Enerplus Beneish M-Score Historical Data
The historical data trend for Enerplus'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.
Enerplus Beneish M-Score Chart
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Enerplus Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.54 |
-3.09 |
-2.48 |
-3.11 |
-3.51 |
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Enerplus 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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-3.63 |
-3.88 |
-3.23 |
-3.51 |
-3.19 |
Competitive Comparison of Enerplus's Beneish M-Score
For the Oil & Gas E&P subindustry, Enerplus'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.
Enerplus's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Enerplus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enerplus's Beneish M-Score falls into.
Enerplus 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 Enerplus 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 * 1.4399 | + | 0.528 * 1.3908 | + | 0.404 * 0.7953 | + | 0.892 * 0.7488 | + | 0.115 * 0.9614 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3171 | + | 4.679 * -0.214549 | - | 0.327 * 0.8648 |
| = | -3.19 |
* 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 C$342 Mil.
Revenue was 491.074 + 556.143 + 632.111 + 485.134 = C$2,164 Mil.
Gross Profit was 187.939 + 206.103 + 323.122 + 215.431 = C$933 Mil.
Total Current Assets was C$426 Mil.
Total Assets was C$2,759 Mil.
Property, Plant and Equipment(Net PPE) was C$2,147 Mil.
Depreciation, Depletion and Amortization(DDA) was C$515 Mil.
Selling, General, & Admin. Expense(SGA) was C$95 Mil.
Total Current Liabilities was C$609 Mil.
Long-Term Debt & Capital Lease Obligation was C$144 Mil.
Net Income was 89.522 + 156.567 + 172.73 + 98.626 = C$517 Mil.
Non Operating Income was -10.05 + 41.092 + -17.09 + -13.526 = C$0 Mil.
Cash Flow from Operations was 174.15 + 399.724 + 287.189 + 247.914 = C$1,109 Mil.
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Total Receivables was C$317 Mil.
Revenue was 612.302 + 884.071 + 767.055 + 627.168 = C$2,891 Mil.
Gross Profit was 324.91 + 578.062 + 454.609 + 374.567 = C$1,732 Mil.
Total Current Assets was C$499 Mil.
Total Assets was C$2,657 Mil.
Property, Plant and Equipment(Net PPE) was C$1,932 Mil.
Depreciation, Depletion and Amortization(DDA) was C$441 Mil.
Selling, General, & Admin. Expense(SGA) was C$96 Mil.
Total Current Liabilities was C$661 Mil.
Long-Term Debt & Capital Lease Obligation was C$177 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) |
| = | (341.88 / 2164.462) | / | (317.083 / 2890.596) |
| = | 0.157951 | / | 0.109695 |
| | = | 1.4399 |
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) |
| = | (1732.148 / 2890.596) | / | (932.595 / 2164.462) |
| = | 0.599236 | / | 0.430867 |
| | = | 1.3908 |
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 - (426.02 + 2146.709) / 2759.077) | / | (1 - (499.357 + 1932.176) / 2657.182) |
| = | 0.06754 | / | 0.08492 |
| | = | 0.7953 |
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 |
| = | 2164.462 | / | 2890.596 |
| | = | 0.7488 |
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)) |
| = | (441.369 / (441.369 + 1932.176)) | / | (514.752 / (514.752 + 2146.709)) |
| = | 0.185953 | / | 0.19341 |
| | = | 0.9614 |
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) |
| = | (94.879 / 2164.462) | / | (96.203 / 2890.596) |
| = | 0.043835 | / | 0.033281 |
| | = | 1.3171 |
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) |
| = | ((144.255 + 608.58) / 2759.077) | / | ((177.343 + 661.068) / 2657.182) |
| = | 0.272858 | / | 0.315526 |
| | = | 0.8648 |
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 |
| = | (517.445 - 0.426 | - | 1108.977) | / | 2759.077 |
| | = | -0.214549 |
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.
Enerplus has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.
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