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Halliburton Co (XSGO:HAL) Beneish M-Score : -2.63 (As of Mar. 30, 2025)


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What is Halliburton Co 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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:HAL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.93   Med: -2.65   Max: -1.35
Current: -2.63

During the past 13 years, the highest Beneish M-Score of Halliburton Co was -1.35. The lowest was -2.93. And the median was -2.65.


Halliburton Co Beneish M-Score Historical Data

The historical data trend for Halliburton 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.

* Premium members only.

Halliburton Co Beneish M-Score Chart

Halliburton Co Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.93 -2.44 -2.36 -2.56 -2.63

Halliburton Co Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
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 -2.56 -2.67 -2.61 -2.61 -2.63

Competitive Comparison of Halliburton Co's Beneish M-Score

For the Oil & Gas Equipment & Services subindustry, Halliburton 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.


Halliburton Co's Beneish M-Score Distribution in the Oil & Gas Industry

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

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


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Halliburton 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 Halliburton 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 * 1.0563+0.528 * 1.0105+0.404 * 0.9536+0.892 * 0.9968+0.115 * 0.9551
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.061+4.679 * -0.03959-0.327 * 0.9547
=-2.63

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was $5,117 Mil.
Revenue was 5610 + 5697 + 5833 + 5804 = $22,944 Mil.
Gross Profit was 1026 + 1070 + 1123 + 1082 = $4,301 Mil.
Total Current Assets was $12,382 Mil.
Total Assets was $25,587 Mil.
Property, Plant and Equipment(Net PPE) was $6,135 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,079 Mil.
Selling, General, & Admin. Expense(SGA) was $239 Mil.
Total Current Liabilities was $6,050 Mil.
Long-Term Debt & Capital Lease Obligation was $7,958 Mil.
Net Income was 615 + 571 + 709 + 606 = $2,501 Mil.
Non Operating Income was -55 + -168 + -20 + -108 = $-351 Mil.
Cash Flow from Operations was 1456 + 841 + 1081 + 487 = $3,865 Mil.
Total Receivables was $4,860 Mil.
Revenue was 5739 + 5804 + 5798 + 5677 = $23,018 Mil.
Gross Profit was 1133 + 1118 + 1078 + 1031 = $4,360 Mil.
Total Current Assets was $11,543 Mil.
Total Assets was $24,683 Mil.
Property, Plant and Equipment(Net PPE) was $5,988 Mil.
Depreciation, Depletion and Amortization(DDA) was $998 Mil.
Selling, General, & Admin. Expense(SGA) was $226 Mil.
Total Current Liabilities was $5,608 Mil.
Long-Term Debt & Capital Lease Obligation was $8,547 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)
=(5117 / 22944) / (4860 / 23018)
=0.223021 / 0.211139
=1.0563

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)
=(4360 / 23018) / (4301 / 22944)
=0.189417 / 0.187456
=1.0105

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 - (12382 + 6135) / 25587) / (1 - (11543 + 5988) / 24683)
=0.276312 / 0.289754
=0.9536

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
=22944 / 23018
=0.9968

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))
=(998 / (998 + 5988)) / (1079 / (1079 + 6135))
=0.142857 / 0.14957
=0.9551

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)
=(239 / 22944) / (226 / 23018)
=0.010417 / 0.009818
=1.061

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)
=((7958 + 6050) / 25587) / ((8547 + 5608) / 24683)
=0.547466 / 0.573472
=0.9547

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
=(2501 - -351 - 3865) / 25587
=-0.03959

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.

Halliburton Co has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.


Halliburton Co Beneish M-Score Related Terms

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Halliburton Co Business Description

Address
3000 North Sam Houston Parkway East, Houston, TX, USA, 77032
Halliburton Co is North America's largest oilfield service company as measured by market share. Despite industry fragmentation, it holds a leading position in the hydraulic fracturing and completions market, which makes up nearly half of its revenue. It also holds strong positions in other service offerings like drilling and completions fluids, which leverages its expertise in material science, as well as the directional drilling market. While we consider SLB the global leader in reservoir evaluation, we think Halliburton leads in any activity from the reservoir to the wellbore. The firm's innovations have helped multiple producers lower their development costs per barrel of oil equivalent, with techniques that have been homed in over a century of operations.