Archer Beneish M-Score Historical Data
The historical data trend for Archer'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.
Archer Beneish M-Score Chart
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Archer Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.88 |
-3.23 |
-2.77 |
-2.37 |
-2.65 |
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Archer 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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-2.66 |
-2.59 |
-2.36 |
-2.65 |
-2.55 |
Competitive Comparison of Archer's Beneish M-Score
For the Oil & Gas Drilling subindustry, Archer'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.
Archer's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Archer's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Archer's Beneish M-Score falls into.
Archer 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 Archer 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 * 1.0426 | + | 0.528 * 0.9967 | + | 0.404 * 1.0272 | + | 0.892 * 1.1899 | + | 0.115 * 0.9199 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9375 | + | 4.679 * -0.068177 | - | 0.327 * 0.9515 |
| = | -2.56 |
* 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 $183 Mil.
Revenue was 308.3 + 305.1 + 302.7 + 294.9 = $1,211 Mil.
Gross Profit was 295.1 + 291.5 + 289.2 + 283 = $1,159 Mil.
Total Current Assets was $363 Mil.
Total Assets was $892 Mil.
Property, Plant and Equipment(Net PPE) was $335 Mil.
Depreciation, Depletion and Amortization(DDA) was $52 Mil.
Selling, General, & Admin. Expense(SGA) was $47 Mil.
Total Current Liabilities was $286 Mil.
Long-Term Debt & Capital Lease Obligation was $422 Mil.
Net Income was -10.8 + 8.5 + -2.5 + -16.2 = $-21 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 14.3 + 23.6 + 0.1 + 1.8 = $40 Mil.
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Total Receivables was $147 Mil.
Revenue was 266.6 + 264.3 + 240.2 + 246.6 = $1,018 Mil.
Gross Profit was 255.8 + 252.4 + 227.8 + 234.6 = $971 Mil.
Total Current Assets was $449 Mil.
Total Assets was $991 Mil.
Property, Plant and Equipment(Net PPE) was $333 Mil.
Depreciation, Depletion and Amortization(DDA) was $47 Mil.
Selling, General, & Admin. Expense(SGA) was $42 Mil.
Total Current Liabilities was $226 Mil.
Long-Term Debt & Capital Lease Obligation was $600 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) |
| = | (182.5 / 1211) | / | (147.1 / 1017.7) |
| = | 0.150702 | / | 0.144542 |
| | = | 1.0426 |
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) |
| = | (970.6 / 1017.7) | / | (1158.8 / 1211) |
| = | 0.953719 | / | 0.956895 |
| | = | 0.9967 |
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 - (363.4 + 335.3) / 891.8) | / | (1 - (448.7 + 333) / 990.5) |
| = | 0.216528 | / | 0.210803 |
| | = | 1.0272 |
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 |
| = | 1211 | / | 1017.7 |
| | = | 1.1899 |
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)) |
| = | (47.1 / (47.1 + 333)) | / | (52.2 / (52.2 + 335.3)) |
| = | 0.123915 | / | 0.13471 |
| | = | 0.9199 |
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) |
| = | (47.3 / 1211) | / | (42.4 / 1017.7) |
| = | 0.039059 | / | 0.041663 |
| | = | 0.9375 |
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) |
| = | ((422.2 + 285.8) / 891.8) | / | ((600.3 + 226.1) / 990.5) |
| = | 0.7939 | / | 0.834326 |
| | = | 0.9515 |
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 |
| = | (-21 - 0 | - | 39.8) | / | 891.8 |
| | = | -0.068177 |
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.
Archer has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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