Rosneft Oil Co Beneish M-Score Historical Data
The historical data trend for Rosneft Oil Co'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.
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Rosneft Oil Co Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-1.18 |
-3.15 |
-2.63 |
-3.08 |
-2.12 |
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Rosneft Oil Co Quarterly Data
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
| Beneish M-Score |
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-3.08 |
-2.88 |
-1.95 |
-2.02 |
-2.12 |
Competitive Comparison
For the Oil & Gas Integrated subindustry, Rosneft Oil Co'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.
Rosneft Oil Co Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Rosneft Oil Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rosneft Oil Co's Beneish M-Score falls into.
Rosneft Oil Co 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 Rosneft Oil Co 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 * 1.0384 | + | 0.528 * 0.8067 | + | 0.404 * 1.0934 | + | 0.892 * 1.5587 | + | 0.115 * 1.091 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.726 | + | 4.679 * -0.01666 | - | 0.327 * 1.0091 |
| = | -2.03 |
* 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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was €8,355 Mil.
Revenue was 29290.526 + 25323.688 + 22583.806 + 17551.644 = €94,750 Mil.
Gross Profit was 41308.38 + 5583.542 + 4889.394 + 3452.783 = €55,234 Mil.
Total Current Assets was €42,314 Mil.
Total Assets was €196,990 Mil.
Property, Plant and Equipment(Net PPE) was €128,414 Mil.
Depreciation, Depletion and Amortization(DDA) was €7,735 Mil.
Selling, General, & Admin. Expense(SGA) was €1,664 Mil.
Total Current Liabilities was €44,085 Mil.
Long-Term Debt & Capital Lease Obligation was €45,498 Mil.
Net Income was 2238.385 + 3652.567 + 2631.013 + 1648.925 = €10,171 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 2824.914 + 5548.645 + 3308.528 + 1770.658 = €13,453 Mil.
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Total Receivables was €5,162 Mil.
Revenue was 20571.508 + 12783.634 + 10431.681 + 16999.479 = €60,786 Mil.
Gross Profit was 24299.749 + 2268.584 + 253.812 + 1762.488 = €28,585 Mil.
Total Current Assets was €32,220 Mil.
Total Assets was €169,348 Mil.
Property, Plant and Equipment(Net PPE) was €116,480 Mil.
Depreciation, Depletion and Amortization(DDA) was €7,696 Mil.
Selling, General, & Admin. Expense(SGA) was €1,470 Mil.
Total Current Liabilities was €34,293 Mil.
Long-Term Debt & Capital Lease Obligation was €42,025 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) |
| = | (8355.042 / 94749.664) | / | (5162.18 / 60786.302) |
| = | 0.08818 | / | 0.084923 |
| | = | 1.0384 |
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) |
| = | (28584.633 / 60786.302) | / | (55234.099 / 94749.664) |
| = | 0.470248 | / | 0.582948 |
| | = | 0.8067 |
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 - (42313.858 + 128413.881) / 196989.861) | / | (1 - (32219.504 + 116479.961) / 169348.186) |
| = | 0.133317 | / | 0.121931 |
| | = | 1.0934 |
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 |
| = | 94749.664 | / | 60786.302 |
| | = | 1.5587 |
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)) |
| = | (7696.448 / (7696.448 + 116479.961)) | / | (7734.866 / (7734.866 + 128413.881)) |
| = | 0.06198 | / | 0.056812 |
| | = | 1.091 |
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) |
| = | (1663.969 / 94749.664) | / | (1470.477 / 60786.302) |
| = | 0.017562 | / | 0.024191 |
| | = | 0.726 |
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) |
| = | ((45497.871 + 44085.414) / 196989.861) | / | ((42025.44 + 34293.201) / 169348.186) |
| = | 0.454761 | / | 0.450661 |
| | = | 1.0091 |
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 |
| = | (10170.89 - 0 | - | 13452.745) | / | 196989.861 |
| | = | -0.01666 |
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.
Rosneft Oil Co has a M-score of -2.03 suggests that the company is unlikely to be a manipulator.
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