EXCO Resources Beneish M-Score Historical Data
The historical data trend for EXCO 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.
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EXCO Resources Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-3.32 |
-4.60 |
-2.50 |
-2.66 |
-2.54 |
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EXCO Resources Quarterly Data
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Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
| Beneish M-Score |
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-2.66 |
-1.85 |
-1.75 |
-1.99 |
-2.54 |
Competitive Comparison
For the Oil & Gas E&P subindustry, EXCO 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.
EXCO Resources Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, EXCO Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EXCO Resources's Beneish M-Score falls into.
EXCO 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 EXCO 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 * 0.7839 | + | 0.528 * 0.421 | + | 0.404 * 0.7704 | + | 0.892 * 1.3891 | + | 0.115 * 0.9019 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6646 | + | 4.679 * -0.02726 | - | 0.327 * 0.2886 |
| = | -2.58 |
* 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 (Dec18) TTM: | Last Year (Dec17) TTM: |
Total Receivables was $96.1 Mil.
Revenue was 106.861 + 98.571 + 98.13 + 90.464 = $394.0 Mil.
Gross Profit was 53.728 + 37.653 + 36.122 + 36.263 = $163.8 Mil.
Total Current Assets was $170.1 Mil.
Total Assets was $1,032.7 Mil.
Property, Plant and Equipment(Net PPE) was $694.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $80.3 Mil.
Selling, General, & Admin. Expense(SGA) was $27.9 Mil.
Total Current Liabilities was $591.3 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was 16.924 + 3.684 + 7.744 + -211.049 = $-182.7 Mil.
Non Operating Income was -21.364 + -18.684 + -14.84 + -233.654 = $-288.5 Mil.
Cash Flow from Operations was 24.46 + 40.04 + 21.244 + 48.252 = $134.0 Mil.
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Total Receivables was $88.2 Mil.
Revenue was 69.366 + 66.736 + 71.015 + 76.529 = $283.6 Mil.
Gross Profit was 9.203 + 6.828 + 14.323 + 19.283 = $49.6 Mil.
Total Current Assets was $167.8 Mil.
Total Assets was $840.3 Mil.
Property, Plant and Equipment(Net PPE) was $495.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $51.0 Mil.
Selling, General, & Admin. Expense(SGA) was $30.2 Mil.
Total Current Liabilities was $1,667.0 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 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) |
| = | (96.086 / 394.026) | / | (88.238 / 283.646) |
| = | 0.243857 | / | 0.311085 |
| | = | 0.7839 |
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) |
| = | (49.637 / 283.646) | / | (163.766 / 394.026) |
| = | 0.174996 | / | 0.415622 |
| | = | 0.421 |
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 - (170.143 + 694.663) / 1032.693) | / | (1 - (167.83 + 495.181) / 840.347) |
| = | 0.162572 | / | 0.211027 |
| | = | 0.7704 |
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 |
| = | 394.026 | / | 283.646 |
| | = | 1.3891 |
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)) |
| = | (51.04 / (51.04 + 495.181)) | / | (80.289 / (80.289 + 694.663)) |
| = | 0.093442 | / | 0.103605 |
| | = | 0.9019 |
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) |
| = | (27.85 / 394.026) | / | (30.165 / 283.646) |
| = | 0.070681 | / | 0.106347 |
| | = | 0.6646 |
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) |
| = | ((0 + 591.293) / 1032.693) | / | ((0 + 1666.97) / 840.347) |
| = | 0.572574 | / | 1.983669 |
| | = | 0.2886 |
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 |
| = | (-182.697 - -288.542 | - | 133.996) | / | 1032.693 |
| | = | -0.02726 |
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.
EXCO Resources has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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