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 * 1.47 | + | 0.528 * 0.6635 | + | 0.404 * 1.1584 | + | 0.892 * 0.5758 | + | 0.115 * 1.059 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4474 | + | 4.679 * -0.045023 | - | 0.327 * 0.081 |
| = | -2.52 |
* 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 €378 Mil.
Revenue was 257.964 + 243.723 + 242.22 + 345.254 = €1,089 Mil.
Gross Profit was -56.448 + -107.353 + -122.511 + -100.699 = €-387 Mil.
Total Current Assets was €945 Mil.
Total Assets was €10,035 Mil.
Property, Plant and Equipment(Net PPE) was €8,503 Mil.
Depreciation, Depletion and Amortization(DDA) was €423 Mil.
Selling, General, & Admin. Expense(SGA) was €159 Mil.
Total Current Liabilities was €393 Mil.
Long-Term Debt & Capital Lease Obligation was €18 Mil.
Net Income was -764.4 + -58.28 + -569.594 + -983.371 = €-2,376 Mil.
Non Operating Income was -659.988 + -120.587 + -321.431 + -744.233 = €-1,846 Mil.
Cash Flow from Operations was -26.628 + 118.943 + -12.99 + -156.91 = €-78 Mil.
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Total Receivables was €446 Mil.
Revenue was 413.223 + 460.89 + 500.58 + 516.752 = €1,891 Mil.
Gross Profit was -166.429 + -115.47 + -98.246 + -65.756 = €-446 Mil.
Total Current Assets was €1,001 Mil.
Total Assets was €12,693 Mil.
Property, Plant and Equipment(Net PPE) was €11,051 Mil.
Depreciation, Depletion and Amortization(DDA) was €585 Mil.
Selling, General, & Admin. Expense(SGA) was €191 Mil.
Total Current Liabilities was €801 Mil.
Long-Term Debt & Capital Lease Obligation was €5,608 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) |
| = | (377.832 / 1089.161) | / | (446.346 / 1891.445) |
| = | 0.346902 | / | 0.235981 |
| | = | 1.47 |
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) |
| = | (-445.901 / 1891.445) | / | (-387.011 / 1089.161) |
| = | -0.235746 | / | -0.355329 |
| | = | 0.6635 |
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 - (945 + 8503.236) / 10035.396) | / | (1 - (1000.568 + 11051.045) / 12692.715) |
| = | 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 |
| = | 1089.161 | / | 1891.445 |
| | = | 0.5758 |
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)) |
| = | (584.538 / (584.538 + 11051.045)) | / | (423.476 / (423.476 + 8503.236)) |
| = | 0.050237 | / | 0.047439 |
| | = | 1.059 |
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) |
| = | (158.997 / 1089.161) | / | (190.768 / 1891.445) |
| = | 0.145981 | / | 0.100858 |
| | = | 1.4474 |
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) |
| = | ((17.724 + 392.616) / 10035.396) | / | ((5607.923 + 801.106) / 12692.715) |
| = | 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 |
| = | (-2375.645 - -1846.239 | - | -77.585) | / | 10035.396 |
| | = | -0.045023 |
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 -2.52 suggests that the company is unlikely to be a manipulator.
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