Teekay Beneish M-Score Historical Data
The historical data trend for Teekay'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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Teekay Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.87 |
-2.69 |
-6.47 |
-1.42 |
-3.66 |
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Teekay 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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|
|
|
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|
|
|
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|
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-1.42 |
-2.79 |
-3.16 |
-3.52 |
-3.66 |
Competitive Comparison
For the Oil & Gas Midstream subindustry, Teekay'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.
Teekay Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Teekay's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Teekay's Beneish M-Score falls into.
Teekay 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 Teekay 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 * 0.6819 | + | 0.528 * 0.6212 | + | 0.404 * 0.8801 | + | 0.892 * 1.2309 | + | 0.115 * 0.9692 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8129 | + | 4.679 * -0.224543 | - | 0.327 * 0.4529 |
| = | -3.66 |
* 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 $188 Mil.
Revenue was 339.192 + 311.682 + 395.4 + 418.701 = $1,465 Mil.
Gross Profit was 114.731 + 95.078 + 174.151 + 196.672 = $581 Mil.
Total Current Assets was $922 Mil.
Total Assets was $2,197 Mil.
Property, Plant and Equipment(Net PPE) was $1,235 Mil.
Depreciation, Depletion and Amortization(DDA) was $98 Mil.
Selling, General, & Admin. Expense(SGA) was $58 Mil.
Total Current Liabilities was $173 Mil.
Long-Term Debt & Capital Lease Obligation was $168 Mil.
Net Income was 35.382 + 26.158 + 40.338 + 48.763 = $151 Mil.
Non Operating Income was 12.042 + 0.571 + 0.964 + -3.153 = $10 Mil.
Cash Flow from Operations was 137.605 + 136.126 + 204.292 + 155.433 = $633 Mil.
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Total Receivables was $224 Mil.
Revenue was 393.479 + 303.199 + 280.786 + 212.72 = $1,190 Mil.
Gross Profit was 165.645 + 77.12 + 41.742 + 8.527 = $293 Mil.
Total Current Assets was $824 Mil.
Total Assets was $2,165 Mil.
Property, Plant and Equipment(Net PPE) was $1,296 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General, & Admin. Expense(SGA) was $58 Mil.
Total Current Liabilities was $232 Mil.
Long-Term Debt & Capital Lease Obligation was $510 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) |
| = | (187.82 / 1464.975) | / | (223.76 / 1190.184) |
| = | 0.128207 | / | 0.188005 |
| | = | 0.6819 |
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) |
| = | (293.034 / 1190.184) | / | (580.632 / 1464.975) |
| = | 0.246209 | / | 0.396343 |
| | = | 0.6212 |
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 - (921.948 + 1234.524) / 2196.638) | / | (1 - (823.605 + 1296.262) / 2164.846) |
| = | 0.018285 | / | 0.020777 |
| | = | 0.8801 |
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 |
| = | 1464.975 | / | 1190.184 |
| | = | 1.2309 |
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)) |
| = | (99.033 / (99.033 + 1296.262)) | / | (97.551 / (97.551 + 1234.524)) |
| = | 0.070976 | / | 0.073232 |
| | = | 0.9692 |
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) |
| = | (57.59 / 1464.975) | / | (57.552 / 1190.184) |
| = | 0.039311 | / | 0.048356 |
| | = | 0.8129 |
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) |
| = | ((168.278 + 172.821) / 2196.638) | / | ((509.994 + 232.272) / 2164.846) |
| = | 0.155282 | / | 0.342872 |
| | = | 0.4529 |
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 |
| = | (150.641 - 10.424 | - | 633.456) | / | 2196.638 |
| | = | -0.224543 |
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.
Teekay has a M-score of -3.66 suggests that the company is unlikely to be a manipulator.
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