Valaris Beneish M-Score Historical Data
The historical data trend for Valaris'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.
Valaris Beneish M-Score Chart
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Valaris Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.71 |
-1.53 |
-2.54 |
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Valaris Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-1.02 |
-1.11 |
-1.34 |
-2.54 |
-2.92 |
Competitive Comparison of Valaris's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Valaris'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.
Valaris's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Valaris's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Valaris's Beneish M-Score falls into.
Valaris 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 Valaris 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 * 0.8344 | + | 0.528 * 0.3568 | + | 0.404 * 0.8723 | + | 0.892 * 1.3082 | + | 0.115 * 0.9338 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8609 | + | 4.679 * -0.042947 | - | 0.327 * 0.9608 |
| = | -2.92 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $558 Mil.
Revenue was 620.7 + 584.4 + 643.1 + 610.1 = $2,458 Mil.
Gross Profit was 172.6 + 135.2 + 149.3 + 141.7 = $599 Mil.
Total Current Assets was $1,158 Mil.
Total Assets was $4,387 Mil.
Property, Plant and Equipment(Net PPE) was $1,977 Mil.
Depreciation, Depletion and Amortization(DDA) was $128 Mil.
Selling, General, & Admin. Expense(SGA) was $114 Mil.
Total Current Liabilities was $695 Mil.
Long-Term Debt & Capital Lease Obligation was $1,135 Mil.
Net Income was -37.9 + 133.7 + 64.6 + 149.6 = $310 Mil.
Non Operating Income was 16 + 20.8 + -26.6 + 3.2 = $13 Mil.
Cash Flow from Operations was 155.9 + 124.6 + 193 + 11.5 = $485 Mil.
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Total Receivables was $511 Mil.
Revenue was 525 + 483.8 + 455.1 + 415.2 = $1,879 Mil.
Gross Profit was 53.4 + 54.3 + 38.4 + 17.2 = $163 Mil.
Total Current Assets was $1,198 Mil.
Total Assets was $4,354 Mil.
Property, Plant and Equipment(Net PPE) was $1,732 Mil.
Depreciation, Depletion and Amortization(DDA) was $105 Mil.
Selling, General, & Admin. Expense(SGA) was $101 Mil.
Total Current Liabilities was $761 Mil.
Long-Term Debt & Capital Lease Obligation was $1,130 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) |
| = | (557.7 / 2458.3) | / | (510.9 / 1879.1) |
| = | 0.226864 | / | 0.271885 |
| | = | 0.8344 |
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) |
| = | (163.3 / 1879.1) | / | (598.8 / 2458.3) |
| = | 0.086903 | / | 0.243583 |
| | = | 0.3568 |
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 - (1157.8 + 1977.1) / 4386.8) | / | (1 - (1197.6 + 1732.3) / 4354.4) |
| = | 0.285379 | / | 0.32714 |
| | = | 0.8723 |
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 |
| = | 2458.3 | / | 1879.1 |
| | = | 1.3082 |
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)) |
| = | (104.6 / (104.6 + 1732.3)) | / | (128.4 / (128.4 + 1977.1)) |
| = | 0.056944 | / | 0.060983 |
| | = | 0.9338 |
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) |
| = | (114.2 / 2458.3) | / | (101.4 / 1879.1) |
| = | 0.046455 | / | 0.053962 |
| | = | 0.8609 |
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) |
| = | ((1135.4 + 694.6) / 4386.8) | / | ((1129.9 + 760.7) / 4354.4) |
| = | 0.417161 | / | 0.434182 |
| | = | 0.9608 |
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 |
| = | (310 - 13.4 | - | 485) | / | 4386.8 |
| | = | -0.042947 |
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.
Valaris has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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