Tamarack Valley Energy Beneish M-Score Historical Data
The historical data trend for Tamarack Valley 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.
Tamarack Valley Energy Beneish M-Score Chart
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Tamarack Valley Energy Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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71.20 |
-1.96 |
51.24 |
-3.26 |
- |
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Tamarack Valley Energy Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.26 |
-3.27 |
-3.42 |
-3.81 |
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Competitive Comparison of Tamarack Valley Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, Tamarack Valley 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.
Tamarack Valley Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Tamarack Valley Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tamarack Valley Energy's Beneish M-Score falls into.
Tamarack Valley 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 Tamarack Valley Energy 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $98 Mil.
Revenue was 302.069 + 325.581 + 341.937 + 296.613 = $1,266 Mil.
Gross Profit was 111.327 + 106.132 + 123.747 + 82.892 = $424 Mil.
Total Current Assets was $151 Mil.
Total Assets was $2,800 Mil.
Property, Plant and Equipment(Net PPE) was $2,648 Mil.
Depreciation, Depletion and Amortization(DDA) was $428 Mil.
Selling, General, & Admin. Expense(SGA) was $37 Mil.
Total Current Liabilities was $193 Mil.
Long-Term Debt & Capital Lease Obligation was $537 Mil.
Net Income was 4.48 + 69.167 + 69.235 + -24.19 = $119 Mil.
Non Operating Income was -64.488 + 20.899 + 5.416 + -67.607 = $-106 Mil.
Cash Flow from Operations was 141.642 + 177.796 + 164.444 + 122.046 = $606 Mil.
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Total Receivables was $101 Mil.
Revenue was 320.704 + 375.147 + 300.181 + 282.895 = $1,279 Mil.
Gross Profit was 84.358 + 153.096 + 74.56 + 60.958 = $373 Mil.
Total Current Assets was $147 Mil.
Total Assets was $3,138 Mil.
Property, Plant and Equipment(Net PPE) was $2,991 Mil.
Depreciation, Depletion and Amortization(DDA) was $468 Mil.
Selling, General, & Admin. Expense(SGA) was $33 Mil.
Total Current Liabilities was $280 Mil.
Long-Term Debt & Capital Lease Obligation was $575 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) |
| = | (97.721 / 1266.2) | / | (100.681 / 1278.927) |
| = | 0.077177 | / | 0.078723 |
| | = | |
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) |
| = | (372.972 / 1278.927) | / | (424.098 / 1266.2) |
| = | 0.291629 | / | 0.334938 |
| | = | |
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 - (151.195 + 2648.497) / 2799.721) | / | (1 - (147.121 + 2991.183) / 3138.304) |
| = | 1.0E-5 | / | 0 |
| | = | |
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 |
| = | 1266.2 | / | 1278.927 |
| | = | |
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)) |
| = | (468.228 / (468.228 + 2991.183)) | / | (427.749 / (427.749 + 2648.497)) |
| = | 0.135349 | / | 0.139049 |
| | = | |
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) |
| = | (36.511 / 1266.2) | / | (33 / 1278.927) |
| = | 0.028835 | / | 0.025803 |
| | = | |
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) |
| = | ((537.228 + 193.305) / 2799.721) | / | ((575.291 + 279.793) / 3138.304) |
| = | 0.260931 | / | 0.272467 |
| | = | |
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 |
| = | (118.692 - -105.78 | - | 605.928) | / | 2799.721 |
| | = | -0.136248 |
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.
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