ProFrac Holding Beneish M-Score Historical Data
The historical data trend for ProFrac Holding'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.
ProFrac Holding Beneish M-Score Chart
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ProFrac Holding Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-0.54 |
-3.31 |
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ProFrac Holding Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-0.54 |
-1.44 |
-2.43 |
-2.96 |
-3.31 |
Competitive Comparison of ProFrac Holding's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, ProFrac Holding'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.
ProFrac Holding's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, ProFrac Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ProFrac Holding's Beneish M-Score falls into.
ProFrac Holding 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 ProFrac Holding 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 * 0.6068 | + | 0.528 * 1.6059 | + | 0.404 * 0.9682 | + | 0.892 * 1.0819 | + | 0.115 * 0.7909 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0148 | + | 4.679 * -0.174097 | - | 0.327 * 1.0141 |
| = | -3.31 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $353 Mil.
Revenue was 489.1 + 574.2 + 709.2 + 851.7 = $2,624 Mil.
Gross Profit was 58.4 + 94.2 + 132.5 + 199.7 = $485 Mil.
Total Current Assets was $638 Mil.
Total Assets was $3,071 Mil.
Property, Plant and Equipment(Net PPE) was $1,866 Mil.
Depreciation, Depletion and Amortization(DDA) was $438 Mil.
Selling, General, & Admin. Expense(SGA) was $267 Mil.
Total Current Liabilities was $649 Mil.
Long-Term Debt & Capital Lease Obligation was $1,010 Mil.
Net Income was -92.3 + -24.5 + -2.9 + 22 = $-98 Mil.
Non Operating Income was -65.2 + -17.6 + -16.2 + -17.6 = $-117 Mil.
Cash Flow from Operations was 42.7 + 123.6 + 153.7 + 233.5 = $554 Mil.
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Total Receivables was $538 Mil.
Revenue was 794.1 + 696.7 + 589.8 + 345 = $2,426 Mil.
Gross Profit was 233.9 + 235.6 + 186.2 + 63.9 = $720 Mil.
Total Current Assets was $865 Mil.
Total Assets was $2,934 Mil.
Property, Plant and Equipment(Net PPE) was $1,509 Mil.
Depreciation, Depletion and Amortization(DDA) was $267 Mil.
Selling, General, & Admin. Expense(SGA) was $243 Mil.
Total Current Liabilities was $684 Mil.
Long-Term Debt & Capital Lease Obligation was $879 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) |
| = | (352.9 / 2624.2) | / | (537.6 / 2425.6) |
| = | 0.134479 | / | 0.221636 |
| | = | 0.6068 |
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) |
| = | (719.6 / 2425.6) | / | (484.8 / 2624.2) |
| = | 0.296669 | / | 0.184742 |
| | = | 1.6059 |
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 - (638.1 + 1866.2) / 3070.7) | / | (1 - (865.4 + 1509.3) / 2933.6) |
| = | 0.184453 | / | 0.190517 |
| | = | 0.9682 |
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 |
| = | 2624.2 | / | 2425.6 |
| | = | 1.0819 |
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)) |
| = | (267.3 / (267.3 + 1509.3)) | / | (438.4 / (438.4 + 1866.2)) |
| = | 0.150456 | / | 0.190228 |
| | = | 0.7909 |
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) |
| = | (266.9 / 2624.2) | / | (243.1 / 2425.6) |
| = | 0.101707 | / | 0.100223 |
| | = | 1.0148 |
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) |
| = | ((1009.9 + 648.9) / 3070.7) | / | ((878.8 + 683.9) / 2933.6) |
| = | 0.540203 | / | 0.53269 |
| | = | 1.0141 |
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 |
| = | (-97.7 - -116.6 | - | 553.5) | / | 3070.7 |
| | = | -0.174097 |
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.
ProFrac Holding has a M-score of -3.31 suggests that the company is unlikely to be a manipulator.
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