Suncor Energy Beneish M-Score Historical Data
The historical data trend for Suncor 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.
Suncor Energy Beneish M-Score Chart
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Suncor Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.42 |
-2.94 |
-2.31 |
-2.69 |
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Suncor Energy Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.69 |
-2.69 |
-2.79 |
-2.76 |
-2.98 |
Competitive Comparison of Suncor Energy's Beneish M-Score
For the Oil & Gas Integrated subindustry, Suncor 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.
Suncor Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Suncor Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Suncor Energy's Beneish M-Score falls into.
Suncor 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 Suncor 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 * 0.8526 | + | 0.528 * 1.1115 | + | 0.404 * 0.9011 | + | 0.892 * 1.027 | + | 0.115 * 1.0239 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0034 | + | 4.679 * -0.095145 | - | 0.327 * 0.9052 |
| = | -2.98 |
* 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$6,736 Mil.
Revenue was 13905 + 14014 + 13305 + 13589 = C$54,813 Mil.
Gross Profit was 6298 + 6043 + 6395 + 3626 = C$22,362 Mil.
Total Current Assets was C$14,954 Mil.
Total Assets was C$90,662 Mil.
Property, Plant and Equipment(Net PPE) was C$70,272 Mil.
Depreciation, Depletion and Amortization(DDA) was C$6,701 Mil.
Selling, General, & Admin. Expense(SGA) was C$10,714 Mil.
Total Current Liabilities was C$9,403 Mil.
Long-Term Debt & Capital Lease Obligation was C$14,579 Mil.
Net Income was 2020 + 1568 + 1610 + 2820 = C$8,018 Mil.
Non Operating Income was 127 + 14 + 21 + 1287 = C$1,449 Mil.
Cash Flow from Operations was 4261 + 3829 + 2787 + 4318 = C$15,195 Mil.
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Total Receivables was C$7,693 Mil.
Revenue was 13911 + 12434 + 12272 + 14754 = C$53,371 Mil.
Gross Profit was 6204 + 5765 + 6329 + 5904 = C$24,202 Mil.
Total Current Assets was C$15,311 Mil.
Total Assets was C$85,389 Mil.
Property, Plant and Equipment(Net PPE) was C$64,396 Mil.
Depreciation, Depletion and Amortization(DDA) was C$6,302 Mil.
Selling, General, & Admin. Expense(SGA) was C$10,397 Mil.
Total Current Liabilities was C$12,318 Mil.
Long-Term Debt & Capital Lease Obligation was C$12,635 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) |
| = | (6736 / 54813) | / | (7693 / 53371) |
| = | 0.122891 | / | 0.144142 |
| | = | 0.8526 |
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) |
| = | (24202 / 53371) | / | (22362 / 54813) |
| = | 0.453467 | / | 0.407969 |
| | = | 1.1115 |
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 - (14954 + 70272) / 90662) | / | (1 - (15311 + 64396) / 85389) |
| = | 0.059959 | / | 0.066543 |
| | = | 0.9011 |
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 |
| = | 54813 | / | 53371 |
| | = | 1.027 |
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)) |
| = | (6302 / (6302 + 64396)) | / | (6701 / (6701 + 70272)) |
| = | 0.08914 | / | 0.087057 |
| | = | 1.0239 |
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) |
| = | (10714 / 54813) | / | (10397 / 53371) |
| = | 0.195465 | / | 0.194806 |
| | = | 1.0034 |
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) |
| = | ((14579 + 9403) / 90662) | / | ((12635 + 12318) / 85389) |
| = | 0.264521 | / | 0.292227 |
| | = | 0.9052 |
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 |
| = | (8018 - 1449 | - | 15195) | / | 90662 |
| | = | -0.095145 |
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.
Suncor Energy has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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