Diamond Offshore Drilling Beneish M-Score Historical Data
The historical data trend for Diamond Offshore Drilling'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.
Diamond Offshore Drilling Beneish M-Score Chart
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Diamond Offshore Drilling Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.62 |
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Diamond Offshore Drilling Quarterly Data
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Dec20 |
Mar21 |
Sep21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
-1.47 |
-2.00 |
-2.62 |
-2.98 |
Competitive Comparison of Diamond Offshore Drilling's Beneish M-Score
For the Oil & Gas Drilling subindustry, Diamond Offshore Drilling'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.
Diamond Offshore Drilling's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Diamond Offshore Drilling's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Diamond Offshore Drilling's Beneish M-Score falls into.
Diamond Offshore Drilling 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 Diamond Offshore Drilling 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 * 1.0065 | + | 0.528 * 0.303 | + | 0.404 * 0.9374 | + | 0.892 * 1.1935 | + | 0.115 * 0.9448 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7891 | + | 4.679 * -0.064636 | - | 0.327 * 1.121 |
| = | -3.01 |
* 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 €205 Mil.
Revenue was 252.641 + 272.933 + 229.526 + 259.883 = €1,015 Mil.
Gross Profit was 40.282 + 58.528 + 15.514 + 23.196 = €138 Mil.
Total Current Assets was €412 Mil.
Total Assets was €1,555 Mil.
Property, Plant and Equipment(Net PPE) was €1,061 Mil.
Depreciation, Depletion and Amortization(DDA) was €106 Mil.
Selling, General, & Admin. Expense(SGA) was €66 Mil.
Total Current Liabilities was €253 Mil.
Long-Term Debt & Capital Lease Obligation was €591 Mil.
Net Income was 10.683 + -133.609 + -135.88 + 220.397 = €-38 Mil.
Non Operating Income was -2.977 + -2.418 + -5.505 + 0.093 = €-11 Mil.
Cash Flow from Operations was 54.297 + -7.726 + 8.866 + 17.463 = €73 Mil.
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Total Receivables was €170 Mil.
Revenue was 216.708 + 210.761 + 228.334 + 194.594 = €850 Mil.
Gross Profit was 12.527 + 4.821 + 8.759 + 8.803 = €35 Mil.
Total Current Assets was €266 Mil.
Total Assets was €1,411 Mil.
Property, Plant and Equipment(Net PPE) was €1,066 Mil.
Depreciation, Depletion and Amortization(DDA) was €100 Mil.
Selling, General, & Admin. Expense(SGA) was €70 Mil.
Total Current Liabilities was €242 Mil.
Long-Term Debt & Capital Lease Obligation was €442 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) |
| = | (204.689 / 1014.983) | / | (170.389 / 850.397) |
| = | 0.201667 | / | 0.200364 |
| | = | 1.0065 |
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) |
| = | (34.91 / 850.397) | / | (137.52 / 1014.983) |
| = | 0.041051 | / | 0.13549 |
| | = | 0.303 |
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 - (411.761 + 1060.797) / 1554.886) | / | (1 - (266.17 + 1065.507) / 1411.394) |
| = | 0.052948 | / | 0.056481 |
| | = | 0.9374 |
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 |
| = | 1014.983 | / | 850.397 |
| | = | 1.1935 |
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)) |
| = | (100.077 / (100.077 + 1065.507)) | / | (106.042 / (106.042 + 1060.797)) |
| = | 0.08586 | / | 0.09088 |
| | = | 0.9448 |
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) |
| = | (65.816 / 1014.983) | / | (69.878 / 850.397) |
| = | 0.064844 | / | 0.082171 |
| | = | 0.7891 |
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) |
| = | ((591.142 + 253.316) / 1554.886) | / | ((441.533 + 242.226) / 1411.394) |
| = | 0.5431 | / | 0.484457 |
| | = | 1.121 |
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 |
| = | (-38.409 - -10.807 | - | 72.9) | / | 1554.886 |
| | = | -0.064636 |
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.
Diamond Offshore Drilling has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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