Weatherford International Beneish M-Score Historical Data
The historical data trend for Weatherford International'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.
Weatherford International Beneish M-Score Chart
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Weatherford International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.85 |
-2.91 |
-3.10 |
-2.61 |
-2.52 |
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Weatherford International Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.33 |
-2.52 |
-2.55 |
-2.51 |
-2.71 |
Competitive Comparison of Weatherford International's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Weatherford International'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.
Weatherford International's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Weatherford International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Weatherford International's Beneish M-Score falls into.
Weatherford International 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 Weatherford International 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 * 0.8788 | + | 0.528 * 0.9599 | + | 0.404 * 0.9192 | + | 0.892 * 1.1108 | + | 0.115 * 1.0559 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9306 | + | 4.679 * -0.049152 | - | 0.327 * 0.8655 |
| = | -2.71 |
* 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 $1,231 Mil.
Revenue was 1409 + 1405 + 1358 + 1362 = $5,534 Mil.
Gross Profit was 492 + 514 + 474 + 463 = $1,943 Mil.
Total Current Assets was $3,400 Mil.
Total Assets was $5,188 Mil.
Property, Plant and Equipment(Net PPE) was $1,183 Mil.
Depreciation, Depletion and Amortization(DDA) was $343 Mil.
Selling, General, & Admin. Expense(SGA) was $829 Mil.
Total Current Liabilities was $1,667 Mil.
Long-Term Debt & Capital Lease Obligation was $1,749 Mil.
Net Income was 157 + 125 + 112 + 140 = $534 Mil.
Non Operating Income was -41 + -30 + -22 + -36 = $-129 Mil.
Cash Flow from Operations was 262 + 150 + 131 + 375 = $918 Mil.
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Total Receivables was $1,261 Mil.
Revenue was 1313 + 1274 + 1186 + 1209 = $4,982 Mil.
Gross Profit was 454 + 427 + 396 + 402 = $1,679 Mil.
Total Current Assets was $3,220 Mil.
Total Assets was $4,895 Mil.
Property, Plant and Equipment(Net PPE) was $1,054 Mil.
Depreciation, Depletion and Amortization(DDA) was $328 Mil.
Selling, General, & Admin. Expense(SGA) was $802 Mil.
Total Current Liabilities was $1,731 Mil.
Long-Term Debt & Capital Lease Obligation was $1,993 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) |
| = | (1231 / 5534) | / | (1261 / 4982) |
| = | 0.222443 | / | 0.253111 |
| | = | 0.8788 |
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) |
| = | (1679 / 4982) | / | (1943 / 5534) |
| = | 0.337013 | / | 0.351102 |
| | = | 0.9599 |
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 - (3400 + 1183) / 5188) | / | (1 - (3220 + 1054) / 4895) |
| = | 0.116615 | / | 0.126864 |
| | = | 0.9192 |
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 |
| = | 5534 | / | 4982 |
| | = | 1.1108 |
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)) |
| = | (328 / (328 + 1054)) | / | (343 / (343 + 1183)) |
| = | 0.237337 | / | 0.224771 |
| | = | 1.0559 |
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) |
| = | (829 / 5534) | / | (802 / 4982) |
| = | 0.149801 | / | 0.16098 |
| | = | 0.9306 |
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) |
| = | ((1749 + 1667) / 5188) | / | ((1993 + 1731) / 4895) |
| = | 0.658443 | / | 0.760776 |
| | = | 0.8655 |
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 |
| = | (534 - -129 | - | 918) | / | 5188 |
| | = | -0.049152 |
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.
Weatherford International has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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