Suncor Energy Beneish M-Score Historical Data
The historical data trend for Suncor Energy'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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Suncor Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
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-2.66 |
-2.43 |
-2.87 |
-2.42 |
-2.69 |
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Suncor Energy 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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-2.42 |
-2.63 |
-2.98 |
-2.74 |
-2.69 |
Competitive Comparison
For the Oil & Gas Integrated subindustry, Suncor Energy'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.
Suncor Energy Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Suncor Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Suncor Energy's Beneish M-Score falls into.
Suncor Energy 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 Suncor Energy 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 * 1.265 | + | 0.528 * 1.0309 | + | 0.404 * 0.9362 | + | 0.892 * 0.841 | + | 0.115 * 1.4101 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2171 | + | 4.679 * -0.073086 | - | 0.327 * 0.9104 |
| = | -2.69 |
* 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 C$6,715 Mil.
Revenue was 13589 + 13911 + 11719 + 12272 = C$51,491 Mil.
Gross Profit was 3626 + 6204 + 5765 + 6329 = C$21,924 Mil.
Total Current Assets was C$13,809 Mil.
Total Assets was C$88,539 Mil.
Property, Plant and Equipment(Net PPE) was C$69,408 Mil.
Depreciation, Depletion and Amortization(DDA) was C$6,435 Mil.
Selling, General, & Admin. Expense(SGA) was C$10,626 Mil.
Total Current Liabilities was C$9,597 Mil.
Long-Term Debt & Capital Lease Obligation was C$14,565 Mil.
Net Income was 2820 + 1544 + 1879 + 2052 = C$8,295 Mil.
Non Operating Income was 1242 + -195 + 797 + 578 = C$2,422 Mil.
Cash Flow from Operations was 4318 + 4184 + 2803 + 1039 = C$12,344 Mil.
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Total Receivables was C$6,312 Mil.
Revenue was 14754 + 15869 + 16135 + 14469 = C$61,227 Mil.
Gross Profit was 5904 + 4003 + 9453 + 7514 = C$26,874 Mil.
Total Current Assets was C$14,536 Mil.
Total Assets was C$84,618 Mil.
Property, Plant and Equipment(Net PPE) was C$64,649 Mil.
Depreciation, Depletion and Amortization(DDA) was C$8,786 Mil.
Selling, General, & Admin. Expense(SGA) was C$10,381 Mil.
Total Current Liabilities was C$12,869 Mil.
Long-Term Debt & Capital Lease Obligation was C$12,495 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) |
| = | (6715 / 51491) | / | (6312 / 61227) |
| = | 0.130411 | / | 0.103092 |
| | = | 1.265 |
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) |
| = | (26874 / 61227) | / | (21924 / 51491) |
| = | 0.438924 | / | 0.425783 |
| | = | 1.0309 |
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 - (13809 + 69408) / 88539) | / | (1 - (14536 + 64649) / 84618) |
| = | 0.060109 | / | 0.064206 |
| | = | 0.9362 |
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 |
| = | 51491 | / | 61227 |
| | = | 0.841 |
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)) |
| = | (8786 / (8786 + 64649)) | / | (6435 / (6435 + 69408)) |
| = | 0.119643 | / | 0.084846 |
| | = | 1.4101 |
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) |
| = | (10626 / 51491) | / | (10381 / 61227) |
| = | 0.206366 | / | 0.169549 |
| | = | 1.2171 |
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) |
| = | ((14565 + 9597) / 88539) | / | ((12495 + 12869) / 84618) |
| = | 0.272897 | / | 0.299747 |
| | = | 0.9104 |
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 |
| = | (8295 - 2422 | - | 12344) | / | 88539 |
| | = | -0.073086 |
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.
Suncor Energy has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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