Archrock Beneish M-Score Historical Data
The historical data trend for Archrock'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.
Archrock Beneish M-Score Chart
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Archrock 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 |
-3.29 |
-2.85 |
-2.55 |
-3.03 |
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Archrock 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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-2.84 |
-2.91 |
-2.91 |
-3.03 |
-3.06 |
Competitive Comparison of Archrock's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Archrock'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.
Archrock's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Archrock's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Archrock's Beneish M-Score falls into.
Archrock 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 Archrock 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 * 0.8266 | + | 0.528 * 0.7882 | + | 0.404 * 0.8228 | + | 0.892 * 1.1304 | + | 0.115 * 1.0112 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8962 | + | 4.679 * -0.08566 | - | 0.327 * 0.9802 |
| = | -3.08 |
* 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 €96.9 Mil.
Revenue was 247.009 + 238.047 + 237.405 + 228.482 = €950.9 Mil.
Gross Profit was 103.877 + 95.924 + 92.998 + 87.645 = €380.4 Mil.
Total Current Assets was €178.2 Mil.
Total Assets was €2,449.9 Mil.
Property, Plant and Equipment(Net PPE) was €2,158.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €159.3 Mil.
Selling, General, & Admin. Expense(SGA) was €112.6 Mil.
Total Current Liabilities was €141.0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,452.6 Mil.
Net Income was 37.289 + 30.263 + 28.914 + 22.755 = €119.2 Mil.
Non Operating Income was -0.3 + -0.874 + -0.039 + -2.856 = €-4.1 Mil.
Cash Flow from Operations was 126.686 + 65.766 + 112.506 + 28.19 = €333.1 Mil.
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Total Receivables was €103.7 Mil.
Revenue was 214.665 + 206.614 + 215.805 + 204.173 = €841.3 Mil.
Gross Profit was 71.23 + 66.275 + 66.85 + 60.929 = €265.3 Mil.
Total Current Assets was €196.7 Mil.
Total Assets was €2,447.0 Mil.
Property, Plant and Equipment(Net PPE) was €2,113.0 Mil.
Depreciation, Depletion and Amortization(DDA) was €157.8 Mil.
Selling, General, & Admin. Expense(SGA) was €111.2 Mil.
Total Current Liabilities was €165.4 Mil.
Long-Term Debt & Capital Lease Obligation was €1,458.4 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) |
| = | (96.871 / 950.943) | / | (103.668 / 841.257) |
| = | 0.101868 | / | 0.12323 |
| | = | 0.8266 |
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) |
| = | (265.284 / 841.257) | / | (380.444 / 950.943) |
| = | 0.315342 | / | 0.40007 |
| | = | 0.7882 |
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 - (178.21 + 2158.644) / 2449.908) | / | (1 - (196.722 + 2113.041) / 2446.992) |
| = | 0.046146 | / | 0.056081 |
| | = | 0.8228 |
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 |
| = | 950.943 | / | 841.257 |
| | = | 1.1304 |
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)) |
| = | (157.796 / (157.796 + 2113.041)) | / | (159.276 / (159.276 + 2158.644)) |
| = | 0.069488 | / | 0.068715 |
| | = | 1.0112 |
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) |
| = | (112.601 / 950.943) | / | (111.154 / 841.257) |
| = | 0.11841 | / | 0.132128 |
| | = | 0.8962 |
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) |
| = | ((1452.616 + 140.986) / 2449.908) | / | ((1458.389 + 165.412) / 2446.992) |
| = | 0.650474 | / | 0.663591 |
| | = | 0.9802 |
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 |
| = | (119.221 - -4.069 | - | 333.148) | / | 2449.908 |
| | = | -0.08566 |
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.
Archrock has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
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