CNX Resources Beneish M-Score Historical Data
The historical data trend for CNX 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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CNX Resources 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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-3.41 |
-2.50 |
-1.65 |
-1.56 |
-3.30 |
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CNX 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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-1.56 |
-2.44 |
-3.42 |
-3.79 |
-3.30 |
Competitive Comparison
For the Oil & Gas E&P subindustry, CNX 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.
CNX Resources Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, CNX Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CNX Resources's Beneish M-Score falls into.
CNX 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 CNX 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 * 0.9845 | + | 0.528 * 2.027 | + | 0.404 * 1.0639 | + | 0.892 * 0.3838 | + | 0.115 * 1.0889 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.6483 | + | 4.679 * -0.133643 | - | 0.327 * 0.7585 |
| = | -3.30 |
* 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 $134 Mil.
Revenue was 392.557 + 302.703 + 297.228 + 513.81 = $1,506 Mil.
Gross Profit was 141.544 + 59.63 + 78.369 + 250.03 = $530 Mil.
Total Current Assets was $422 Mil.
Total Assets was $8,627 Mil.
Property, Plant and Equipment(Net PPE) was $7,482 Mil.
Depreciation, Depletion and Amortization(DDA) was $434 Mil.
Selling, General, & Admin. Expense(SGA) was $129 Mil.
Total Current Liabilities was $823 Mil.
Long-Term Debt & Capital Lease Obligation was $1,984 Mil.
Net Income was 513.985 + 21.381 + 474.955 + 710.395 = $1,721 Mil.
Non Operating Income was 583.715 + 51.873 + 649.948 + 773.481 = $2,059 Mil.
Cash Flow from Operations was 161.131 + 205.991 + 198.728 + 248.738 = $815 Mil.
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Total Receivables was $355 Mil.
Revenue was 859.216 + 1179.414 + 1073.061 + 813.296 = $3,925 Mil.
Gross Profit was 559.033 + 903.586 + 798.243 + 536.246 = $2,797 Mil.
Total Current Assets was $574 Mil.
Total Assets was $8,516 Mil.
Property, Plant and Equipment(Net PPE) was $7,271 Mil.
Depreciation, Depletion and Amortization(DDA) was $461 Mil.
Selling, General, & Admin. Expense(SGA) was $127 Mil.
Total Current Liabilities was $1,313 Mil.
Long-Term Debt & Capital Lease Obligation was $2,340 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) |
| = | (133.991 / 1506.298) | / | (354.642 / 3924.987) |
| = | 0.088954 | / | 0.090355 |
| | = | 0.9845 |
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) |
| = | (2797.108 / 3924.987) | / | (529.573 / 1506.298) |
| = | 0.712641 | / | 0.351573 |
| | = | 2.027 |
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 - (421.788 + 7482.099) / 8626.657) | / | (1 - (573.804 + 7271.358) / 8515.773) |
| = | 0.083783 | / | 0.078749 |
| | = | 1.0639 |
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 |
| = | 1506.298 | / | 3924.987 |
| | = | 0.3838 |
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)) |
| = | (461.215 / (461.215 + 7271.358)) | / | (433.586 / (433.586 + 7482.099)) |
| = | 0.059646 | / | 0.054776 |
| | = | 1.0889 |
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) |
| = | (128.768 / 1506.298) | / | (126.696 / 3924.987) |
| = | 0.085486 | / | 0.032279 |
| | = | 2.6483 |
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) |
| = | ((1983.737 + 822.998) / 8626.657) | / | ((2339.81 + 1312.804) / 8515.773) |
| = | 0.325356 | / | 0.428923 |
| | = | 0.7585 |
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 |
| = | (1720.716 - 2059.017 | - | 814.588) | / | 8626.657 |
| | = | -0.133643 |
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.
CNX Resources has a M-score of -3.30 suggests that the company is unlikely to be a manipulator.
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