Helmerich & Payne Beneish M-Score Historical Data
The historical data trend for Helmerich & Payne'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.
Helmerich & Payne Beneish M-Score Chart
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Helmerich & Payne Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-3.33 |
-2.92 |
-3.43 |
-2.76 |
-3.15 |
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Helmerich & Payne 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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-2.69 |
-2.96 |
-3.15 |
-3.17 |
-3.22 |
Competitive Comparison of Helmerich & Payne's Beneish M-Score
For the Oil & Gas Drilling subindustry, Helmerich & Payne'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.
Helmerich & Payne's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Helmerich & Payne's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Helmerich & Payne's Beneish M-Score falls into.
Helmerich & Payne 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 Helmerich & Payne 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 * 0.814 | + | 0.528 * 0.8764 | + | 0.404 * 1.0612 | + | 0.892 * 0.9938 | + | 0.115 * 1.0564 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1273 | + | 4.679 * -0.112058 | - | 0.327 * 1.0153 |
| = | -3.24 |
* 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 €397 Mil.
Revenue was 632.908 + 620.944 + 618.051 + 668.211 = €2,540 Mil.
Gross Profit was 167.023 + 164.925 + 146.601 + 184.566 = €663 Mil.
Total Current Assets was €873 Mil.
Total Assets was €4,071 Mil.
Property, Plant and Equipment(Net PPE) was €2,809 Mil.
Depreciation, Depletion and Amortization(DDA) was €358 Mil.
Selling, General, & Admin. Expense(SGA) was €207 Mil.
Total Current Liabilities was €404 Mil.
Long-Term Debt & Capital Lease Obligation was €502 Mil.
Net Income was 78.045 + 87.274 + 72.732 + 87.955 = €326 Mil.
Non Operating Income was 8.443 + 4.915 + 17.023 + -12.077 = €18 Mil.
Cash Flow from Operations was 132.221 + 160.29 + 201.157 + 270.205 = €764 Mil.
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Total Receivables was €491 Mil.
Revenue was 718.453 + 679.337 + 637.645 + 520.52 = €2,556 Mil.
Gross Profit was 209.082 + 183.826 + 122.522 + 69.325 = €585 Mil.
Total Current Assets was €938 Mil.
Total Assets was €4,078 Mil.
Property, Plant and Equipment(Net PPE) was €2,773 Mil.
Depreciation, Depletion and Amortization(DDA) was €376 Mil.
Selling, General, & Admin. Expense(SGA) was €185 Mil.
Total Current Liabilities was €386 Mil.
Long-Term Debt & Capital Lease Obligation was €507 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) |
| = | (397.147 / 2540.114) | / | (490.921 / 2555.955) |
| = | 0.15635 | / | 0.19207 |
| | = | 0.814 |
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) |
| = | (584.755 / 2555.955) | / | (663.115 / 2540.114) |
| = | 0.228781 | / | 0.261057 |
| | = | 0.8764 |
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 - (872.878 + 2809.271) / 4070.86) | / | (1 - (938.157 + 2772.533) / 4077.595) |
| = | 0.095486 | / | 0.089981 |
| | = | 1.0612 |
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 |
| = | 2540.114 | / | 2555.955 |
| | = | 0.9938 |
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)) |
| = | (376.482 / (376.482 + 2772.533)) | / | (358.492 / (358.492 + 2809.271)) |
| = | 0.119555 | / | 0.113169 |
| | = | 1.0564 |
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) |
| = | (206.975 / 2540.114) | / | (184.75 / 2555.955) |
| = | 0.081483 | / | 0.072282 |
| | = | 1.1273 |
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) |
| = | ((501.806 + 403.73) / 4070.86) | / | ((506.914 + 386.415) / 4077.595) |
| = | 0.222443 | / | 0.219082 |
| | = | 1.0153 |
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 |
| = | (326.006 - 18.304 | - | 763.873) | / | 4070.86 |
| | = | -0.112058 |
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.
Helmerich & Payne has a M-score of -3.24 suggests that the company is unlikely to be a manipulator.
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