Hess Beneish M-Score Historical Data
The historical data trend for Hess'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.
|
Hess Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.69 |
-2.95 |
-2.73 |
-2.76 |
-2.73 |
|
Hess Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.76 |
-3.08 |
-3.21 |
-2.81 |
-2.73 |
Competitive Comparison
For the Oil & Gas E&P subindustry, Hess'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.
Hess Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Hess's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hess's Beneish M-Score falls into.
Hess 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 Hess 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 * 1.2331 | + | 0.528 * 1.1348 | + | 0.404 * 1.0629 | + | 0.892 * 0.9282 | + | 0.115 * 0.9346 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9098 | + | 4.679 * -0.108802 | - | 0.327 * 0.9727 |
| = | -2.73 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,330 Mil.
Revenue was 3011 + 2800 + 2289 + 2411 = $10,511 Mil.
Gross Profit was 1918 + 1773 + 1292 + 1490 = $6,473 Mil.
Total Current Assets was $3,430 Mil.
Total Assets was $24,007 Mil.
Property, Plant and Equipment(Net PPE) was $18,260 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,193 Mil.
Selling, General, & Admin. Expense(SGA) was $3,259 Mil.
Total Current Liabilities was $3,270 Mil.
Long-Term Debt & Capital Lease Obligation was $8,917 Mil.
Net Income was 413 + 504 + 119 + 346 = $1,382 Mil.
Non Operating Income was 24 + 37 + -51 + 42 = $52 Mil.
Cash Flow from Operations was 1344 + 986 + 974 + 638 = $3,942 Mil.
|
Total Receivables was $1,162 Mil.
Revenue was 2934 + 3122 + 2955 + 2313 = $11,324 Mil.
Gross Profit was 1990 + 2181 + 2141 + 1602 = $7,914 Mil.
Total Current Assets was $3,931 Mil.
Total Assets was $21,695 Mil.
Property, Plant and Equipment(Net PPE) was $15,794 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,759 Mil.
Selling, General, & Admin. Expense(SGA) was $3,859 Mil.
Total Current Liabilities was $2,396 Mil.
Long-Term Debt & Capital Lease Obligation was $8,926 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) |
| = | (1330 / 10511) | / | (1162 / 11324) |
| = | 0.126534 | / | 0.102614 |
| | = | 1.2331 |
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) |
| = | (7914 / 11324) | / | (6473 / 10511) |
| = | 0.69887 | / | 0.615831 |
| | = | 1.1348 |
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 - (3430 + 18260) / 24007) | / | (1 - (3931 + 15794) / 21695) |
| = | 0.096514 | / | 0.090804 |
| | = | 1.0629 |
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 |
| = | 10511 | / | 11324 |
| | = | 0.9282 |
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)) |
| = | (1759 / (1759 + 15794)) | / | (2193 / (2193 + 18260)) |
| = | 0.100211 | / | 0.107221 |
| | = | 0.9346 |
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) |
| = | (3259 / 10511) | / | (3859 / 11324) |
| = | 0.310056 | / | 0.340781 |
| | = | 0.9098 |
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) |
| = | ((8917 + 3270) / 24007) | / | ((8926 + 2396) / 21695) |
| = | 0.507644 | / | 0.521871 |
| | = | 0.9727 |
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 |
| = | (1382 - 52 | - | 3942) | / | 24007 |
| | = | -0.108802 |
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.
Hess has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
HES has been successfully added to your