Tamarack Valley Energy Beneish M-Score Historical Data
The historical data trend for Tamarack Valley 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.
Tamarack Valley Energy Beneish M-Score Chart
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Tamarack Valley 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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-2.47 |
71.20 |
-1.96 |
51.24 |
-3.27 |
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Tamarack Valley Energy Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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1.51 |
3.59 |
-2.33 |
-3.27 |
-3.27 |
Competitive Comparison of Tamarack Valley Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, Tamarack Valley 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.
Tamarack Valley Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Tamarack Valley Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tamarack Valley Energy's Beneish M-Score falls into.
Tamarack Valley 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 Tamarack Valley 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 * 0.9846 | + | 0.528 * 1.2021 | + | 0.404 * 0 | + | 0.892 * 1.117 | + | 0.115 * 0.7096 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1706 | + | 4.679 * -0.118826 | - | 0.327 * 0.8543 |
| = | -3.26 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $123 Mil.
Revenue was 296.613 + 326.392 + 375.08 + 299.804 = $1,298 Mil.
Gross Profit was 82.892 + 86.565 + 153.096 + 74.56 = $397 Mil.
Total Current Assets was $134 Mil.
Total Assets was $3,041 Mil.
Property, Plant and Equipment(Net PPE) was $2,907 Mil.
Depreciation, Depletion and Amortization(DDA) was $462 Mil.
Selling, General, & Admin. Expense(SGA) was $35 Mil.
Total Current Liabilities was $199 Mil.
Long-Term Debt & Capital Lease Obligation was $705 Mil.
Net Income was -24.19 + 42.727 + 6.381 + 19.37 = $44 Mil.
Non Operating Income was -67.607 + 22.082 + -95.306 + -1.832 = $-143 Mil.
Cash Flow from Operations was 122.046 + 160.988 + 147.628 + 117.616 = $548 Mil.
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Total Receivables was $112 Mil.
Revenue was 282.895 + 313.83 + 247.228 + 318.022 = $1,162 Mil.
Gross Profit was 60.958 + 88.138 + 114.536 + 163.764 = $427 Mil.
Total Current Assets was $121 Mil.
Total Assets was $3,357 Mil.
Property, Plant and Equipment(Net PPE) was $3,222 Mil.
Depreciation, Depletion and Amortization(DDA) was $347 Mil.
Selling, General, & Admin. Expense(SGA) was $27 Mil.
Total Current Liabilities was $421 Mil.
Long-Term Debt & Capital Lease Obligation was $747 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) |
| = | (123.436 / 1297.889) | / | (112.242 / 1161.975) |
| = | 0.095105 | / | 0.096596 |
| | = | 0.9846 |
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) |
| = | (427.396 / 1161.975) | / | (397.113 / 1297.889) |
| = | 0.367819 | / | 0.305968 |
| | = | 1.2021 |
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 - (133.893 + 2906.914) / 3040.807) | / | (1 - (120.661 + 3221.872) / 3357.275) |
| = | -0 | / | 0.004391 |
| | = | 0 |
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 |
| = | 1297.889 | / | 1161.975 |
| | = | 1.117 |
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)) |
| = | (347.321 / (347.321 + 3221.872)) | / | (462.02 / (462.02 + 2906.914)) |
| = | 0.097311 | / | 0.137141 |
| | = | 0.7096 |
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) |
| = | (35.244 / 1297.889) | / | (26.955 / 1161.975) |
| = | 0.027155 | / | 0.023198 |
| | = | 1.1706 |
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) |
| = | ((704.626 + 199.333) / 3040.807) | / | ((747.456 + 420.786) / 3357.275) |
| = | 0.297276 | / | 0.347973 |
| | = | 0.8543 |
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 |
| = | (44.288 - -142.663 | - | 548.278) | / | 3040.807 |
| | = | -0.118826 |
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.
Tamarack Valley Energy has a M-score of -3.26 suggests that the company is unlikely to be a manipulator.
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