SU (Suncor Energy) Beneish M-Score : -2.98 (As of Dec. 13, 2024)

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What is Suncor Energy Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Suncor Energy's Beneish M-Score or its related term are showing as below:

SU' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.81 Max: -0.93
Current: -2.98

During the past 13 years, the highest Beneish M-Score of Suncor Energy was -0.93. The lowest was -3.16. And the median was -2.81.

Suncor Energy Beneish M-Score Historical Data

The historical data trend for Suncor 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.

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Suncor Energy Beneish M-Score Chart

Suncor Energy Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.67

-2.42

-2.94

-2.31

-2.69

Suncor Energy Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.69	-2.69	-2.79	-2.76	-2.98

Competitive Comparison of Suncor Energy's Beneish M-Score

For the Oil & Gas Integrated subindustry, Suncor 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.

Suncor Energy's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Suncor Energy's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Suncor Energy's Beneish M-Score falls into.

Suncor 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 Suncor Energy for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8534

0.528 * 1.1125

0.404 * 0.9011

0.892 * 1.0248

0.115 * 1.0253

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0157

4.679 * -0.095161

0.327 * 0.9052

-2.99

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $4,973 Mil.
Revenue was 10265.023 + 10225.465 + 9829.344 + 10128.951 = $40,449 Mil.
Gross Profit was 4649.343 + 4409.34 + 4724.439 + 2702.743 = $16,486 Mil.
Total Current Assets was $11,039 Mil.
Total Assets was $66,929 Mil.
Property, Plant and Equipment(Net PPE) was $51,877 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,945 Mil.
Selling, General, & Admin. Expense(SGA) was $7,973 Mil.
Total Current Liabilities was $6,942 Mil.
Long-Term Debt & Capital Lease Obligation was $10,763 Mil.
Net Income was 1491.215 + 1144.108 + 1189.421 + 2101.968 = $5,927 Mil.
Non Operating Income was 93.755 + 10.215 + 15.514 + 959.302 = $1,079 Mil.
Cash Flow from Operations was 3145.578 + 2793.871 + 2058.954 + 3218.545 = $11,217 Mil.

Total Receivables was $5,685 Mil.
Revenue was 10280.837 + 9358.723 + 8968.793 + 10860.508 = $39,469 Mil.
Gross Profit was 4585.027 + 4339.154 + 4625.448 + 4345.97 = $17,896 Mil.
Total Current Assets was $11,315 Mil.
Total Assets was $63,106 Mil.
Property, Plant and Equipment(Net PPE) was $47,591 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,662 Mil.
Selling, General, & Admin. Expense(SGA) was $7,660 Mil.
Total Current Liabilities was $9,104 Mil.
Long-Term Debt & Capital Lease Obligation was $9,338 Mil.

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)
	=	(4972.686 / 40448.783)	/	(5685.463 / 39468.861)
	=	0.122938	/	0.144049
	=	0.8534

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)
	=	(17895.599 / 39468.861)	/	(16485.865 / 40448.783)
	=	0.453411	/	0.407574
	=	1.1125

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 - (11039.421 + 51876.569) / 66928.983)	/	(1 - (11315.498 + 47591.457) / 63106.201)
	=	0.059959	/	0.066543
	=	0.9011

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
	=	40448.783	/	39468.861
	=	1.0248

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))
	=	(4662.195 / (4662.195 + 47591.457))	/	(4944.745 / (4944.745 + 51876.569))
	=	0.089222	/	0.087023
	=	1.0253

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)
	=	(7972.931 / 40448.783)	/	(7659.748 / 39468.861)
	=	0.197112	/	0.194071
	=	1.0157

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)
	=	((10762.587 + 6941.533) / 66928.983)	/	((9337.817 + 9103.54) / 63106.201)
	=	0.264521	/	0.292227
	=	0.9052

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
	=	(5926.712 - 1078.786	-	11216.948)	/	66928.983
	=	-0.095161

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.

Suncor Energy has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.

Suncor Energy Beneish M-Score Related Terms

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Suncor Energy Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

SUU:Mexico SM3:Germany SM3:Germany SU:Canada

Address

150 - 6th Avenue S.W., P.O. Box 2844, Calgary, AB, CAN, T2P 3E3

Website

https://www.suncor.com

Suncor Energy Inc is an integrated energy company. The company's operations include oil sands development, production and upgrading, offshore oil production, petroleum refining in Canada and the U.S., and the company's Petro-Canada retail and wholesale distribution networks. The company is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, and renewable fuels. It also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. The company's operating segments include Oil Sands, Exploration and Production, and Refining and Marketing. Geographically, the company generates a majority of its revenue from Canada.