HighPeak Energy Beneish M-Score Historical Data
The historical data trend for HighPeak Energy'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.
HighPeak Energy Beneish M-Score Chart
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HighPeak Energy Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
28.90 |
-1.48 |
-2.32 |
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HighPeak Energy Quarterly Data
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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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-1.48 |
-1.87 |
-2.58 |
-2.55 |
-2.32 |
Competitive Comparison of HighPeak Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, HighPeak Energy'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.
HighPeak Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, HighPeak Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HighPeak Energy's Beneish M-Score falls into.
HighPeak Energy 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 HighPeak Energy 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 * 0.6659 | + | 0.528 * 1.4306 | + | 0.404 * 2.5019 | + | 0.892 * 1.4706 | + | 0.115 * 0.5728 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6315 | + | 4.679 * -0.170431 | - | 0.327 * 1.0046 |
| = | -2.32 |
* 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 $95 Mil.
Revenue was 301.153 + 345.586 + 240.76 + 223.794 = $1,111 Mil.
Gross Profit was 116.548 + 169.507 + 99.556 + 97.424 = $483 Mil.
Total Current Assets was $329 Mil.
Total Assets was $3,081 Mil.
Property, Plant and Equipment(Net PPE) was $2,730 Mil.
Depreciation, Depletion and Amortization(DDA) was $424 Mil.
Selling, General, & Admin. Expense(SGA) was $43 Mil.
Total Current Liabilities was $287 Mil.
Long-Term Debt & Capital Lease Obligation was $1,030 Mil.
Net Income was 95.004 + 38.779 + 31.826 + 50.257 = $216 Mil.
Non Operating Income was 50.238 + -56.955 + -11.865 + 3.12 = $-15 Mil.
Cash Flow from Operations was 234.647 + 158.066 + 173.67 + 190.006 = $756 Mil.
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Total Receivables was $97 Mil.
Revenue was 257.915 + 204.114 + 201.428 + 92.229 = $756 Mil.
Gross Profit was 138.246 + 131.257 + 139.649 + 60.753 = $470 Mil.
Total Current Assets was $145 Mil.
Total Assets was $2,279 Mil.
Property, Plant and Equipment(Net PPE) was $2,129 Mil.
Depreciation, Depletion and Amortization(DDA) was $178 Mil.
Selling, General, & Admin. Expense(SGA) was $46 Mil.
Total Current Liabilities was $266 Mil.
Long-Term Debt & Capital Lease Obligation was $704 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) |
| = | (94.589 / 1111.293) | / | (96.596 / 755.686) |
| = | 0.085116 | / | 0.127826 |
| | = | 0.6659 |
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) |
| = | (469.905 / 755.686) | / | (483.035 / 1111.293) |
| = | 0.621826 | / | 0.43466 |
| | = | 1.4306 |
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 - (328.833 + 2730.215) / 3080.791) | / | (1 - (144.525 + 2128.526) / 2279.482) |
| = | 0.007058 | / | 0.002821 |
| | = | 2.5019 |
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 |
| = | 1111.293 | / | 755.686 |
| | = | 1.4706 |
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)) |
| = | (177.742 / (177.742 + 2128.526)) | / | (424.424 / (424.424 + 2730.215)) |
| = | 0.077069 | / | 0.13454 |
| | = | 0.5728 |
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) |
| = | (42.555 / 1111.293) | / | (45.822 / 755.686) |
| = | 0.038293 | / | 0.060636 |
| | = | 0.6315 |
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) |
| = | ((1030.299 + 287.393) / 3080.791) | / | ((704.349 + 266.129) / 2279.482) |
| = | 0.427712 | / | 0.425745 |
| | = | 1.0046 |
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 |
| = | (215.866 - -15.462 | - | 756.389) | / | 3080.791 |
| | = | -0.170431 |
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.
HighPeak Energy has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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