Crescent Energy Co Beneish M-Score Historical Data
The historical data trend for Crescent Energy 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.
Crescent Energy Co Beneish M-Score Chart
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Crescent Energy Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.15 |
-3.00 |
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Crescent Energy Co Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.03 |
-3.61 |
-2.98 |
-3.00 |
-3.06 |
Competitive Comparison of Crescent Energy Co's Beneish M-Score
For the Oil & Gas E&P subindustry, Crescent Energy 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.
Crescent Energy Co's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Crescent Energy Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Crescent Energy Co's Beneish M-Score falls into.
Crescent Energy 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 Crescent Energy 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 * 1.2425 | + | 0.528 * 1.058 | + | 0.404 * 0.8994 | + | 0.892 * 0.8037 | + | 0.115 * 0.9287 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8256 | + | 4.679 * -0.091892 | - | 0.327 * 1.1045 |
| = | -3.06 |
* 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 $470 Mil.
Revenue was 657.473 + 657.728 + 642.398 + 492.339 = $2,450 Mil.
Gross Profit was 526.785 + 527.144 + 521.607 + 379.288 = $1,955 Mil.
Total Current Assets was $564 Mil.
Total Assets was $6,798 Mil.
Property, Plant and Equipment(Net PPE) was $6,167 Mil.
Depreciation, Depletion and Amortization(DDA) was $706 Mil.
Selling, General, & Admin. Expense(SGA) was $473 Mil.
Total Current Liabilities was $748 Mil.
Long-Term Debt & Capital Lease Obligation was $1,755 Mil.
Net Income was -24.168 + 55.535 + -52.87 + 5.151 = $-16 Mil.
Non Operating Income was -129.531 + 78.427 + -251.909 + 31.884 = $-271 Mil.
Cash Flow from Operations was 183.77 + 322.869 + 189.344 + 183.466 = $879 Mil.
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Total Receivables was $470 Mil.
Revenue was 590.137 + 684.764 + 864.957 + 908.434 = $3,048 Mil.
Gross Profit was 459.183 + 568.763 + 743.403 + 802.059 = $2,573 Mil.
Total Current Assets was $540 Mil.
Total Assets was $6,112 Mil.
Property, Plant and Equipment(Net PPE) was $5,505 Mil.
Depreciation, Depletion and Amortization(DDA) was $580 Mil.
Selling, General, & Admin. Expense(SGA) was $322 Mil.
Total Current Liabilities was $786 Mil.
Long-Term Debt & Capital Lease Obligation was $1,252 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) |
| = | (469.709 / 2449.938) | / | (470.363 / 3048.292) |
| = | 0.191723 | / | 0.154304 |
| | = | 1.2425 |
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) |
| = | (2573.408 / 3048.292) | / | (1954.824 / 2449.938) |
| = | 0.844213 | / | 0.797908 |
| | = | 1.058 |
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 - (563.765 + 6167.31) / 6797.917) | / | (1 - (540.041 + 5504.848) / 6111.709) |
| = | 0.009833 | / | 0.010933 |
| | = | 0.8994 |
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 |
| = | 2449.938 | / | 3048.292 |
| | = | 0.8037 |
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)) |
| = | (580.39 / (580.39 + 5504.848)) | / | (705.863 / (705.863 + 6167.31)) |
| = | 0.095377 | / | 0.102698 |
| | = | 0.9287 |
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) |
| = | (472.597 / 2449.938) | / | (322.099 / 3048.292) |
| = | 0.192902 | / | 0.105665 |
| | = | 1.8256 |
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) |
| = | ((1755.413 + 748.076) / 6797.917) | / | ((1251.736 + 786.116) / 6111.709) |
| = | 0.368273 | / | 0.333434 |
| | = | 1.1045 |
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 |
| = | (-16.352 - -271.129 | - | 879.449) | / | 6797.917 |
| | = | -0.091892 |
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.
Crescent Energy Co has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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