California Resources Beneish M-Score Historical Data
The historical data trend for California Resources'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.
California Resources Beneish M-Score Chart
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California Resources Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.70 |
-2.57 |
-0.10 |
-1.95 |
-2.89 |
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California Resources 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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-2.51 |
-2.90 |
-2.55 |
-2.89 |
-2.50 |
Competitive Comparison of California Resources's Beneish M-Score
For the Oil & Gas E&P subindustry, California Resources'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.
California Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, California Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where California Resources's Beneish M-Score falls into.
California Resources 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 California Resources 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 * 1.4203 | + | 0.528 * 1.1047 | + | 0.404 * 1.0074 | + | 0.892 * 0.6687 | + | 0.115 * 0.9592 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6207 | + | 4.679 * -0.02046 | - | 0.327 * 0.8966 |
| = | -2.50 |
* 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 $302 Mil.
Revenue was 518 + 607 + 664 + 560 = $2,349 Mil.
Gross Profit was 219 + 272 + 358 + 278 = $1,127 Mil.
Total Current Assets was $839 Mil.
Total Assets was $3,910 Mil.
Property, Plant and Equipment(Net PPE) was $2,878 Mil.
Depreciation, Depletion and Amortization(DDA) was $220 Mil.
Selling, General, & Admin. Expense(SGA) was $259 Mil.
Total Current Liabilities was $594 Mil.
Long-Term Debt & Capital Lease Obligation was $597 Mil.
Net Income was -10 + 188 + -22 + 97 = $253 Mil.
Non Operating Income was -67 + 141 + -204 + 33 = $-97 Mil.
Cash Flow from Operations was 87 + 131 + 104 + 108 = $430 Mil.
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Total Receivables was $318 Mil.
Revenue was 970 + 814 + 882 + 847 = $3,513 Mil.
Gross Profit was 480 + 397 + 478 + 507 = $1,862 Mil.
Total Current Assets was $972 Mil.
Total Assets was $4,000 Mil.
Property, Plant and Equipment(Net PPE) was $2,832 Mil.
Depreciation, Depletion and Amortization(DDA) was $207 Mil.
Selling, General, & Admin. Expense(SGA) was $239 Mil.
Total Current Liabilities was $717 Mil.
Long-Term Debt & Capital Lease Obligation was $642 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) |
| = | (302 / 2349) | / | (318 / 3513) |
| = | 0.128565 | / | 0.090521 |
| | = | 1.4203 |
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) |
| = | (1862 / 3513) | / | (1127 / 2349) |
| = | 0.530031 | / | 0.479779 |
| | = | 1.1047 |
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 - (839 + 2878) / 3910) | / | (1 - (972 + 2832) / 4000) |
| = | 0.049361 | / | 0.049 |
| | = | 1.0074 |
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 |
| = | 2349 | / | 3513 |
| | = | 0.6687 |
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)) |
| = | (207 / (207 + 2832)) | / | (220 / (220 + 2878)) |
| = | 0.068115 | / | 0.071014 |
| | = | 0.9592 |
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) |
| = | (259 / 2349) | / | (239 / 3513) |
| = | 0.11026 | / | 0.068033 |
| | = | 1.6207 |
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) |
| = | ((597 + 594) / 3910) | / | ((642 + 717) / 4000) |
| = | 0.304604 | / | 0.33975 |
| | = | 0.8966 |
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 |
| = | (253 - -97 | - | 430) | / | 3910 |
| | = | -0.02046 |
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.
California Resources has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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