NOV Beneish M-Score Historical Data
The historical data trend for NOV'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.
NOV Beneish M-Score Chart
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NOV Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-3.23 |
-3.01 |
-2.17 |
-2.00 |
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NOV Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.13 |
-2.12 |
-2.14 |
-2.00 |
-2.00 |
Competitive Comparison of NOV's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, NOV'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.
NOV's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, NOV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NOV's Beneish M-Score falls into.
NOV 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 NOV 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 * 0.9686 | + | 0.528 * 0.9341 | + | 0.404 * 1.1891 | + | 0.892 * 1.147 | + | 0.115 * 1.0217 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9286 | + | 4.679 * 0.062893 | - | 0.327 * 0.9036 |
| = | -2.00 |
* 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 $2,681 Mil.
Revenue was 2155 + 2343 + 2185 + 2093 = $8,776 Mil.
Gross Profit was 458 + 497 + 468 + 457 = $1,880 Mil.
Total Current Assets was $5,688 Mil.
Total Assets was $11,305 Mil.
Property, Plant and Equipment(Net PPE) was $2,435 Mil.
Depreciation, Depletion and Amortization(DDA) was $308 Mil.
Selling, General, & Admin. Expense(SGA) was $1,193 Mil.
Total Current Liabilities was $2,272 Mil.
Long-Term Debt & Capital Lease Obligation was $2,328 Mil.
Net Income was 119 + 598 + 114 + 155 = $986 Mil.
Non Operating Income was 19 + -10 + -9 + 8 = $8 Mil.
Cash Flow from Operations was -78 + 377 + 40 + -72 = $267 Mil.
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Total Receivables was $2,413 Mil.
Revenue was 1962 + 2073 + 1889 + 1727 = $7,651 Mil.
Gross Profit was 411 + 443 + 368 + 309 = $1,531 Mil.
Total Current Assets was $5,422 Mil.
Total Assets was $10,177 Mil.
Property, Plant and Equipment(Net PPE) was $2,346 Mil.
Depreciation, Depletion and Amortization(DDA) was $304 Mil.
Selling, General, & Admin. Expense(SGA) was $1,120 Mil.
Total Current Liabilities was $2,308 Mil.
Long-Term Debt & Capital Lease Obligation was $2,275 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) |
| = | (2681 / 8776) | / | (2413 / 7651) |
| = | 0.305492 | / | 0.315384 |
| | = | 0.9686 |
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) |
| = | (1531 / 7651) | / | (1880 / 8776) |
| = | 0.200105 | / | 0.214221 |
| | = | 0.9341 |
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 - (5688 + 2435) / 11305) | / | (1 - (5422 + 2346) / 10177) |
| = | 0.281468 | / | 0.23671 |
| | = | 1.1891 |
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 |
| = | 8776 | / | 7651 |
| | = | 1.147 |
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)) |
| = | (304 / (304 + 2346)) | / | (308 / (308 + 2435)) |
| = | 0.114717 | / | 0.112286 |
| | = | 1.0217 |
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) |
| = | (1193 / 8776) | / | (1120 / 7651) |
| = | 0.135939 | / | 0.146386 |
| | = | 0.9286 |
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) |
| = | ((2328 + 2272) / 11305) | / | ((2275 + 2308) / 10177) |
| = | 0.4069 | / | 0.450329 |
| | = | 0.9036 |
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 |
| = | (986 - 8 | - | 267) | / | 11305 |
| | = | 0.062893 |
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.
NOV has a M-score of -2.00 suggests that the company is unlikely to be a manipulator.
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