APA Beneish M-Score Historical Data
The historical data trend for APA'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.
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APA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
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-1.72 |
-2.82 |
-2.62 |
-3.31 |
-1.89 |
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APA 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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-3.31 |
-3.36 |
-3.57 |
-3.23 |
-1.89 |
Competitive Comparison
For the Oil & Gas E&P subindustry, APA'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.
APA Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, APA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where APA's Beneish M-Score falls into.
APA 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 APA 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 * 1.4691 | + | 0.528 * 1.1062 | + | 0.404 * 1.6584 | + | 0.892 * 0.7475 | + | 0.115 * 0.9048 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9721 | + | 4.679 * -0.00164 | - | 0.327 * 0.7823 |
| = | -1.89 |
* 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 $1,610 Mil.
Revenue was 2167 + 2308 + 1796 + 2008 = $8,279 Mil.
Gross Profit was 1111 + 1196 + 859 + 1061 = $4,227 Mil.
Total Current Assets was $2,462 Mil.
Total Assets was $15,244 Mil.
Property, Plant and Equipment(Net PPE) was $10,038 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,540 Mil.
Selling, General, & Admin. Expense(SGA) was $351 Mil.
Total Current Liabilities was $2,404 Mil.
Long-Term Debt & Capital Lease Obligation was $5,186 Mil.
Net Income was 1773 + 459 + 381 + 242 = $2,855 Mil.
Non Operating Income was -312 + -4 + 8 + 59 = $-249 Mil.
Cash Flow from Operations was 1030 + 764 + 1000 + 335 = $3,129 Mil.
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Total Receivables was $1,466 Mil.
Revenue was 2472 + 2887 + 3047 + 2669 = $11,075 Mil.
Gross Profit was 1324 + 1541 + 1788 + 1602 = $6,255 Mil.
Total Current Assets was $2,708 Mil.
Total Assets was $13,147 Mil.
Property, Plant and Equipment(Net PPE) was $9,012 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,233 Mil.
Selling, General, & Admin. Expense(SGA) was $483 Mil.
Total Current Liabilities was $2,916 Mil.
Long-Term Debt & Capital Lease Obligation was $5,451 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) |
| = | (1610 / 8279) | / | (1466 / 11075) |
| = | 0.194468 | / | 0.13237 |
| | = | 1.4691 |
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) |
| = | (6255 / 11075) | / | (4227 / 8279) |
| = | 0.564786 | / | 0.510569 |
| | = | 1.1062 |
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 - (2462 + 10038) / 15244) | / | (1 - (2708 + 9012) / 13147) |
| = | 0.180005 | / | 0.108542 |
| | = | 1.6584 |
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 |
| = | 8279 | / | 11075 |
| | = | 0.7475 |
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)) |
| = | (1233 / (1233 + 9012)) | / | (1540 / (1540 + 10038)) |
| = | 0.120351 | / | 0.133011 |
| | = | 0.9048 |
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) |
| = | (351 / 8279) | / | (483 / 11075) |
| = | 0.042396 | / | 0.043612 |
| | = | 0.9721 |
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) |
| = | ((5186 + 2404) / 15244) | / | ((5451 + 2916) / 13147) |
| = | 0.497901 | / | 0.636419 |
| | = | 0.7823 |
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 |
| = | (2855 - -249 | - | 3129) | / | 15244 |
| | = | -0.00164 |
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.
APA has a M-score of -1.89 suggests that the company is unlikely to be a manipulator.
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