CONSOL Energy Beneish M-Score Historical Data
The historical data trend for CONSOL 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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CONSOL 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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-2.42 |
-3.00 |
-2.87 |
-1.87 |
-2.82 |
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CONSOL 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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-1.87 |
-2.34 |
-2.59 |
-2.61 |
-2.82 |
Competitive Comparison
For the Thermal Coal subindustry, CONSOL 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.
CONSOL Energy Beneish M-Score Distribution
For the Other Energy Sources industry and Energy sector, CONSOL Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CONSOL Energy's Beneish M-Score falls into.
CONSOL 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 CONSOL 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 * 0.7418 | + | 0.528 * 1.0433 | + | 0.404 * 1.2533 | + | 0.892 * 1.0994 | + | 0.115 * 0.9199 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8065 | + | 4.679 * -0.086589 | - | 0.327 * 0.79 |
| = | -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 $160 Mil.
Revenue was 634.349 + 540.666 + 654.023 + 677.597 = $2,507 Mil.
Gross Profit was 499.235 + 413.502 + 507.939 + 550.539 = $1,971 Mil.
Total Current Assets was $601 Mil.
Total Assets was $2,675 Mil.
Property, Plant and Equipment(Net PPE) was $1,918 Mil.
Depreciation, Depletion and Amortization(DDA) was $241 Mil.
Selling, General, & Admin. Expense(SGA) was $103 Mil.
Total Current Liabilities was $444 Mil.
Long-Term Debt & Capital Lease Obligation was $196 Mil.
Net Income was 157.067 + 100.725 + 167.723 + 230.377 = $656 Mil.
Non Operating Income was -14.857 + 28.536 + 6.256 + 9.635 = $30 Mil.
Cash Flow from Operations was 219.131 + 162.734 + 227.573 + 248.511 = $858 Mil.
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Total Receivables was $197 Mil.
Revenue was 608.915 + 530.017 + 604.916 + 536.17 = $2,280 Mil.
Gross Profit was 499.622 + 432.625 + 496.625 + 441.827 = $1,871 Mil.
Total Current Assets was $598 Mil.
Total Assets was $2,704 Mil.
Property, Plant and Equipment(Net PPE) was $1,980 Mil.
Depreciation, Depletion and Amortization(DDA) was $227 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $449 Mil.
Long-Term Debt & Capital Lease Obligation was $370 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) |
| = | (160.377 / 2506.635) | / | (196.644 / 2280.018) |
| = | 0.063981 | / | 0.086247 |
| | = | 0.7418 |
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) |
| = | (1870.699 / 2280.018) | / | (1971.215 / 2506.635) |
| = | 0.820476 | / | 0.786399 |
| | = | 1.0433 |
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 - (601.006 + 1917.781) / 2675.003) | / | (1 - (598.483 + 1979.881) / 2704.377) |
| = | 0.058398 | / | 0.046596 |
| | = | 1.2533 |
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 |
| = | 2506.635 | / | 2280.018 |
| | = | 1.0994 |
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)) |
| = | (226.878 / (226.878 + 1979.881)) | / | (241.317 / (241.317 + 1917.781)) |
| = | 0.102811 | / | 0.111768 |
| | = | 0.9199 |
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) |
| = | (103.47 / 2506.635) | / | (116.696 / 2280.018) |
| = | 0.041278 | / | 0.051182 |
| | = | 0.8065 |
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) |
| = | ((196.452 + 443.724) / 2675.003) | / | ((370.408 + 448.798) / 2704.377) |
| = | 0.239318 | / | 0.302919 |
| | = | 0.79 |
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 |
| = | (655.892 - 29.57 | - | 857.949) | / | 2675.003 |
| | = | -0.086589 |
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.
CONSOL Energy has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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