Cimarex Energy Co Beneish M-Score Historical Data
The historical data trend for Cimarex Energy 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.
Cimarex Energy Co Beneish M-Score Chart
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Cimarex Energy Co Annual Data
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Dec11 |
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Dec17 |
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Dec19 |
Dec20 |
| Beneish M-Score |
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-2.68 |
-2.61 |
-3.10 |
-2.92 |
-3.57 |
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Cimarex Energy Co Quarterly Data
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Dec16 |
Mar17 |
Jun17 |
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Mar19 |
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Sep21 |
| Beneish M-Score |
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-3.73 |
-3.57 |
-2.55 |
-2.22 |
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Competitive Comparison of Cimarex Energy Co's Beneish M-Score
For the Oil & Gas E&P subindustry, Cimarex Energy 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.
Cimarex Energy Co's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Cimarex Energy Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cimarex Energy Co's Beneish M-Score falls into.
Cimarex Energy 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 Cimarex Energy 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 * 1.4347 | + | 0.528 * 0.5155 | + | 0.404 * 0.6311 | + | 0.892 * 1.5477 | + | 0.115 * 1.589 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7086 | + | 4.679 * -0.056264 | - | 0.327 * 0.9823 |
| = | -2.14 |
* 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 (Sep21) TTM: | Last Year (Sep20) TTM: |
Total Receivables was $598 Mil.
Revenue was 930.036 + 712.38 + 679.466 + 434.723 = $2,757 Mil.
Gross Profit was 718.388 + 514.69 + 481.248 + 225.432 = $1,940 Mil.
Total Current Assets was $1,667 Mil.
Total Assets was $5,636 Mil.
Property, Plant and Equipment(Net PPE) was $3,898 Mil.
Depreciation, Depletion and Amortization(DDA) was $478 Mil.
Selling, General, & Admin. Expense(SGA) was $397 Mil.
Total Current Liabilities was $1,190 Mil.
Long-Term Debt & Capital Lease Obligation was $2,088 Mil.
Net Income was 243.807 + 113.388 + 128.082 + 24.711 = $510 Mil.
Non Operating Income was -162.164 + -211.374 + -161.796 + -83.84 = $-619 Mil.
Cash Flow from Operations was 488.196 + 363.672 + 402.912 + 191.477 = $1,446 Mil.
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Total Receivables was $269 Mil.
Revenue was 401.659 + 249.383 + 472.83 + 657.244 = $1,781 Mil.
Gross Profit was 179.518 + -13.434 + 162.21 + 317.792 = $646 Mil.
Total Current Assets was $634 Mil.
Total Assets was $4,606 Mil.
Property, Plant and Equipment(Net PPE) was $3,880 Mil.
Depreciation, Depletion and Amortization(DDA) was $816 Mil.
Selling, General, & Admin. Expense(SGA) was $362 Mil.
Total Current Liabilities was $596 Mil.
Long-Term Debt & Capital Lease Obligation was $2,132 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) |
| = | (598.262 / 2756.605) | / | (269.44 / 1781.116) |
| = | 0.217029 | / | 0.151276 |
| | = | 1.4347 |
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) |
| = | (646.086 / 1781.116) | / | (1939.758 / 2756.605) |
| = | 0.362742 | / | 0.703676 |
| | = | 0.5155 |
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 - (1667.455 + 3897.545) / 5635.844) | / | (1 - (634.029 + 3880.2) / 4605.97) |
| = | 0.01257 | / | 0.019918 |
| | = | 0.6311 |
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 |
| = | 2756.605 | / | 1781.116 |
| | = | 1.5477 |
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)) |
| = | (815.958 / (815.958 + 3880.2)) | / | (478.492 / (478.492 + 3897.545)) |
| = | 0.17375 | / | 0.109344 |
| | = | 1.589 |
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) |
| = | (397.103 / 2756.605) | / | (362.069 / 1781.116) |
| = | 0.144055 | / | 0.203282 |
| | = | 0.7086 |
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) |
| = | ((2088.439 + 1189.932) / 5635.844) | / | ((2131.54 + 595.953) / 4605.97) |
| = | 0.5817 | / | 0.592165 |
| | = | 0.9823 |
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 |
| = | (509.988 - -619.174 | - | 1446.257) | / | 5635.844 |
| | = | -0.056264 |
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.
Cimarex Energy Co has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.
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