Comstock Resources Beneish M-Score Historical Data
The historical data trend for Comstock 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.
Comstock Resources Beneish M-Score Chart
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Comstock 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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0.56 |
-2.94 |
-1.92 |
-1.49 |
-2.44 |
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Comstock Resources Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.49 |
-2.21 |
-3.29 |
-3.51 |
-2.44 |
Competitive Comparison of Comstock Resources's Beneish M-Score
For the Oil & Gas E&P subindustry, Comstock 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.
Comstock Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Comstock Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Comstock Resources's Beneish M-Score falls into.
Comstock 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 Comstock 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 * 1.0718 | + | 0.528 * 3.814 | + | 0.404 * 0.9105 | + | 0.892 * 0.4368 | + | 0.115 * 0.9384 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.2075 | + | 4.679 * -0.159026 | - | 0.327 * 1.0362 |
| = | -2.44 |
* 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 $245 Mil.
Revenue was 410.583 + 376.737 + 288.211 + 489.578 = $1,565 Mil.
Gross Profit was 56.777 + 56.853 + -6.381 + 158.99 = $266 Mil.
Total Current Assets was $461 Mil.
Total Assets was $6,254 Mil.
Property, Plant and Equipment(Net PPE) was $5,456 Mil.
Depreciation, Depletion and Amortization(DDA) was $608 Mil.
Selling, General, & Admin. Expense(SGA) was $38 Mil.
Total Current Liabilities was $681 Mil.
Long-Term Debt & Capital Lease Obligation was $2,688 Mil.
Net Income was 108.377 + 14.72 + -45.706 + 134.503 = $212 Mil.
Non Operating Income was 111.753 + 14.685 + -4.545 + 67.642 = $190 Mil.
Cash Flow from Operations was 228.207 + 70.765 + 331.51 + 386.364 = $1,017 Mil.
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Total Receivables was $524 Mil.
Revenue was 922.384 + 1190.005 + 946.254 + 524.841 = $3,583 Mil.
Gross Profit was 537.175 + 781.243 + 660.503 + 346.014 = $2,325 Mil.
Total Current Assets was $645 Mil.
Total Assets was $5,694 Mil.
Property, Plant and Equipment(Net PPE) was $4,713 Mil.
Depreciation, Depletion and Amortization(DDA) was $489 Mil.
Selling, General, & Admin. Expense(SGA) was $39 Mil.
Total Current Liabilities was $756 Mil.
Long-Term Debt & Capital Lease Obligation was $2,205 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) |
| = | (245.487 / 1565.109) | / | (524.401 / 3583.484) |
| = | 0.15685 | / | 0.146338 |
| | = | 1.0718 |
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) |
| = | (2324.935 / 3583.484) | / | (266.239 / 1565.109) |
| = | 0.648792 | / | 0.170109 |
| | = | 3.814 |
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 - (461.493 + 5456.233) / 6253.623) | / | (1 - (644.987 + 4713.371) / 5694.255) |
| = | 0.053712 | / | 0.058989 |
| | = | 0.9105 |
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 |
| = | 1565.109 | / | 3583.484 |
| | = | 0.4368 |
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)) |
| = | (489.45 / (489.45 + 4713.371)) | / | (607.908 / (607.908 + 5456.233)) |
| = | 0.094074 | / | 0.100246 |
| | = | 0.9384 |
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) |
| = | (37.992 / 1565.109) | / | (39.405 / 3583.484) |
| = | 0.024274 | / | 0.010996 |
| | = | 2.2075 |
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) |
| = | ((2688.133 + 681.491) / 6253.623) | / | ((2204.956 + 756.137) / 5694.255) |
| = | 0.538827 | / | 0.520014 |
| | = | 1.0362 |
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 |
| = | (211.894 - 189.535 | - | 1016.846) | / | 6253.623 |
| | = | -0.159026 |
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.
Comstock Resources has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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