ConocoPhillips Beneish M-Score Historical Data
The historical data trend for ConocoPhillips'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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ConocoPhillips Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.18 |
-0.22 |
-2.30 |
-2.82 |
-3.14 |
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ConocoPhillips 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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-2.82 |
-3.33 |
-3.55 |
-3.27 |
-3.14 |
Competitive Comparison
For the Oil & Gas E&P subindustry, ConocoPhillips'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.
ConocoPhillips Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, ConocoPhillips's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ConocoPhillips's Beneish M-Score falls into.
ConocoPhillips 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 ConocoPhillips 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 * 1.0798 | + | 0.528 * 1.1793 | + | 0.404 * 1.1061 | + | 0.892 * 0.7152 | + | 0.115 * 0.9819 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5822 | + | 4.679 * -0.113851 | - | 0.327 * 0.9376 |
| = | -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 $5,474 Mil.
Revenue was 14729 + 14250 + 12351 + 14811 = $56,141 Mil.
Gross Profit was 4795 + 4617 + 3839 + 4952 = $18,203 Mil.
Total Current Assets was $14,330 Mil.
Total Assets was $95,924 Mil.
Property, Plant and Equipment(Net PPE) was $70,044 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,270 Mil.
Selling, General, & Admin. Expense(SGA) was $705 Mil.
Total Current Liabilities was $10,005 Mil.
Long-Term Debt & Capital Lease Obligation was $17,863 Mil.
Net Income was 3007 + 2798 + 2232 + 2920 = $10,957 Mil.
Non Operating Income was 62 + 542 + 570 + 739 = $1,913 Mil.
Cash Flow from Operations was 5263 + 5445 + 3854 + 5403 = $19,965 Mil.
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Total Receivables was $7,088 Mil.
Revenue was 18558 + 21013 + 21161 + 17762 = $78,494 Mil.
Gross Profit was 5939 + 8091 + 8376 + 7607 = $30,013 Mil.
Total Current Assets was $18,749 Mil.
Total Assets was $93,829 Mil.
Property, Plant and Equipment(Net PPE) was $64,866 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,504 Mil.
Selling, General, & Admin. Expense(SGA) was $623 Mil.
Total Current Liabilities was $12,847 Mil.
Long-Term Debt & Capital Lease Obligation was $16,226 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) |
| = | (5474 / 56141) | / | (7088 / 78494) |
| = | 0.097504 | / | 0.0903 |
| | = | 1.0798 |
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) |
| = | (30013 / 78494) | / | (18203 / 56141) |
| = | 0.38236 | / | 0.324237 |
| | = | 1.1793 |
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 - (14330 + 70044) / 95924) | / | (1 - (18749 + 64866) / 93829) |
| = | 0.120408 | / | 0.108858 |
| | = | 1.1061 |
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 |
| = | 56141 | / | 78494 |
| | = | 0.7152 |
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)) |
| = | (7504 / (7504 + 64866)) | / | (8270 / (8270 + 70044)) |
| = | 0.103689 | / | 0.105601 |
| | = | 0.9819 |
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) |
| = | (705 / 56141) | / | (623 / 78494) |
| = | 0.012558 | / | 0.007937 |
| | = | 1.5822 |
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) |
| = | ((17863 + 10005) / 95924) | / | ((16226 + 12847) / 93829) |
| = | 0.290522 | / | 0.309851 |
| | = | 0.9376 |
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 |
| = | (10957 - 1913 | - | 19965) | / | 95924 |
| | = | -0.113851 |
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.
ConocoPhillips has a M-score of -3.14 suggests that the company is unlikely to be a manipulator.
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