Diamondback Energy Beneish M-Score Historical Data
The historical data trend for Diamondback 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.
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Diamondback Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.46 |
-2.54 |
-2.02 |
-2.20 |
-3.14 |
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Diamondback Energy 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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-2.20 |
-2.94 |
-2.91 |
-2.60 |
-3.14 |
Competitive Comparison
For the Oil & Gas E&P subindustry, Diamondback 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.
Diamondback Energy Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Diamondback Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Diamondback Energy's Beneish M-Score falls into.
Diamondback 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 Diamondback 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 * 0.9658 | + | 0.528 * 1.2162 | + | 0.404 * 0.6031 | + | 0.892 * 0.8717 | + | 0.115 * 0.8715 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1706 | + | 4.679 * -0.090307 | - | 0.327 * 0.9941 |
| = | -3.14 |
* 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 $847 Mil.
Revenue was 2217 + 2324 + 1896 + 1902 = $8,339 Mil.
Gross Profit was 1247 + 1410 + 1053 + 1088 = $4,798 Mil.
Total Current Assets was $1,621 Mil.
Total Assets was $29,001 Mil.
Property, Plant and Equipment(Net PPE) was $26,674 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,746 Mil.
Selling, General, & Admin. Expense(SGA) was $150 Mil.
Total Current Liabilities was $2,108 Mil.
Long-Term Debt & Capital Lease Obligation was $6,641 Mil.
Net Income was 960 + 915 + 556 + 712 = $3,143 Mil.
Non Operating Income was 107 + -31 + -200 + -34 = $-158 Mil.
Cash Flow from Operations was 1624 + 1358 + 1513 + 1425 = $5,920 Mil.
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Total Receivables was $1,006 Mil.
Revenue was 2008 + 2417 + 2752 + 2389 = $9,566 Mil.
Gross Profit was 1289 + 1671 + 2024 + 1710 = $6,694 Mil.
Total Current Assets was $1,392 Mil.
Total Assets was $26,209 Mil.
Property, Plant and Equipment(Net PPE) was $23,759 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,344 Mil.
Selling, General, & Admin. Expense(SGA) was $147 Mil.
Total Current Liabilities was $1,716 Mil.
Long-Term Debt & Capital Lease Obligation was $6,238 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) |
| = | (847 / 8339) | / | (1006 / 9566) |
| = | 0.101571 | / | 0.105164 |
| | = | 0.9658 |
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) |
| = | (6694 / 9566) | / | (4798 / 8339) |
| = | 0.69977 | / | 0.575369 |
| | = | 1.2162 |
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 - (1621 + 26674) / 29001) | / | (1 - (1392 + 23759) / 26209) |
| = | 0.024344 | / | 0.040368 |
| | = | 0.6031 |
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 |
| = | 8339 | / | 9566 |
| | = | 0.8717 |
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)) |
| = | (1344 / (1344 + 23759)) | / | (1746 / (1746 + 26674)) |
| = | 0.053539 | / | 0.061436 |
| | = | 0.8715 |
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) |
| = | (150 / 8339) | / | (147 / 9566) |
| = | 0.017988 | / | 0.015367 |
| | = | 1.1706 |
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) |
| = | ((6641 + 2108) / 29001) | / | ((6238 + 1716) / 26209) |
| = | 0.301679 | / | 0.303484 |
| | = | 0.9941 |
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 |
| = | (3143 - -158 | - | 5920) | / | 29001 |
| | = | -0.090307 |
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.
Diamondback Energy has a M-score of -3.14 suggests that the company is unlikely to be a manipulator.
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