Tamarack Valley Energy Beneish M-Score Historical Data
The historical data trend for Tamarack Valley 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.
Tamarack Valley Energy Beneish M-Score Chart
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Tamarack Valley 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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-2.47 |
71.20 |
-1.96 |
51.24 |
-3.27 |
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Tamarack Valley 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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-2.33 |
-3.27 |
-3.27 |
-3.42 |
-3.81 |
Competitive Comparison of Tamarack Valley Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, Tamarack Valley 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.
Tamarack Valley Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Tamarack Valley Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tamarack Valley Energy's Beneish M-Score falls into.
Tamarack Valley 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 Tamarack Valley 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 * 0.5794 | + | 0.528 * 0.9521 | + | 0.404 * 0.1579 | + | 0.892 * 1.0125 | + | 0.115 * 1.0096 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9298 | + | 4.679 * -0.152037 | - | 0.327 * 0.6768 |
| = | -3.81 |
* 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$132 Mil.
Revenue was 441.032 + 468.625 + 401.495 + 430.257 = C$1,741 Mil.
Gross Profit was 143.767 + 169.595 + 112.202 + 116.135 = C$542 Mil.
Total Current Assets was C$166 Mil.
Total Assets was C$3,998 Mil.
Property, Plant and Equipment(Net PPE) was C$3,830 Mil.
Depreciation, Depletion and Amortization(DDA) was C$597 Mil.
Selling, General, & Admin. Expense(SGA) was C$45 Mil.
Total Current Liabilities was C$227 Mil.
Long-Term Debt & Capital Lease Obligation was C$753 Mil.
Net Income was 93.694 + 94.887 + -32.744 + 57.322 = C$213 Mil.
Non Operating Income was 28.31 + 7.423 + -91.513 + 29.452 = C$-26 Mil.
Cash Flow from Operations was 240.843 + 225.37 + 165.201 + 215.981 = C$847 Mil.
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Total Receivables was C$225 Mil.
Revenue was 507.611 + 398.821 + 387.085 + 426.338 = C$1,720 Mil.
Gross Profit was 207.154 + 99.06 + 83.409 + 119.736 = C$509 Mil.
Total Current Assets was C$409 Mil.
Total Assets was C$4,444 Mil.
Property, Plant and Equipment(Net PPE) was C$4,015 Mil.
Depreciation, Depletion and Amortization(DDA) was C$633 Mil.
Selling, General, & Admin. Expense(SGA) was C$48 Mil.
Total Current Liabilities was C$469 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,141 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) |
| = | (132.187 / 1741.409) | / | (225.318 / 1719.855) |
| = | 0.075908 | / | 0.13101 |
| | = | 0.5794 |
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) |
| = | (509.359 / 1719.855) | / | (541.699 / 1741.409) |
| = | 0.296164 | / | 0.311069 |
| | = | 0.9521 |
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 - (165.847 + 3829.683) / 3998.42) | / | (1 - (408.896 + 4014.599) / 4443.837) |
| = | 0.000723 | / | 0.004578 |
| | = | 0.1579 |
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 |
| = | 1741.409 | / | 1719.855 |
| | = | 1.0125 |
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)) |
| = | (632.765 / (632.765 + 4014.599)) | / | (596.999 / (596.999 + 3829.683)) |
| = | 0.136156 | / | 0.134864 |
| | = | 1.0096 |
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) |
| = | (44.777 / 1741.409) | / | (47.56 / 1719.855) |
| = | 0.025713 | / | 0.027653 |
| | = | 0.9298 |
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) |
| = | ((753.481 + 227.242) / 3998.42) | / | ((1141.456 + 468.974) / 4443.837) |
| = | 0.245278 | / | 0.362396 |
| | = | 0.6768 |
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 |
| = | (213.159 - -26.328 | - | 847.395) | / | 3998.42 |
| | = | -0.152037 |
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.
Tamarack Valley Energy has a M-score of -3.81 suggests that the company is unlikely to be a manipulator.
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