Noble Beneish M-Score Historical Data
The historical data trend for Noble'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.
Noble Beneish M-Score Chart
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Noble Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.02 |
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Noble Quarterly Data
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|
Dec20 |
Sep21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-1.39 |
-2.02 |
-2.56 |
Competitive Comparison of Noble's Beneish M-Score
For the Oil & Gas Drilling subindustry, Noble'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.
Noble's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Noble's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Noble's Beneish M-Score falls into.
Noble 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 Noble 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 * 0.7748 | + | 0.528 * 0.8886 | + | 0.404 * 1.2352 | + | 0.892 * 1.4028 | + | 0.115 * 0.5324 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9086 | + | 4.679 * -0.044072 | - | 0.327 * 1.1463 |
| = | -2.58 |
* 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 kr4,547 Mil.
Revenue was 4370.269 + 4394.633 + 4873.571 + 4387.949 = kr18,026 Mil.
Gross Profit was 979.847 + 1108.112 + 1742.893 + 1236.131 = kr5,067 Mil.
Total Current Assets was kr6,661 Mil.
Total Assets was kr37,291 Mil.
Property, Plant and Equipment(Net PPE) was kr28,503 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,686 Mil.
Selling, General, & Admin. Expense(SGA) was kr857 Mil.
Total Current Liabilities was kr4,139 Mil.
Long-Term Debt & Capital Lease Obligation was kr4,024 Mil.
Net Income was 654.981 + 1023.17 + 1106.314 + 452.281 = kr3,237 Mil.
Non Operating Income was -64.009 + 195.045 + -74.091 + -445.182 = kr-388 Mil.
Cash Flow from Operations was 882.781 + 1964.93 + 969.669 + 1451.07 = kr5,268 Mil.
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Total Receivables was kr4,183 Mil.
Revenue was 4241.217 + 4372.401 + 2299.24 + 1937.242 = kr12,850 Mil.
Gross Profit was 1058.938 + 1117.371 + 610.666 + 422.711 = kr3,210 Mil.
Total Current Assets was kr6,064 Mil.
Total Assets was kr35,264 Mil.
Property, Plant and Equipment(Net PPE) was kr27,573 Mil.
Depreciation, Depletion and Amortization(DDA) was kr845 Mil.
Selling, General, & Admin. Expense(SGA) was kr672 Mil.
Total Current Liabilities was kr3,219 Mil.
Long-Term Debt & Capital Lease Obligation was kr3,515 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) |
| = | (4546.545 / 18026.422) | / | (4183.014 / 12850.1) |
| = | 0.252216 | / | 0.325524 |
| | = | 0.7748 |
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) |
| = | (3209.686 / 12850.1) | / | (5066.983 / 18026.422) |
| = | 0.249779 | / | 0.281086 |
| | = | 0.8886 |
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 - (6661.346 + 28503.176) / 37290.909) | / | (1 - (6063.556 + 27572.731) / 35264.284) |
| = | 0.057022 | / | 0.046166 |
| | = | 1.2352 |
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 |
| = | 18026.422 | / | 12850.1 |
| | = | 1.4028 |
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)) |
| = | (844.864 / (844.864 + 27572.731)) | / | (1685.774 / (1685.774 + 28503.176)) |
| = | 0.02973 | / | 0.055841 |
| | = | 0.5324 |
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) |
| = | (856.72 / 18026.422) | / | (672.107 / 12850.1) |
| = | 0.047526 | / | 0.052304 |
| | = | 0.9086 |
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) |
| = | ((4024.11 + 4139.032) / 37290.909) | / | ((3515.408 + 3218.709) / 35264.284) |
| = | 0.218904 | / | 0.190961 |
| | = | 1.1463 |
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 |
| = | (3236.746 - -388.237 | - | 5268.45) | / | 37290.909 |
| | = | -0.044072 |
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.
Noble has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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