MRC Global Beneish M-Score Historical Data
The historical data trend for MRC Global'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.
MRC Global Beneish M-Score Chart
|
MRC Global Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.05 |
-3.58 |
-2.45 |
-2.08 |
-2.82 |
|
MRC Global Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.08 |
-2.12 |
-2.34 |
-2.53 |
-2.82 |
Competitive Comparison of MRC Global's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, MRC Global'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.
MRC Global's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, MRC Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MRC Global's Beneish M-Score falls into.
MRC Global 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 MRC Global 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 * 0.846 | + | 0.528 * 0.8969 | + | 0.404 * 0.9598 | + | 0.892 * 1.0146 | + | 0.115 * 0.975 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0548 | + | 4.679 * -0.034464 | - | 0.327 * 0.9074 |
| = | -2.82 |
* 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 $430 Mil.
Revenue was 768 + 888 + 871 + 885 = $3,412 Mil.
Gross Profit was 153 + 183 + 175 + 179 = $690 Mil.
Total Current Assets was $1,155 Mil.
Total Assets was $1,886 Mil.
Property, Plant and Equipment(Net PPE) was $283 Mil.
Depreciation, Depletion and Amortization(DDA) was $40 Mil.
Selling, General, & Admin. Expense(SGA) was $503 Mil.
Total Current Liabilities was $783 Mil.
Long-Term Debt & Capital Lease Obligation was $195 Mil.
Net Income was 21 + 35 + 24 + 34 = $114 Mil.
Non Operating Income was 1 + 1 + -1 + -3 = $-2 Mil.
Cash Flow from Operations was 89 + 102 + 20 + -30 = $181 Mil.
|
Total Receivables was $501 Mil.
Revenue was 869 + 904 + 848 + 742 = $3,363 Mil.
Gross Profit was 158 + 165 + 151 + 136 = $610 Mil.
Total Current Assets was $1,142 Mil.
Total Assets was $1,895 Mil.
Property, Plant and Equipment(Net PPE) was $284 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $470 Mil.
Total Current Liabilities was $564 Mil.
Long-Term Debt & Capital Lease Obligation was $519 Mil.
|
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) |
| = | (430 / 3412) | / | (501 / 3363) |
| = | 0.126026 | / | 0.148974 |
| | = | 0.846 |
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) |
| = | (610 / 3363) | / | (690 / 3412) |
| = | 0.181386 | / | 0.202227 |
| | = | 0.8969 |
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 - (1155 + 283) / 1886) | / | (1 - (1142 + 284) / 1895) |
| = | 0.23754 | / | 0.247493 |
| | = | 0.9598 |
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 |
| = | 3412 | / | 3363 |
| | = | 1.0146 |
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)) |
| = | (39 / (39 + 284)) | / | (40 / (40 + 283)) |
| = | 0.120743 | / | 0.123839 |
| | = | 0.975 |
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) |
| = | (503 / 3412) | / | (470 / 3363) |
| = | 0.147421 | / | 0.139756 |
| | = | 1.0548 |
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) |
| = | ((195 + 783) / 1886) | / | ((519 + 564) / 1895) |
| = | 0.518558 | / | 0.571504 |
| | = | 0.9074 |
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 |
| = | (114 - -2 | - | 181) | / | 1886 |
| | = | -0.034464 |
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.
MRC Global has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
MRC has been successfully added to your