Secure Energy Services Beneish M-Score Historical Data
The historical data trend for Secure Energy Services'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.
Secure Energy Services Beneish M-Score Chart
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Secure Energy Services Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.97 |
38.12 |
2.17 |
-2.80 |
-3.28 |
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Secure Energy Services Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.04 |
-3.42 |
-3.36 |
-3.28 |
-2.87 |
Competitive Comparison of Secure Energy Services's Beneish M-Score
For the Waste Management subindustry, Secure Energy Services'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.
Secure Energy Services's Beneish M-Score Distribution in the Waste Management Industry
For the Waste Management industry and Industrials sector, Secure Energy Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Secure Energy Services's Beneish M-Score falls into.
Secure Energy Services 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 Secure Energy Services 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 * 1.0322 | + | 0.528 * 1.1663 | + | 0.404 * 0.4982 | + | 0.892 * 1.1259 | + | 0.115 * 0.746 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0254 | + | 4.679 * -0.101323 | - | 0.327 * 0.7364 |
| = | -2.87 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was C$509 Mil.
Revenue was 2849 + 2340 + 2215 + 1782 = C$9,186 Mil.
Gross Profit was 116 + 156 + 132 + 97 = C$501 Mil.
Total Current Assets was C$1,086 Mil.
Total Assets was C$2,645 Mil.
Property, Plant and Equipment(Net PPE) was C$1,254 Mil.
Depreciation, Depletion and Amortization(DDA) was C$194 Mil.
Selling, General, & Admin. Expense(SGA) was C$142 Mil.
Total Current Liabilities was C$634 Mil.
Long-Term Debt & Capital Lease Obligation was C$395 Mil.
Net Income was 422 + 59 + 47 + 34 = C$562 Mil.
Non Operating Income was 506 + -12 + -9 + 4 = C$489 Mil.
Cash Flow from Operations was 8 + 32 + 170 + 131 = C$341 Mil.
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Total Receivables was C$438 Mil.
Revenue was 1907 + 2025 + 2149 + 2078 = C$8,159 Mil.
Gross Profit was 127 + 121 + 136 + 135 = C$519 Mil.
Total Current Assets was C$590 Mil.
Total Assets was C$2,830 Mil.
Property, Plant and Equipment(Net PPE) was C$1,585 Mil.
Depreciation, Depletion and Amortization(DDA) was C$176 Mil.
Selling, General, & Admin. Expense(SGA) was C$123 Mil.
Total Current Liabilities was C$427 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,068 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) |
| = | (509 / 9186) | / | (438 / 8159) |
| = | 0.05541 | / | 0.053683 |
| | = | 1.0322 |
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) |
| = | (519 / 8159) | / | (501 / 9186) |
| = | 0.063611 | / | 0.05454 |
| | = | 1.1663 |
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 - (1086 + 1254) / 2645) | / | (1 - (590 + 1585) / 2830) |
| = | 0.115312 | / | 0.231449 |
| | = | 0.4982 |
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 |
| = | 9186 | / | 8159 |
| | = | 1.1259 |
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)) |
| = | (176 / (176 + 1585)) | / | (194 / (194 + 1254)) |
| = | 0.099943 | / | 0.133978 |
| | = | 0.746 |
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) |
| = | (142 / 9186) | / | (123 / 8159) |
| = | 0.015458 | / | 0.015075 |
| | = | 1.0254 |
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) |
| = | ((395 + 634) / 2645) | / | ((1068 + 427) / 2830) |
| = | 0.389036 | / | 0.528269 |
| | = | 0.7364 |
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 |
| = | (562 - 489 | - | 341) | / | 2645 |
| | = | -0.101323 |
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.
Secure Energy Services has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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