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The zones of discrimination for M-Score is as such:
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.
Warning Sign:
Beneish M-Score -1.77 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for APA's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of APA was -1.72. The lowest was -6.72. And the median was -2.98.
The historical data trend for APA'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.
APA Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.72 | -2.82 | -2.74 | -3.39 | -1.93 |
APA Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.66 | -3.32 | -1.93 | -2.11 | -1.77 |
For the Oil & Gas E&P subindustry, APA'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.
For the Oil & Gas industry and Energy sector, APA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where APA's Beneish M-Score falls into.
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 APA 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 * 1.4501 | + | 0.528 * 1.0628 | + | 0.404 * 1.4487 | + | 0.892 * 0.9788 | + | 0.115 * 1.1147 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.068 | + | 4.679 * 0.005942 | - | 0.327 * 0.7698 | |||||||
= | -1.77 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $1,936 Mil. Revenue was 2543 + 1951 + 2167 + 2308 = $8,969 Mil. Gross Profit was 1164 + 936 + 1111 + 1196 = $4,407 Mil. Total Current Assets was $2,918 Mil. Total Assets was $20,195 Mil. Property, Plant and Equipment(Net PPE) was $14,456 Mil. Depreciation, Depletion and Amortization(DDA) was $1,859 Mil. Selling, General, & Admin. Expense(SGA) was $392 Mil. Total Current Liabilities was $2,889 Mil. Long-Term Debt & Capital Lease Obligation was $6,741 Mil. Net Income was 541 + 132 + 1773 + 459 = $2,905 Mil. Non Operating Income was 134 + -90 + -294 + -4 = $-254 Mil. Cash Flow from Operations was 877 + 368 + 1030 + 764 = $3,039 Mil. |
Total Receivables was $1,364 Mil. Revenue was 1796 + 2008 + 2472 + 2887 = $9,163 Mil. Gross Profit was 859 + 1061 + 1324 + 1541 = $4,785 Mil. Total Current Assets was $2,599 Mil. Total Assets was $13,244 Mil. Property, Plant and Equipment(Net PPE) was $9,368 Mil. Depreciation, Depletion and Amortization(DDA) was $1,363 Mil. Selling, General, & Admin. Expense(SGA) was $375 Mil. Total Current Liabilities was $2,630 Mil. Long-Term Debt & Capital Lease Obligation was $5,574 Mil. |
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) |
= | (1936 / 8969) | / | (1364 / 9163) | |
= | 0.215855 | / | 0.14886 | |
= | 1.4501 |
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) | |
= | (4785 / 9163) | / | (4407 / 8969) | |
= | 0.522209 | / | 0.491359 | |
= | 1.0628 |
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 - (2918 + 14456) / 20195) | / | (1 - (2599 + 9368) / 13244) | |
= | 0.139688 | / | 0.096421 | |
= | 1.4487 |
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 | |
= | 8969 | / | 9163 | |
= | 0.9788 |
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)) |
= | (1363 / (1363 + 9368)) | / | (1859 / (1859 + 14456)) | |
= | 0.127015 | / | 0.113944 | |
= | 1.1147 |
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) |
= | (392 / 8969) | / | (375 / 9163) | |
= | 0.043706 | / | 0.040925 | |
= | 1.068 |
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) |
= | ((6741 + 2889) / 20195) | / | ((5574 + 2630) / 13244) | |
= | 0.476851 | / | 0.61945 | |
= | 0.7698 |
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 | |
= | (2905 - -254 | - | 3039) | / | 20195 | |
= | 0.005942 |
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.
APA has a M-score of -1.77 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of APA's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Tracey K Henderson | officer: Executive VP Exploration | C/O APA CORPORATION, 2000 POST OAK BLVD STE 100, HOUSTON TX 77056 |
Mark D Maddox | officer: Executive VP - Administration | C/O APA CORPORATION, 2000 POST OAK BLVD STE 100, HOUSTON TX 77056 |
P Anthony Lannie | officer: Exec. Vice Pres & Gen Counsel | C/O APACHE CORPORATION, 2000 POST OAK BLVD., SUITE 100, HOUSTON TX 77056 |
Chansoo Joung | director | C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017 |
David L Stover | director | NOBLE ENERGY, INC., 1001 NOBLE ENERGY WAY, HOUSTON TX 77070 |
Charles W Hooper | director | C/O APA CORPORATION, 2000 POST OAK BLVD STE 100, HOUSTON TX 77056 |
D. Clay Bretches | officer: Exec. VP, Operations | C/O APACHE CORPORATION, 2000 POST OAK BLVD, STE 100, HOUSTON TX 77056 |
Rebecca A Hoyt | officer: Sr. VP, Chief Acct Officer | C/O APACHE CORPORATION, 2000 POST OAK BLVD., SUITE 100, HOUSTON TX 77056-4400 |
Annell R Bay | director | C/O MARATHON OIL CORPORATION, 5555 SAN FELIPE ST, HOUSTON TX 77056 |
Lamar Mckay | director | 2000 POST OAK BLVD STE 100, HOUSTON TX 77056 |
John E Lowe | director | 600 N DAIRY ASHFORD, HOUSTON TX 77079 |
Amy H Nelson | director | 2000 POST OAK BLVD., SUITE 100, HOUSTON TX 77056 |
Rene R Joyce | director | P.O. BOX 130430, HOUSTON TX 77219-0430 |
Daniel Wayne Rabun | director | 6 CHESTERFIELD GARDENS, 3RD FLOOR, LONDON X0 W1J 5BQ |
Peter A Ragauss | director | 2929 ALLEN PARKWAY, SUITE 2100, HOUSTON TX 77019 |
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