Shell Beneish M-Score Historical Data
The historical data trend for Shell'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.
Shell Beneish M-Score Chart
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Shell Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-4.72 |
-3.03 |
-2.53 |
-2.83 |
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Shell 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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-2.63 |
-2.96 |
-3.13 |
-2.83 |
-2.87 |
Competitive Comparison of Shell's Beneish M-Score
For the Oil & Gas Integrated subindustry, Shell'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.
Shell's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Shell's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shell's Beneish M-Score falls into.
Shell 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 Shell 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 * 1.6301 | + | 0.528 * 1.2924 | + | 0.404 * 1.0355 | + | 0.892 * 2.2536 | + | 0.115 * 1.1438 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2978 | + | 4.679 * -0.04171 | - | 0.327 * 0.972 |
| = | -0.83 |
* 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 ARS44,802,466 Mil.
Revenue was 61062716.038 + 28422252.026 + 26718683.236 + 17898719.857 = ARS134,102,371 Mil.
Gross Profit was 11919690.203 + 2151199.002 + 5218104.594 + 2201519.982 = ARS21,490,514 Mil.
Total Current Assets was ARS112,129,169 Mil.
Total Assets was ARS338,717,863 Mil.
Property, Plant and Equipment(Net PPE) was ARS161,719,563 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS13,440,347 Mil.
Selling, General, & Admin. Expense(SGA) was ARS5,815,617 Mil.
Total Current Liabilities was ARS79,120,019 Mil.
Long-Term Debt & Capital Lease Obligation was ARS58,036,456 Mil.
Net Income was 6199115.105 + 170392 + 2465047.868 + 752159.994 = ARS9,586,715 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 11230525.191 + 4537409.004 + 4315583.519 + 3631199.971 = ARS23,714,718 Mil.
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Total Receivables was ARS12,196,342 Mil.
Revenue was 17178750.85 + 16983447.48 + 13304323.353 + 12040099.636 = ARS59,506,621 Mil.
Gross Profit was 3506907.682 + 3711100.297 + 1810657.423 + 3295838.745 = ARS12,324,504 Mil.
Total Current Assets was ARS29,745,697 Mil.
Total Assets was ARS84,779,375 Mil.
Property, Plant and Equipment(Net PPE) was ARS39,353,739 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS3,786,248 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,988,506 Mil.
Total Current Liabilities was ARS20,283,842 Mil.
Long-Term Debt & Capital Lease Obligation was ARS15,033,160 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) |
| = | (44802465.762 / 134102371.157) | / | (12196342.184 / 59506621.319) |
| = | 0.334092 | / | 0.204958 |
| | = | 1.6301 |
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) |
| = | (12324504.147 / 59506621.319) | / | (21490513.781 / 134102371.157) |
| = | 0.207111 | / | 0.160255 |
| | = | 1.2924 |
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 - (112129169.406 + 161719562.749) / 338717863.258) | / | (1 - (29745696.842 + 39353738.866) / 84779374.673) |
| = | 0.191514 | / | 0.18495 |
| | = | 1.0355 |
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 |
| = | 134102371.157 | / | 59506621.319 |
| | = | 2.2536 |
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)) |
| = | (3786247.836 / (3786247.836 + 39353738.866)) | / | (13440346.833 / (13440346.833 + 161719562.749)) |
| = | 0.087767 | / | 0.076732 |
| | = | 1.1438 |
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) |
| = | (5815617.221 / 134102371.157) | / | (1988505.666 / 59506621.319) |
| = | 0.043367 | / | 0.033417 |
| | = | 1.2978 |
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) |
| = | ((58036455.987 + 79120018.845) / 338717863.258) | / | ((15033160.25 + 20283841.822) / 84779374.673) |
| = | 0.404928 | / | 0.416575 |
| | = | 0.972 |
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 |
| = | (9586714.967 - 0 | - | 23714717.685) | / | 338717863.258 |
| | = | -0.04171 |
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.
Shell has a M-score of -0.83 signals that the company is likely to be a manipulator.
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