Athabasca Oil Beneish M-Score Historical Data
The historical data trend for Athabasca Oil'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.
Athabasca Oil Beneish M-Score Chart
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Athabasca Oil Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.19 |
-1.93 |
0.95 |
-2.68 |
-2.89 |
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Athabasca Oil 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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-2.68 |
-2.55 |
-2.48 |
-3.12 |
-2.89 |
Competitive Comparison of Athabasca Oil's Beneish M-Score
For the Oil & Gas E&P subindustry, Athabasca Oil'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.
Athabasca Oil's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Athabasca Oil's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Athabasca Oil's Beneish M-Score falls into.
Athabasca Oil 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 Athabasca Oil 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 * 1.2158 | + | 0.528 * 0.8963 | + | 0.404 * 0.6422 | + | 0.892 * 1.1368 | + | 0.115 * 1.3489 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7345 | + | 4.679 * -0.13226 | - | 0.327 * 0.9983 |
| = | -2.89 |
* 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 C$138 Mil.
Revenue was 352.456 + 376.781 + 401.738 + 311.116 = C$1,442 Mil.
Gross Profit was 183.796 + 211.04 + 211.919 + 145.149 = C$752 Mil.
Total Current Assets was C$541 Mil.
Total Assets was C$2,475 Mil.
Property, Plant and Equipment(Net PPE) was C$1,593 Mil.
Depreciation, Depletion and Amortization(DDA) was C$115 Mil.
Selling, General, & Admin. Expense(SGA) was C$142 Mil.
Total Current Liabilities was C$244 Mil.
Long-Term Debt & Capital Lease Obligation was C$196 Mil.
Net Income was 264.336 + 68.722 + 96.076 + 38.501 = C$468 Mil.
Non Operating Income was 239.199 + -2.446 + -2.821 + 3.455 = C$237 Mil.
Cash Flow from Operations was 158.677 + 187.143 + 135.083 + 76.638 = C$558 Mil.
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Total Receivables was C$100 Mil.
Revenue was 315.929 + 379.241 + 282.614 + 290.741 = C$1,269 Mil.
Gross Profit was 141.952 + 208.093 + 134.133 + 108.664 = C$593 Mil.
Total Current Assets was C$501 Mil.
Total Assets was C$2,049 Mil.
Property, Plant and Equipment(Net PPE) was C$1,109 Mil.
Depreciation, Depletion and Amortization(DDA) was C$111 Mil.
Selling, General, & Admin. Expense(SGA) was C$170 Mil.
Total Current Liabilities was C$185 Mil.
Long-Term Debt & Capital Lease Obligation was C$180 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) |
| = | (138.365 / 1442.091) | / | (100.106 / 1268.525) |
| = | 0.095947 | / | 0.078915 |
| | = | 1.2158 |
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) |
| = | (592.842 / 1268.525) | / | (751.904 / 1442.091) |
| = | 0.467348 | / | 0.521398 |
| | = | 0.8963 |
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 - (540.618 + 1593.316) / 2474.609) | / | (1 - (500.649 + 1108.843) / 2048.635) |
| = | 0.137668 | / | 0.214359 |
| | = | 0.6422 |
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 |
| = | 1442.091 | / | 1268.525 |
| | = | 1.1368 |
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)) |
| = | (110.798 / (110.798 + 1108.843)) | / | (115.053 / (115.053 + 1593.316)) |
| = | 0.090845 | / | 0.067347 |
| | = | 1.3489 |
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) |
| = | (141.884 / 1442.091) | / | (169.914 / 1268.525) |
| = | 0.098388 | / | 0.133946 |
| | = | 0.7345 |
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) |
| = | ((195.833 + 244.088) / 2474.609) | / | ((179.705 + 185.127) / 2048.635) |
| = | 0.177774 | / | 0.178085 |
| | = | 0.9983 |
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 |
| = | (467.635 - 237.387 | - | 557.541) | / | 2474.609 |
| | = | -0.13226 |
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.
Athabasca Oil has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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