -0.095977 |
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.
Frontline has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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