MEG Energy Beneish M-Score Historical Data
The historical data trend for MEG Energy'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.
MEG Energy Beneish M-Score Chart
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MEG Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.15 |
0.16 |
-2.35 |
-3.10 |
-2.77 |
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MEG Energy 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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-3.10 |
-3.24 |
-3.20 |
-2.80 |
-2.77 |
Competitive Comparison of MEG Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, MEG Energy'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.
MEG Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, MEG Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MEG Energy's Beneish M-Score falls into.
MEG Energy 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 MEG Energy 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 * 1.029 | + | 0.528 * 1.2902 | + | 0.404 * 1.1413 | + | 0.892 * 0.9344 | + | 0.115 * 0.8821 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1012 | + | 4.679 * -0.102892 | - | 0.327 * 0.8094 |
| = | -2.75 |
* 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 $336 Mil.
Revenue was 1214.967 + 1196.512 + 1015.355 + 1104.29 = $4,531 Mil.
Gross Profit was 334.675 + 483.335 + 329.67 + 310.604 = $1,458 Mil.
Total Current Assets was $643 Mil.
Total Assets was $5,142 Mil.
Property, Plant and Equipment(Net PPE) was $4,331 Mil.
Depreciation, Depletion and Amortization(DDA) was $442 Mil.
Selling, General, & Admin. Expense(SGA) was $77 Mil.
Total Current Liabilities was $435 Mil.
Long-Term Debt & Capital Lease Obligation was $1,020 Mil.
Net Income was 76.774 + 184.022 + 102.363 + 59.198 = $422 Mil.
Non Operating Income was -29.815 + -26.606 + 7.527 + -1.462 = $-50 Mil.
Cash Flow from Operations was 399.523 + 245.363 + 183.652 + 173.208 = $1,002 Mil.
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Total Receivables was $350 Mil.
Revenue was 1103.423 + 1227.228 + 1272.259 + 1246.445 = $4,849 Mil.
Gross Profit was 415.164 + 480.546 + 541.237 + 576.619 = $2,014 Mil.
Total Current Assets was $694 Mil.
Total Assets was $5,177 Mil.
Property, Plant and Equipment(Net PPE) was $4,335 Mil.
Depreciation, Depletion and Amortization(DDA) was $386 Mil.
Selling, General, & Admin. Expense(SGA) was $75 Mil.
Total Current Liabilities was $481 Mil.
Long-Term Debt & Capital Lease Obligation was $1,329 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) |
| = | (336.166 / 4531.124) | / | (349.65 / 4849.355) |
| = | 0.07419 | / | 0.072102 |
| | = | 1.029 |
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) |
| = | (2013.566 / 4849.355) | / | (1458.284 / 4531.124) |
| = | 0.415223 | / | 0.321837 |
| | = | 1.2902 |
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 - (642.516 + 4331.395) / 5141.622) | / | (1 - (694.148 + 4334.928) / 5177.033) |
| = | 0.032618 | / | 0.028579 |
| | = | 1.1413 |
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 |
| = | 4531.124 | / | 4849.355 |
| | = | 0.9344 |
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)) |
| = | (385.628 / (385.628 + 4334.928)) | / | (442.094 / (442.094 + 4331.395)) |
| = | 0.081691 | / | 0.092614 |
| | = | 0.8821 |
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) |
| = | (76.984 / 4531.124) | / | (74.815 / 4849.355) |
| = | 0.01699 | / | 0.015428 |
| | = | 1.1012 |
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) |
| = | ((1019.678 + 435.301) / 5141.622) | / | ((1328.671 + 481.413) / 5177.033) |
| = | 0.282981 | / | 0.349637 |
| | = | 0.8094 |
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 |
| = | (422.357 - -50.356 | - | 1001.746) | / | 5141.622 |
| | = | -0.102892 |
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.
MEG Energy has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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