Shell Beneish M-Score Historical Data
The historical data trend for Shell'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.
Shell Beneish M-Score Chart
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Shell Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-4.72 |
-3.03 |
-2.53 |
-2.82 |
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Shell 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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-2.53 |
-2.63 |
-2.96 |
-3.13 |
-2.82 |
Competitive Comparison of Shell's Beneish M-Score
For the Oil & Gas Integrated subindustry, Shell'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.
Shell's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Shell's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shell's Beneish M-Score falls into.
Shell 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 Shell 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 * 1.1187 | + | 0.528 * 1.3772 | + | 0.404 * 1.0748 | + | 0.892 * 0.7893 | + | 0.115 * 0.7718 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.258 | + | 4.679 * -0.085002 | - | 0.327 * 0.9291 |
| = | -2.77 |
* 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 Kč1,040,689 Mil.
Revenue was 1766956.032 + 1743197.751 + 1630288.639 + 1923812.86 = Kč7,064,255 Mil.
Gross Profit was 133735.851 + 340442.982 + 200523.448 + 379722.903 = Kč1,054,425 Mil.
Total Current Assets was Kč3,009,898 Mil.
Total Assets was Kč9,117,782 Mil.
Property, Plant and Equipment(Net PPE) was Kč4,372,617 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč699,332 Mil.
Selling, General, & Admin. Expense(SGA) was Kč299,931 Mil.
Total Current Liabilities was Kč2,142,534 Mil.
Long-Term Debt & Capital Lease Obligation was Kč1,607,119 Mil.
Net Income was 10592.939 + 160826.26 + 68509.81 + 192671.1 = Kč432,600 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Kč0 Mil.
Cash Flow from Operations was 282081.877 + 281560.114 + 330744.551 + 313242.635 = Kč1,207,629 Mil.
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Total Receivables was Kč1,178,610 Mil.
Revenue was 2321537.827 + 2375850.402 + 2341371.502 + 1911350.257 = Kč8,950,110 Mil.
Gross Profit was 507285.681 + 323342.349 + 640923.509 + 368246.582 = Kč1,839,798 Mil.
Total Current Assets was Kč3,802,763 Mil.
Total Assets was Kč10,152,680 Mil.
Property, Plant and Equipment(Net PPE) was Kč4,552,234 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč542,093 Mil.
Selling, General, & Admin. Expense(SGA) was Kč302,068 Mil.
Total Current Liabilities was Kč2,780,057 Mil.
Long-Term Debt & Capital Lease Obligation was Kč1,714,037 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) |
| = | (1040688.896 / 7064255.282) | / | (1178609.621 / 8950109.988) |
| = | 0.147318 | / | 0.131687 |
| | = | 1.1187 |
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) |
| = | (1839798.121 / 8950109.988) | / | (1054425.184 / 7064255.282) |
| = | 0.205562 | / | 0.149262 |
| | = | 1.3772 |
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 - (3009898.239 + 4372616.959) / 9117782.185) | / | (1 - (3802763.431 + 4552233.566) / 10152680.317) |
| = | 0.190317 | / | 0.177065 |
| | = | 1.0748 |
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 |
| = | 7064255.282 | / | 8950109.988 |
| | = | 0.7893 |
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)) |
| = | (542093.101 / (542093.101 + 4552233.566)) | / | (699332.281 / (699332.281 + 4372616.959)) |
| = | 0.106411 | / | 0.137882 |
| | = | 0.7718 |
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) |
| = | (299930.673 / 7064255.282) | / | (302068.194 / 8950109.988) |
| = | 0.042458 | / | 0.03375 |
| | = | 1.258 |
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) |
| = | ((1607119.36 + 2142534.058) / 9117782.185) | / | ((1714037.099 + 2780056.615) / 10152680.317) |
| = | 0.411246 | / | 0.442651 |
| | = | 0.9291 |
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 |
| = | (432600.109 - 0 | - | 1207629.177) | / | 9117782.185 |
| | = | -0.085002 |
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.
Shell has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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