Strathcona Resources Beneish M-Score Historical Data
The historical data trend for Strathcona 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.
Strathcona Resources Beneish M-Score Chart
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Strathcona Resources Annual Data
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Strathcona Resources Quarterly Data
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Competitive Comparison of Strathcona Resources's Beneish M-Score
For the Oil & Gas E&P subindustry, Strathcona 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.
Strathcona Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Strathcona Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Strathcona Resources's Beneish M-Score falls into.
Strathcona 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 Strathcona 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 * | + | 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was C$289 Mil.
Revenue was 1316.9 + 1485.3 + 1300.8 + 1298.9 = C$5,402 Mil.
Gross Profit was 495 + 547.4 + 442 + -47.3 = C$1,437 Mil.
Total Current Assets was C$372 Mil.
Total Assets was C$10,663 Mil.
Property, Plant and Equipment(Net PPE) was C$10,276 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0 Mil.
Selling, General, & Admin. Expense(SGA) was C$97 Mil.
Total Current Liabilities was C$835 Mil.
Long-Term Debt & Capital Lease Obligation was C$2,745 Mil.
Net Income was 188 + 227.2 + 100.6 + 263.7 = C$780 Mil.
Non Operating Income was -13.2 + 2.1 + -52.9 + 128.2 = C$64 Mil.
Cash Flow from Operations was 521.9 + 519.7 + 408.8 + 570 = C$2,020 Mil.
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Total Receivables was C$43 Mil.
Revenue was 1307.4 + 1126.8 + 1061.5 + 3869.75 = C$7,365 Mil.
Gross Profit was 492.5 + 394.9 + 280.7 + 994.925 = C$2,163 Mil.
Total Current Assets was C$59 Mil.
Total Assets was C$1,190 Mil.
Property, Plant and Equipment(Net PPE) was C$1,131 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0 Mil.
Selling, General, & Admin. Expense(SGA) was C$120 Mil.
Total Current Liabilities was C$91 Mil.
Long-Term Debt & Capital Lease Obligation was C$271 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) |
| = | (289.1 / 5401.9) | / | (43.422 / 7365.45) |
| = | 0.053518 | / | 0.005895 |
| | = | |
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) |
| = | (2163.025 / 7365.45) | / | (1437.1 / 5401.9) |
| = | 0.293672 | / | 0.266036 |
| | = | |
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 - (372.2 + 10276.2) / 10663.3) | / | (1 - (59.432 + 1130.975) / 1190.407) |
| = | 0.001397 | / | 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 |
| = | 5401.9 | / | 7365.45 |
| | = | |
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)) |
| = | (0 / (0 + 1130.975)) | / | (0 / (0 + 10276.2)) |
| = | 0 | / | 0 |
| | = | |
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) |
| = | (97.2 / 5401.9) | / | (120.451 / 7365.45) |
| = | 0.017994 | / | 0.016354 |
| | = | |
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) |
| = | ((2744.8 + 834.6) / 10663.3) | / | ((271.147 + 91.489) / 1190.407) |
| = | 0.335675 | / | 0.304632 |
| | = | |
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 |
| = | (779.5 - 64.2 | - | 2020.4) | / | 10663.3 |
| | = | -0.122392 |
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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