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Exxon Mobil (WBO:XOM) Beneish M-Score : -2.73 (As of May. 19, 2024)


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What is Exxon Mobil Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Exxon Mobil's Beneish M-Score or its related term are showing as below:

WBO:XOM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Med: -2.78   Max: -1.37
Current: -2.73

During the past 13 years, the highest Beneish M-Score of Exxon Mobil was -1.37. The lowest was -3.16. And the median was -2.78.


Exxon Mobil Beneish M-Score Historical Data

The historical data trend for Exxon Mobil'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.

* Premium members only.

Exxon Mobil Beneish M-Score Chart

Exxon Mobil Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.64 -1.37 -2.66 -2.67 -2.90

Exxon Mobil Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.91 -3.07 -2.86 -2.90 -2.73

Competitive Comparison of Exxon Mobil's Beneish M-Score

For the Oil & Gas Integrated subindustry, Exxon Mobil'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.


Exxon Mobil's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Exxon Mobil's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Exxon Mobil's Beneish M-Score falls into.



Exxon Mobil 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 Exxon Mobil 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 * 1.2668+0.528 * 1.176+0.404 * 0.9581+0.892 * 0.8088+0.115 * 0.976
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1909+4.679 * -0.081182-0.327 * 0.9619
=-2.73

* 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 €37,137 Mil.
Revenue was 73978.12 + 74907.896 + 82990.09 + 74573.785 = €306,450 Mil.
Gross Profit was 17394.44 + 16233.651 + 20972.871 + 18547.685 = €73,149 Mil.
Total Current Assets was €91,427 Mil.
Total Assets was €347,685 Mil.
Property, Plant and Equipment(Net PPE) was €196,625 Mil.
Depreciation, Depletion and Amortization(DDA) was €19,577 Mil.
Selling, General, & Admin. Expense(SGA) was €9,791 Mil.
Total Current Liabilities was €66,167 Mil.
Long-Term Debt & Capital Lease Obligation was €29,636 Mil.
Net Income was 7562.4 + 6996.71 + 8498.59 + 7273.24 = €30,331 Mil.
Non Operating Income was 2458.24 + 2435.552 + 2052.03 + 1955.837 = €8,902 Mil.
Cash Flow from Operations was 13490.88 + 12546.394 + 14957.331 + 8660.509 = €49,655 Mil.
Total Receivables was €36,247 Mil.
Revenue was 78123.496 + 87946.816 + 107577.12 + 105256.69 = €378,904 Mil.
Gross Profit was 22379.574 + 25463.456 + 29649.56 + 28867.19 = €106,360 Mil.
Total Current Assets was €90,807 Mil.
Total Assets was €344,993 Mil.
Property, Plant and Equipment(Net PPE) was €192,425 Mil.
Depreciation, Depletion and Amortization(DDA) was €18,653 Mil.
Selling, General, & Admin. Expense(SGA) was €10,166 Mil.
Total Current Liabilities was €62,266 Mil.
Long-Term Debt & Capital Lease Obligation was €36,566 Mil.




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)
=(37136.72 / 306449.891) / (36246.672 / 378904.122)
=0.121184 / 0.095662
=1.2668

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)
=(106359.78 / 378904.122) / (73148.647 / 306449.891)
=0.280704 / 0.238697
=1.176

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 - (91426.84 + 196625.16) / 347684.56) / (1 - (90807.216 + 192425.482) / 344992.514)
=0.171513 / 0.179018
=0.9581

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
=306449.891 / 378904.122
=0.8088

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))
=(18653.378 / (18653.378 + 192425.482)) / (19576.841 / (19576.841 + 196625.16))
=0.088372 / 0.090549
=0.976

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)
=(9791.03 / 306449.891) / (10165.726 / 378904.122)
=0.03195 / 0.026829
=1.1909

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)
=((29635.96 + 66167.32) / 347684.56) / ((36566.1 + 62266.044) / 344992.514)
=0.275547 / 0.286476
=0.9619

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
=(30330.94 - 8901.659 - 49655.114) / 347684.56
=-0.081182

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.

Exxon Mobil has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.


Exxon Mobil Beneish M-Score Related Terms

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Exxon Mobil (WBO:XOM) Business Description

Address
5959 Las Colinas Boulevard, Irving, TX, USA, 75039-2298
ExxonMobil is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2022, it produced 2.4 million barrels of liquids and 8.3 billion cubic feet of natural gas per day. At the end of 2022, reserves were 17.7 billion barrels of oil equivalent, 65% of which were liquids. The company is the world's largest refiner with a total global refining capacity of 4.6 million barrels of oil per day and is one of the world's largest manufacturers of commodity and specialty chemicals.

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