Permian Resources Beneish M-Score Historical Data
The historical data trend for Permian 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.
Permian Resources Beneish M-Score Chart
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Permian 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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-2.78 |
-1.80 |
-2.65 |
-0.64 |
-2.09 |
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Permian 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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-0.64 |
-1.85 |
-2.07 |
-2.68 |
-2.09 |
Competitive Comparison of Permian Resources's Beneish M-Score
For the Oil & Gas E&P subindustry, Permian 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.
Permian Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Permian Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Permian Resources's Beneish M-Score falls into.
Permian 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 Permian 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 * 1.1638 | + | 0.528 * 1.2574 | + | 0.404 * 1.3392 | + | 0.892 * 1.4196 | + | 0.115 * 0.7972 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6935 | + | 4.679 * -0.099828 | - | 0.327 * 1.042 |
| = | -2.13 |
* 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 €441 Mil.
Revenue was 1029.503 + 710.753 + 575.396 + 575.594 = €2,891 Mil.
Gross Profit was 544.243 + 389.601 + 279.603 + 315.725 = €1,529 Mil.
Total Current Assets was €596 Mil.
Total Assets was €13,723 Mil.
Property, Plant and Equipment(Net PPE) was €12,966 Mil.
Depreciation, Depletion and Amortization(DDA) was €933 Mil.
Selling, General, & Admin. Expense(SGA) was €150 Mil.
Total Current Liabilities was €1,139 Mil.
Long-Term Debt & Capital Lease Obligation was €3,555 Mil.
Net Income was 234.16 + 42.571 + 67.747 + 95.38 = €440 Mil.
Non Operating Income was 4.423 + -207.153 + -30.091 + -6.87 = €-240 Mil.
Cash Flow from Operations was 775.776 + 450.511 + 413.957 + 409.291 = €2,050 Mil.
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Total Receivables was €267 Mil.
Revenue was 718.909 + 555.276 + 447.131 + 315.328 = €2,037 Mil.
Gross Profit was 458.755 + 373.005 + 317.743 + 204.884 = €1,354 Mil.
Total Current Assets was €438 Mil.
Total Assets was €8,017 Mil.
Property, Plant and Equipment(Net PPE) was €7,509 Mil.
Depreciation, Depletion and Amortization(DDA) was €425 Mil.
Selling, General, & Admin. Expense(SGA) was €152 Mil.
Total Current Liabilities was €572 Mil.
Long-Term Debt & Capital Lease Obligation was €2,060 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) |
| = | (441.132 / 2891.246) | / | (267.007 / 2036.644) |
| = | 0.152575 | / | 0.131101 |
| | = | 1.1638 |
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) |
| = | (1354.387 / 2036.644) | / | (1529.172 / 2891.246) |
| = | 0.665009 | / | 0.528897 |
| | = | 1.2574 |
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 - (596.409 + 12965.568) / 13723.435) | / | (1 - (437.818 + 7508.756) / 8017.007) |
| = | 0.011765 | / | 0.008785 |
| | = | 1.3392 |
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 |
| = | 2891.246 | / | 2036.644 |
| | = | 1.4196 |
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)) |
| = | (424.611 / (424.611 + 7508.756)) | / | (933.166 / (933.166 + 12965.568)) |
| = | 0.053522 | / | 0.06714 |
| | = | 0.7972 |
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) |
| = | (150.062 / 2891.246) | / | (152.424 / 2036.644) |
| = | 0.051902 | / | 0.074841 |
| | = | 0.6935 |
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) |
| = | ((3555.285 + 1138.504) / 13723.435) | / | ((2059.939 + 571.657) / 8017.007) |
| = | 0.342027 | / | 0.328252 |
| | = | 1.042 |
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 |
| = | (439.858 - -239.691 | - | 2049.535) | / | 13723.435 |
| | = | -0.099828 |
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.
Permian Resources has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.
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