Civitas Resources Beneish M-Score Historical Data
The historical data trend for Civitas Resources'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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Civitas Resources Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
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-3.14 |
3.97 |
0.44 |
-1.23 |
-1.92 |
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Civitas Resources 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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|
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|
|
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-1.23 |
-2.86 |
-3.76 |
-2.09 |
-1.92 |
Competitive Comparison
For the Oil & Gas E&P subindustry, Civitas Resources'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.
Civitas Resources Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Civitas Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Civitas Resources's Beneish M-Score falls into.
Civitas Resources 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 Civitas Resources 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 * 1.7124 | + | 0.528 * 1.365 | + | 0.404 * 2.7827 | + | 0.892 * 0.9177 | + | 0.115 * 1.2242 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2234 | + | 4.679 * -0.100222 | - | 0.327 * 2.3896 |
| = | -1.92 |
* 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 $753 Mil.
Revenue was 1126.776 + 1035.916 + 660.526 + 656.022 = $3,479 Mil.
Gross Profit was 697.905 + 448.149 + 245.875 + 279.106 = $1,671 Mil.
Total Current Assets was $2,144 Mil.
Total Assets was $14,097 Mil.
Property, Plant and Equipment(Net PPE) was $11,915 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,171 Mil.
Selling, General, & Admin. Expense(SGA) was $161 Mil.
Total Current Liabilities was $1,852 Mil.
Long-Term Debt & Capital Lease Obligation was $4,836 Mil.
Net Income was 302.868 + 139.672 + 139.287 + 202.461 = $784 Mil.
Non Operating Income was 105.494 + -161.799 + -19.022 + 33.713 = $-42 Mil.
Cash Flow from Operations was 843.188 + 519.542 + 337.181 + 538.849 = $2,239 Mil.
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Total Receivables was $479 Mil.
Revenue was 814.273 + 1007.951 + 1151.364 + 817.81 = $3,791 Mil.
Gross Profit was 703.833 + 572.093 + 732.11 + 477.512 = $2,486 Mil.
Total Current Assets was $1,328 Mil.
Total Assets was $7,971 Mil.
Property, Plant and Equipment(Net PPE) was $6,635 Mil.
Depreciation, Depletion and Amortization(DDA) was $816 Mil.
Selling, General, & Admin. Expense(SGA) was $143 Mil.
Total Current Liabilities was $1,178 Mil.
Long-Term Debt & Capital Lease Obligation was $405 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) |
| = | (753.189 / 3479.24) | / | (479.316 / 3791.398) |
| = | 0.216481 | / | 0.126422 |
| | = | 1.7124 |
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) |
| = | (2485.548 / 3791.398) | / | (1671.035 / 3479.24) |
| = | 0.655576 | / | 0.480287 |
| | = | 1.365 |
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 - (2144.412 + 11914.822) / 14097.319) | / | (1 - (1328.43 + 6635.23) / 7971.399) |
| = | 0.002702 | / | 0.000971 |
| | = | 2.7827 |
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 |
| = | 3479.24 | / | 3791.398 |
| | = | 0.9177 |
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)) |
| = | (816.446 / (816.446 + 6635.23)) | / | (1171.192 / (1171.192 + 11914.822)) |
| = | 0.109565 | / | 0.0895 |
| | = | 1.2242 |
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) |
| = | (161.077 / 3479.24) | / | (143.477 / 3791.398) |
| = | 0.046297 | / | 0.037843 |
| | = | 1.2234 |
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) |
| = | ((4835.972 + 1851.887) / 14097.319) | / | ((404.617 + 1177.927) / 7971.399) |
| = | 0.474406 | / | 0.198528 |
| | = | 2.3896 |
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 |
| = | (784.288 - -41.614 | - | 2238.76) | / | 14097.319 |
| | = | -0.100222 |
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.
Civitas Resources has a M-score of -1.92 suggests that the company is unlikely to be a manipulator.
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