SM Energy Co Beneish M-Score Historical Data
The historical data trend for SM Energy Co'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.
SM Energy Co Beneish M-Score Chart
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SM Energy Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.68 |
-6.10 |
-2.38 |
-2.11 |
-2.93 |
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SM Energy Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.91 |
-3.03 |
-2.67 |
-2.93 |
-2.51 |
Competitive Comparison of SM Energy Co's Beneish M-Score
For the Oil & Gas E&P subindustry, SM Energy Co'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.
SM Energy Co's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, SM Energy Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SM Energy Co's Beneish M-Score falls into.
SM Energy Co 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 SM Energy Co 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 * 1.6729 | + | 0.528 * 1.2974 | + | 0.404 * 0.9989 | + | 0.892 * 0.7694 | + | 0.115 * 0.941 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3701 | + | 4.679 * -0.118964 | - | 0.327 * 0.9072 |
| = | -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 $242 Mil.
Revenue was 559.596 + 606.857 + 639.699 + 546.555 = $2,353 Mil.
Gross Profit was 256.033 + 280.407 + 312.082 + 243.135 = $1,092 Mil.
Total Current Assets was $793 Mil.
Total Assets was $6,398 Mil.
Property, Plant and Equipment(Net PPE) was $5,514 Mil.
Depreciation, Depletion and Amortization(DDA) was $702 Mil.
Selling, General, & Admin. Expense(SGA) was $124 Mil.
Total Current Liabilities was $536 Mil.
Long-Term Debt & Capital Lease Obligation was $1,576 Mil.
Net Income was 131.199 + 247.111 + 222.343 + 149.874 = $751 Mil.
Non Operating Income was -28.169 + 80.274 + -75.588 + 16.437 = $-7 Mil.
Cash Flow from Operations was 276 + 476.515 + 382.994 + 383.251 = $1,519 Mil.
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Total Receivables was $188 Mil.
Revenue was 570.778 + 669.25 + 827.558 + 990.377 = $3,058 Mil.
Gross Profit was 274.241 + 374.972 + 521.732 + 669.961 = $1,841 Mil.
Total Current Assets was $756 Mil.
Total Assets was $5,870 Mil.
Property, Plant and Equipment(Net PPE) was $5,030 Mil.
Depreciation, Depletion and Amortization(DDA) was $598 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $563 Mil.
Long-Term Debt & Capital Lease Obligation was $1,573 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) |
| = | (241.731 / 2352.707) | / | (187.81 / 3057.963) |
| = | 0.102746 | / | 0.061417 |
| | = | 1.6729 |
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) |
| = | (1840.906 / 3057.963) | / | (1091.657 / 2352.707) |
| = | 0.602004 | / | 0.464 |
| | = | 1.2974 |
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 - (793.045 + 5513.597) / 6398.458) | / | (1 - (756.276 + 5029.552) / 5870.158) |
| = | 0.01435 | / | 0.014366 |
| | = | 0.9989 |
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 |
| = | 2352.707 | / | 3057.963 |
| | = | 0.7694 |
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)) |
| = | (598.488 / (598.488 + 5029.552)) | / | (702.48 / (702.48 + 5513.597)) |
| = | 0.10634 | / | 0.11301 |
| | = | 0.941 |
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) |
| = | (123.572 / 2352.707) | / | (117.231 / 3057.963) |
| = | 0.052523 | / | 0.038336 |
| | = | 1.3701 |
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) |
| = | ((1576.115 + 536.084) / 6398.458) | / | ((1572.991 + 563.146) / 5870.158) |
| = | 0.330111 | / | 0.363898 |
| | = | 0.9072 |
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 |
| = | (750.527 - -7.046 | - | 1518.76) | / | 6398.458 |
| | = | -0.118964 |
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.
SM Energy Co has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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