Andeavor Beneish M-Score Historical Data
The historical data trend for Andeavor'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.
Andeavor Beneish M-Score Chart
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Andeavor Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.29 |
-2.40 |
-3.41 |
-2.27 |
-1.58 |
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Andeavor Quarterly Data
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Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
| Beneish M-Score |
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-2.15 |
-1.95 |
-1.58 |
-1.49 |
-1.75 |
Competitive Comparison of Andeavor's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Andeavor'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.
Andeavor's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Andeavor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Andeavor's Beneish M-Score falls into.
Andeavor 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 Andeavor 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 * 1.2067 | + | 0.528 * 1.0444 | + | 0.404 * 0.9798 | + | 0.892 * 1.5627 | + | 0.115 * 0.8737 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7485 | + | 4.679 * 0.005619 | - | 0.327 * 1.0921 |
| = | -1.75 |
* 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 (Jun18) TTM: | Last Year (Jun17) TTM: |
Total Receivables was $2,623 Mil.
Revenue was 12472 + 10300 + 10652 + 9836 = $43,260 Mil.
Gross Profit was 2237 + 1691 + 1565 + 2295 = $7,788 Mil.
Total Current Assets was $7,160 Mil.
Total Assets was $30,074 Mil.
Property, Plant and Equipment(Net PPE) was $15,445 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,129 Mil.
Selling, General, & Admin. Expense(SGA) was $710 Mil.
Total Current Liabilities was $5,054 Mil.
Long-Term Debt & Capital Lease Obligation was $8,698 Mil.
Net Income was 515 + 172 + 879 + 559 = $2,125 Mil.
Non Operating Income was 10 + 20 + -40 + 9 = $-1 Mil.
Cash Flow from Operations was 847 + 250 + 429 + 431 = $1,957 Mil.
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Total Receivables was $1,391 Mil.
Revenue was 7849 + 6638 + 6652 + 6544 = $27,683 Mil.
Gross Profit was 1423 + 1212 + 1242 + 1328 = $5,205 Mil.
Total Current Assets was $6,035 Mil.
Total Assets was $27,029 Mil.
Property, Plant and Equipment(Net PPE) was $14,143 Mil.
Depreciation, Depletion and Amortization(DDA) was $895 Mil.
Selling, General, & Admin. Expense(SGA) was $607 Mil.
Total Current Liabilities was $4,153 Mil.
Long-Term Debt & Capital Lease Obligation was $7,164 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) |
| = | (2623 / 43260) | / | (1391 / 27683) |
| = | 0.060633 | / | 0.050247 |
| | = | 1.2067 |
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) |
| = | (5205 / 27683) | / | (7788 / 43260) |
| = | 0.188022 | / | 0.180028 |
| | = | 1.0444 |
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 - (7160 + 15445) / 30074) | / | (1 - (6035 + 14143) / 27029) |
| = | 0.248354 | / | 0.253468 |
| | = | 0.9798 |
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 |
| = | 43260 | / | 27683 |
| | = | 1.5627 |
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)) |
| = | (895 / (895 + 14143)) | / | (1129 / (1129 + 15445)) |
| = | 0.059516 | / | 0.068119 |
| | = | 0.8737 |
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) |
| = | (710 / 43260) | / | (607 / 27683) |
| = | 0.016412 | / | 0.021927 |
| | = | 0.7485 |
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) |
| = | ((8698 + 5054) / 30074) | / | ((7164 + 4153) / 27029) |
| = | 0.457272 | / | 0.418698 |
| | = | 1.0921 |
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 |
| = | (2125 - -1 | - | 1957) | / | 30074 |
| | = | 0.005619 |
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.
Andeavor has a M-score of -1.75 signals that the company is likely to be a manipulator.
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