Greenfire Resources Beneish M-Score Historical Data
The historical data trend for Greenfire Resources'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.
Greenfire Resources Beneish M-Score Chart
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Greenfire Resources Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.51 |
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Greenfire Resources Quarterly Data
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Dec21 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.66 |
-1.51 |
Competitive Comparison of Greenfire Resources's Beneish M-Score
For the Oil & Gas E&P subindustry, Greenfire Resources'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.
Greenfire Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Greenfire Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Greenfire Resources's Beneish M-Score falls into.
Greenfire Resources 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 Greenfire Resources 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 * 1.3362 | + | 0.528 * 0.8889 | + | 0.404 * 2.093 | + | 0.892 * 1.2175 | + | 0.115 * 0.8673 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8729 | + | 4.679 * 0.01998 | - | 0.327 * 0.8311 |
| = | -1.44 |
* 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$56.4 Mil.
Revenue was 208.895 + 193.643 + 219.444 + 200.99 = C$823.0 Mil.
Gross Profit was 89.99 + 99.966 + 107.827 + 84.99 = C$382.8 Mil.
Total Current Assets was C$144.2 Mil.
Total Assets was C$1,257.5 Mil.
Property, Plant and Equipment(Net PPE) was C$960.1 Mil.
Depreciation, Depletion and Amortization(DDA) was C$80.7 Mil.
Selling, General, & Admin. Expense(SGA) was C$81.8 Mil.
Total Current Liabilities was C$335.9 Mil.
Long-Term Debt & Capital Lease Obligation was C$82.7 Mil.
Net Income was 78.562 + 58.916 + 30.848 + -46.915 = C$121.4 Mil.
Non Operating Income was -18.905 + 35.285 + -3.893 + -60.747 = C$-48.3 Mil.
Cash Flow from Operations was 60.195 + -17.875 + 85.163 + 17.064 = C$144.5 Mil.
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Total Receivables was C$34.7 Mil.
Revenue was 161.73 + 160.967 + 173.605 + 179.668 = C$676.0 Mil.
Gross Profit was 62.665 + 87.745 + 76.665 + 52.395 = C$279.5 Mil.
Total Current Assets was C$163.8 Mil.
Total Assets was C$1,173.5 Mil.
Property, Plant and Equipment(Net PPE) was C$941.4 Mil.
Depreciation, Depletion and Amortization(DDA) was C$67.9 Mil.
Selling, General, & Admin. Expense(SGA) was C$77.0 Mil.
Total Current Liabilities was C$130.3 Mil.
Long-Term Debt & Capital Lease Obligation was C$339.8 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) |
| = | (56.417 / 822.972) | / | (34.68 / 675.97) |
| = | 0.068553 | / | 0.051304 |
| | = | 1.3362 |
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) |
| = | (279.47 / 675.97) | / | (382.773 / 822.972) |
| = | 0.413436 | / | 0.465111 |
| | = | 0.8889 |
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 - (144.238 + 960.059) / 1257.471) | / | (1 - (163.814 + 941.374) / 1173.483) |
| = | 0.121811 | / | 0.058199 |
| | = | 2.093 |
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 |
| = | 822.972 | / | 675.97 |
| | = | 1.2175 |
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)) |
| = | (67.894 / (67.894 + 941.374)) | / | (80.725 / (80.725 + 960.059)) |
| = | 0.067271 | / | 0.077562 |
| | = | 0.8673 |
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) |
| = | (81.846 / 822.972) | / | (77.017 / 675.97) |
| = | 0.099452 | / | 0.113936 |
| | = | 0.8729 |
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) |
| = | ((82.737 + 335.859) / 1257.471) | / | ((339.751 + 130.283) / 1173.483) |
| = | 0.332887 | / | 0.400546 |
| | = | 0.8311 |
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 |
| = | (121.411 - -48.26 | - | 144.547) | / | 1257.471 |
| | = | 0.01998 |
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.
Greenfire Resources has a M-score of -1.44 signals that the company is likely to be a manipulator.
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