Tourmaline Oil Beneish M-Score Historical Data
The historical data trend for Tourmaline Oil'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.
Tourmaline Oil Beneish M-Score Chart
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Tourmaline Oil Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.01 |
-2.52 |
33.75 |
-1.80 |
-3.72 |
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Tourmaline Oil 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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-1.80 |
-2.51 |
-3.04 |
-3.37 |
-3.72 |
Competitive Comparison of Tourmaline Oil's Beneish M-Score
For the Oil & Gas E&P subindustry, Tourmaline Oil'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.
Tourmaline Oil's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Tourmaline Oil's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tourmaline Oil's Beneish M-Score falls into.
Tourmaline Oil 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 Tourmaline Oil 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 * 0.9695 | + | 0.528 * 1.0675 | + | 0.404 * 0.6779 | + | 0.892 * 0.698 | + | 0.115 * 1.1091 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8827 | + | 4.679 * -0.130073 | - | 0.327 * 1.2377 |
| = | -3.70 |
* 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 $545 Mil.
Revenue was 1174.961 + 1065.406 + 953.798 + 1430.311 = $4,624 Mil.
Gross Profit was 780.339 + 727.869 + 624.463 + 1029.692 = $3,162 Mil.
Total Current Assets was $966 Mil.
Total Assets was $14,980 Mil.
Property, Plant and Equipment(Net PPE) was $13,023 Mil.
Depreciation, Depletion and Amortization(DDA) was $967 Mil.
Selling, General, & Admin. Expense(SGA) was $132 Mil.
Total Current Liabilities was $1,188 Mil.
Long-Term Debt & Capital Lease Obligation was $835 Mil.
Net Income was 521.916 + 203.006 + 384.368 + 182.942 = $1,292 Mil.
Non Operating Income was 288.535 + -91.737 + 185.997 + -405.389 = $-23 Mil.
Cash Flow from Operations was 754.934 + 652.438 + 731.886 + 1124.077 = $3,263 Mil.
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Total Receivables was $805 Mil.
Revenue was 1735.1 + 1512.54 + 1889.16 + 1488.197 = $6,625 Mil.
Gross Profit was 1282.367 + 1075.069 + 1391.548 + 1087.195 = $4,836 Mil.
Total Current Assets was $1,653 Mil.
Total Assets was $13,907 Mil.
Property, Plant and Equipment(Net PPE) was $10,897 Mil.
Depreciation, Depletion and Amortization(DDA) was $905 Mil.
Selling, General, & Admin. Expense(SGA) was $101 Mil.
Total Current Liabilities was $1,057 Mil.
Long-Term Debt & Capital Lease Obligation was $461 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) |
| = | (544.914 / 4624.476) | / | (805.209 / 6624.997) |
| = | 0.117833 | / | 0.121541 |
| | = | 0.9695 |
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) |
| = | (4836.179 / 6624.997) | / | (3162.363 / 4624.476) |
| = | 0.72999 | / | 0.683832 |
| | = | 1.0675 |
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 - (965.568 + 13023.476) / 14980.154) | / | (1 - (1652.6 + 10897.309) / 13907.281) |
| = | 0.066162 | / | 0.097602 |
| | = | 0.6779 |
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 |
| = | 4624.476 | / | 6624.997 |
| | = | 0.698 |
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)) |
| = | (904.958 / (904.958 + 10897.309)) | / | (967.263 / (967.263 + 13023.476)) |
| = | 0.076677 | / | 0.069136 |
| | = | 1.1091 |
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) |
| = | (132.46 / 4624.476) | / | (100.792 / 6624.997) |
| = | 0.028643 | / | 0.015214 |
| | = | 1.8827 |
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) |
| = | ((835.38 + 1187.9) / 14980.154) | / | ((460.916 + 1056.76) / 13907.281) |
| = | 0.135064 | / | 0.109128 |
| | = | 1.2377 |
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 |
| = | (1292.232 - -22.594 | - | 3263.335) | / | 14980.154 |
| | = | -0.130073 |
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.
Tourmaline Oil has a M-score of -3.70 suggests that the company is unlikely to be a manipulator.
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