Vital Energy Beneish M-Score Historical Data
The historical data trend for Vital 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.
Vital Energy Beneish M-Score Chart
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Vital 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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-3.05 |
-4.32 |
-0.90 |
-2.21 |
-1.05 |
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Vital Energy 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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-2.78 |
-2.04 |
-1.61 |
-1.05 |
-1.03 |
Competitive Comparison of Vital Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, Vital 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.
Vital Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Vital Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vital Energy's Beneish M-Score falls into.
Vital 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 Vital 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 * 2.0008 | + | 0.528 * 1.4267 | + | 0.404 * 2.2741 | + | 0.892 * 0.9864 | + | 0.115 * 1.0432 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2343 | + | 4.679 * -0.043099 | - | 0.327 * 0.8776 |
| = | -1.03 |
* 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 $290 Mil.
Revenue was 482.339 + 444.521 + 435.514 + 335.062 = $1,697 Mil.
Gross Profit was 177.514 + 179.128 + 221.143 + 151.809 = $730 Mil.
Total Current Assets was $746 Mil.
Total Assets was $5,662 Mil.
Property, Plant and Equipment(Net PPE) was $4,641 Mil.
Depreciation, Depletion and Amortization(DDA) was $543 Mil.
Selling, General, & Admin. Expense(SGA) was $148 Mil.
Total Current Liabilities was $609 Mil.
Long-Term Debt & Capital Lease Obligation was $2,164 Mil.
Net Income was -66.131 + 281.434 + 4.893 + 294.811 = $515 Mil.
Non Operating Income was -175.766 + 229.595 + -133.433 + -16.786 = $-96 Mil.
Cash Flow from Operations was 158.59 + 233.734 + 214.209 + 248.888 = $855 Mil.
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Total Receivables was $147 Mil.
Revenue was 332.507 + 364.131 + 464.114 + 560.156 = $1,721 Mil.
Gross Profit was 160.849 + 197.112 + 297.144 + 400.226 = $1,055 Mil.
Total Current Assets was $230 Mil.
Total Assets was $2,943 Mil.
Property, Plant and Equipment(Net PPE) was $2,651 Mil.
Depreciation, Depletion and Amortization(DDA) was $325 Mil.
Selling, General, & Admin. Expense(SGA) was $122 Mil.
Total Current Liabilities was $392 Mil.
Long-Term Debt & Capital Lease Obligation was $1,251 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) |
| = | (290.248 / 1697.436) | / | (147.071 / 1720.908) |
| = | 0.170992 | / | 0.085461 |
| | = | 2.0008 |
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) |
| = | (1055.331 / 1720.908) | / | (729.594 / 1697.436) |
| = | 0.613241 | / | 0.429821 |
| | = | 1.4267 |
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 - (745.897 + 4641.132) / 5661.901) | / | (1 - (229.666 + 2650.746) / 2943.244) |
| = | 0.048548 | / | 0.021348 |
| | = | 2.2741 |
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 |
| = | 1697.436 | / | 1720.908 |
| | = | 0.9864 |
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)) |
| = | (324.927 / (324.927 + 2650.746)) | / | (542.572 / (542.572 + 4641.132)) |
| = | 0.109194 | / | 0.104669 |
| | = | 1.0432 |
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) |
| = | (148.447 / 1697.436) | / | (121.932 / 1720.908) |
| = | 0.087454 | / | 0.070853 |
| | = | 1.2343 |
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) |
| = | ((2163.835 + 609.335) / 5661.901) | / | ((1251.108 + 391.507) / 2943.244) |
| = | 0.489795 | / | 0.558097 |
| | = | 0.8776 |
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 |
| = | (515.007 - -96.39 | - | 855.421) | / | 5661.901 |
| | = | -0.043099 |
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.
Vital Energy has a M-score of -1.03 signals that the company is likely to be a manipulator.
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