Valaris Beneish M-Score Historical Data
The historical data trend for Valaris'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.
Valaris Beneish M-Score Chart
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Valaris Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-3.06 |
-1.67 |
-4.46 |
-0.70 |
-3.10 |
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Valaris Quarterly Data
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Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
| Beneish M-Score |
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-0.20 |
-3.42 |
-3.06 |
-3.10 |
-2.95 |
Competitive Comparison of Valaris's Beneish M-Score
For the Oil & Gas Drilling subindustry, Valaris'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.
Valaris's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Valaris's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Valaris's Beneish M-Score falls into.
Valaris 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 Valaris 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 * 1.5017 | + | 0.528 * 0.6596 | + | 0.404 * 1.1584 | + | 0.892 * 0.6073 | + | 0.115 * 1.0791 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4361 | + | 4.679 * -0.044455 | - | 0.327 * 0.081 |
| = | -2.46 |
* 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 (Mar21) TTM: | Last Year (Mar20) TTM: |
Total Receivables was $450 Mil.
Revenue was 307.1 + 296.5 + 285.3 + 388.8 = $1,278 Mil.
Gross Profit was -67.2 + -130.6 + -144.3 + -113.4 = $-456 Mil.
Total Current Assets was $1,125 Mil.
Total Assets was $11,947 Mil.
Property, Plant and Equipment(Net PPE) was $10,123 Mil.
Depreciation, Depletion and Amortization(DDA) was $497 Mil.
Selling, General, & Admin. Expense(SGA) was $186 Mil.
Total Current Liabilities was $467 Mil.
Long-Term Debt & Capital Lease Obligation was $21 Mil.
Net Income was -910 + -70.9 + -670.9 + -1107.4 = $-2,759 Mil.
Non Operating Income was -785.7 + -146.7 + -378.6 + -838.1 = $-2,149 Mil.
Cash Flow from Operations was -31.7 + 144.7 + -15.3 + -176.7 = $-79 Mil.
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Total Receivables was $493 Mil.
Revenue was 456.6 + 512.1 + 551.3 + 583.9 = $2,104 Mil.
Gross Profit was -183.9 + -128.3 + -108.2 + -74.3 = $-495 Mil.
Total Current Assets was $1,106 Mil.
Total Assets was $14,025 Mil.
Property, Plant and Equipment(Net PPE) was $12,211 Mil.
Depreciation, Depletion and Amortization(DDA) was $650 Mil.
Selling, General, & Admin. Expense(SGA) was $213 Mil.
Total Current Liabilities was $885 Mil.
Long-Term Debt & Capital Lease Obligation was $6,197 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) |
| = | (449.8 / 1277.7) | / | (493.2 / 2103.9) |
| = | 0.352039 | / | 0.234422 |
| | = | 1.5017 |
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) |
| = | (-494.7 / 2103.9) | / | (-455.5 / 1277.7) |
| = | -0.235135 | / | -0.3565 |
| | = | 0.6596 |
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 - (1125 + 10122.9) / 11946.9) | / | (1 - (1105.6 + 12211.1) / 14025.1) |
| = | 0.058509 | / | 0.050509 |
| | = | 1.1584 |
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 |
| = | 1277.7 | / | 2103.9 |
| | = | 0.6073 |
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)) |
| = | (649.7 / (649.7 + 12211.1)) | / | (497.2 / (497.2 + 10122.9)) |
| = | 0.050518 | / | 0.046817 |
| | = | 1.0791 |
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) |
| = | (185.5 / 1277.7) | / | (212.7 / 2103.9) |
| = | 0.145183 | / | 0.101098 |
| | = | 1.4361 |
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) |
| = | ((21.1 + 467.4) / 11946.9) | / | ((6196.6 + 885.2) / 14025.1) |
| = | 0.040889 | / | 0.504938 |
| | = | 0.081 |
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 |
| = | (-2759.2 - -2149.1 | - | -79) | / | 11946.9 |
| | = | -0.044455 |
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.
Valaris has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
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