Oceaneering International Beneish M-Score Historical Data
The historical data trend for Oceaneering International'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.
Oceaneering International Beneish M-Score Chart
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Oceaneering International Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.90 |
-3.77 |
-3.33 |
-2.54 |
-2.54 |
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Oceaneering International Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.64 |
-2.78 |
-2.69 |
-2.54 |
-2.51 |
Competitive Comparison of Oceaneering International's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Oceaneering International'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.
Oceaneering International's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Oceaneering International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Oceaneering International's Beneish M-Score falls into.
Oceaneering International 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 Oceaneering International 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 * 0.9479 | + | 0.528 * 0.9458 | + | 0.404 * 0.9987 | + | 0.892 * 1.1529 | + | 0.115 * 1.4862 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9611 | + | 4.679 * -0.034294 | - | 0.327 * 0.9628 |
| = | -2.51 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $577 Mil.
Revenue was 599.092 + 654.629 + 635.18 + 597.91 = $2,487 Mil.
Gross Profit was 92.384 + 105.629 + 114.697 + 101.08 = $414 Mil.
Total Current Assets was $1,237 Mil.
Total Assets was $2,229 Mil.
Property, Plant and Equipment(Net PPE) was $821 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General, & Admin. Expense(SGA) was $223 Mil.
Total Current Liabilities was $703 Mil.
Long-Term Debt & Capital Lease Obligation was $804 Mil.
Net Income was 15.135 + 44.529 + 29.812 + 19.002 = $108 Mil.
Non Operating Income was 1.649 + 4.009 + 1.466 + -5.367 = $2 Mil.
Cash Flow from Operations was -69.717 + 152.815 + 79.608 + 20.451 = $183 Mil.
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Total Receivables was $528 Mil.
Revenue was 536.987 + 536.223 + 559.671 + 524.031 = $2,157 Mil.
Gross Profit was 77.565 + 90.102 + 95.754 + 76.041 = $339 Mil.
Total Current Assets was $1,305 Mil.
Total Assets was $2,042 Mil.
Property, Plant and Equipment(Net PPE) was $581 Mil.
Depreciation, Depletion and Amortization(DDA) was $117 Mil.
Selling, General, & Admin. Expense(SGA) was $201 Mil.
Total Current Liabilities was $575 Mil.
Long-Term Debt & Capital Lease Obligation was $859 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) |
| = | (577.35 / 2486.811) | / | (528.281 / 2156.912) |
| = | 0.232165 | / | 0.244925 |
| | = | 0.9479 |
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) |
| = | (339.462 / 2156.912) | / | (413.79 / 2486.811) |
| = | 0.157383 | / | 0.166394 |
| | = | 0.9458 |
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 - (1237.492 + 821.035) / 2228.877) | / | (1 - (1305.287 + 580.882) / 2042.478) |
| = | 0.076429 | / | 0.076529 |
| | = | 0.9987 |
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 |
| = | 2486.811 | / | 2156.912 |
| | = | 1.1529 |
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)) |
| = | (116.771 / (116.771 + 580.882)) | / | (104.197 / (104.197 + 821.035)) |
| = | 0.167377 | / | 0.112617 |
| | = | 1.4862 |
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) |
| = | (222.519 / 2486.811) | / | (200.81 / 2156.912) |
| = | 0.08948 | / | 0.093101 |
| | = | 0.9611 |
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) |
| = | ((804.063 + 703.378) / 2228.877) | / | ((859.472 + 575.228) / 2042.478) |
| = | 0.676323 | / | 0.702431 |
| | = | 0.9628 |
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 |
| = | (108.478 - 1.757 | - | 183.157) | / | 2228.877 |
| | = | -0.034294 |
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.
Oceaneering International has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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