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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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.56 |
-2.59 |
-2.33 |
-2.52 |
-2.55 |
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 * 1.013 | + | 0.528 * 0.9244 | + | 0.404 * 0.9821 | + | 0.892 * 1.118 | + | 0.115 * 1.0954 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8939 | + | 4.679 * -0.047915 | - | 0.327 * 0.8865 |
| = | -2.57 |
* 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 €1,151 Mil.
Revenue was 1249.36 + 1248.954 + 1230.281 + 1175.902 = €4,904 Mil.
Gross Profit was 436.08 + 424.571 + 425.398 + 394.121 = €1,680 Mil.
Total Current Assets was €3,047 Mil.
Total Assets was €4,683 Mil.
Property, Plant and Equipment(Net PPE) was €1,033 Mil.
Depreciation, Depletion and Amortization(DDA) was €307 Mil.
Selling, General, & Admin. Expense(SGA) was €757 Mil.
Total Current Liabilities was €1,656 Mil.
Long-Term Debt & Capital Lease Obligation was €1,613 Mil.
Net Income was 103.04 + 128.38 + 115.251 + 75.686 = €422 Mil.
Non Operating Income was -20.24 + -33.012 + -22.488 + -88.608 = €-164 Mil.
Cash Flow from Operations was 120.52 + 343.875 + 161.164 + 185.523 = €811 Mil.
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Total Receivables was €1,016 Mil.
Revenue was 1107.724 + 1141.296 + 1131.2 + 1006.544 = €4,387 Mil.
Gross Profit was 369.864 + 379.488 + 348.45 + 291.368 = €1,389 Mil.
Total Current Assets was €2,842 Mil.
Total Assets was €4,398 Mil.
Property, Plant and Equipment(Net PPE) was €980 Mil.
Depreciation, Depletion and Amortization(DDA) was €328 Mil.
Selling, General, & Admin. Expense(SGA) was €758 Mil.
Total Current Liabilities was €1,411 Mil.
Long-Term Debt & Capital Lease Obligation was €2,052 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) |
| = | (1150.92 / 4904.497) | / | (1016.192 / 4386.764) |
| = | 0.234666 | / | 0.23165 |
| | = | 1.013 |
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) |
| = | (1389.17 / 4386.764) | / | (1680.17 / 4904.497) |
| = | 0.316673 | / | 0.342577 |
| | = | 0.9244 |
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 - (3047.04 + 1033.16) / 4682.8) | / | (1 - (2842.162 + 979.766) / 4398.206) |
| = | 0.128684 | / | 0.131026 |
| | = | 0.9821 |
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 |
| = | 4904.497 | / | 4386.764 |
| | = | 1.118 |
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)) |
| = | (328.036 / (328.036 + 979.766)) | / | (306.845 / (306.845 + 1033.16)) |
| = | 0.25083 | / | 0.228988 |
| | = | 1.0954 |
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) |
| = | (757.046 / 4904.497) | / | (757.518 / 4386.764) |
| = | 0.154358 | / | 0.172683 |
| | = | 0.8939 |
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) |
| = | ((1612.76 + 1656) / 4682.8) | / | ((2051.998 + 1411.274) / 4398.206) |
| = | 0.698035 | / | 0.787428 |
| | = | 0.8865 |
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 |
| = | (422.357 - -164.348 | - | 811.082) | / | 4682.8 |
| | = | -0.047915 |
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 -2.57 suggests that the company is unlikely to be a manipulator.
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