Baker Hughes Co Beneish M-Score Historical Data
The historical data trend for Baker Hughes Co'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.
Baker Hughes Co Beneish M-Score Chart
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Baker Hughes Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.20 |
-2.81 |
-2.61 |
-2.47 |
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Baker Hughes Co 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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-2.61 |
-2.61 |
-2.57 |
-2.53 |
-2.47 |
Competitive Comparison of Baker Hughes Co's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Baker Hughes Co'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.
Baker Hughes Co's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Baker Hughes Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Baker Hughes Co's Beneish M-Score falls into.
Baker Hughes Co 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 Baker Hughes Co 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 * 0.9849 | + | 0.528 * 1.0107 | + | 0.404 * 0.9683 | + | 0.892 * 1.2057 | + | 0.115 * 1.0423 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8628 | + | 4.679 * -0.036541 | - | 0.327 * 1.0233 |
| = | -2.47 |
* 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 $7,075 Mil.
Revenue was 6835 + 6641 + 6315 + 5716 = $25,507 Mil.
Gross Profit was 1447 + 1343 + 1311 + 1149 = $5,250 Mil.
Total Current Assets was $16,301 Mil.
Total Assets was $36,945 Mil.
Property, Plant and Equipment(Net PPE) was $4,892 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,087 Mil.
Selling, General, & Admin. Expense(SGA) was $2,611 Mil.
Total Current Liabilities was $12,991 Mil.
Long-Term Debt & Capital Lease Obligation was $5,873 Mil.
Net Income was 440 + 518 + 410 + 576 = $1,944 Mil.
Non Operating Income was -246 + 92 + 56 + 330 = $232 Mil.
Cash Flow from Operations was 932 + 810 + 859 + 461 = $3,062 Mil.
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Total Receivables was $5,958 Mil.
Revenue was 5905 + 5369 + 5047 + 4835 = $21,156 Mil.
Gross Profit was 1337 + 1124 + 970 + 970 = $4,401 Mil.
Total Current Assets was $14,592 Mil.
Total Assets was $34,181 Mil.
Property, Plant and Equipment(Net PPE) was $4,538 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,061 Mil.
Selling, General, & Admin. Expense(SGA) was $2,510 Mil.
Total Current Liabilities was $11,076 Mil.
Long-Term Debt & Capital Lease Obligation was $5,980 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) |
| = | (7075 / 25507) | / | (5958 / 21156) |
| = | 0.277375 | / | 0.281622 |
| | = | 0.9849 |
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) |
| = | (4401 / 21156) | / | (5250 / 25507) |
| = | 0.208026 | / | 0.205826 |
| | = | 1.0107 |
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 - (16301 + 4892) / 36945) | / | (1 - (14592 + 4538) / 34181) |
| = | 0.426364 | / | 0.440332 |
| | = | 0.9683 |
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 |
| = | 25507 | / | 21156 |
| | = | 1.2057 |
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)) |
| = | (1061 / (1061 + 4538)) | / | (1087 / (1087 + 4892)) |
| = | 0.189498 | / | 0.181803 |
| | = | 1.0423 |
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) |
| = | (2611 / 25507) | / | (2510 / 21156) |
| = | 0.102364 | / | 0.118642 |
| | = | 0.8628 |
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) |
| = | ((5873 + 12991) / 36945) | / | ((5980 + 11076) / 34181) |
| = | 0.510597 | / | 0.498991 |
| | = | 1.0233 |
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 |
| = | (1944 - 232 | - | 3062) | / | 36945 |
| | = | -0.036541 |
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.
Baker Hughes Co has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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