Nabors Industries Beneish M-Score Historical Data
The historical data trend for Nabors Industries'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.
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Nabors Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
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-3.73 |
-5.75 |
-4.41 |
-3.36 |
-3.22 |
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Nabors Industries Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.36 |
-3.46 |
-3.52 |
-3.23 |
-3.22 |
Competitive Comparison
For the Oil & Gas Drilling subindustry, Nabors Industries'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.
Nabors Industries Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Nabors Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nabors Industries's Beneish M-Score falls into.
Nabors Industries 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 Nabors Industries 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 * 0.9379 | + | 0.528 * 0.6409 | + | 0.404 * 0.9349 | + | 0.892 * 1.1327 | + | 0.115 * 0.9896 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9436 | + | 4.679 * -0.12283 | - | 0.327 * 1.0653 |
| = | -3.22 |
* 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 $348 Mil.
Revenue was 725.801 + 733.974 + 767.067 + 779.139 = $3,006 Mil.
Gross Profit was 139.804 + 124.886 + 151.838 + 153.779 = $570 Mil.
Total Current Assets was $1,646 Mil.
Total Assets was $5,278 Mil.
Property, Plant and Equipment(Net PPE) was $2,899 Mil.
Depreciation, Depletion and Amortization(DDA) was $645 Mil.
Selling, General, & Admin. Expense(SGA) was $244 Mil.
Total Current Liabilities was $1,214 Mil.
Long-Term Debt & Capital Lease Obligation was $2,512 Mil.
Net Income was -16.703 + -48.916 + 4.611 + 49.224 = $-12 Mil.
Non Operating Income was -11.163 + -35.418 + 2.499 + 42.727 = $-1 Mil.
Cash Flow from Operations was 181.921 + 133.425 + 168.466 + 154.05 = $638 Mil.
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Total Receivables was $327 Mil.
Revenue was 760.148 + 694.136 + 630.943 + 568.539 = $2,654 Mil.
Gross Profit was 134.123 + 91.968 + 65.131 + 31.468 = $323 Mil.
Total Current Assets was $1,001 Mil.
Total Assets was $4,730 Mil.
Property, Plant and Equipment(Net PPE) was $3,026 Mil.
Depreciation, Depletion and Amortization(DDA) was $665 Mil.
Selling, General, & Admin. Expense(SGA) was $228 Mil.
Total Current Liabilities was $596 Mil.
Long-Term Debt & Capital Lease Obligation was $2,538 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) |
| = | (347.837 / 3005.981) | / | (327.397 / 2653.766) |
| = | 0.115715 | / | 0.123371 |
| | = | 0.9379 |
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) |
| = | (322.69 / 2653.766) | / | (570.307 / 3005.981) |
| = | 0.121597 | / | 0.189724 |
| | = | 0.6409 |
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 - (1645.678 + 2898.728) / 5277.965) | / | (1 - (1000.623 + 3026.1) / 4729.854) |
| = | 0.138985 | / | 0.148658 |
| | = | 0.9349 |
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 |
| = | 3005.981 | / | 2653.766 |
| | = | 1.1327 |
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)) |
| = | (665.072 / (665.072 + 3026.1)) | / | (645.292 / (645.292 + 2898.728)) |
| = | 0.180179 | / | 0.182079 |
| | = | 0.9896 |
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) |
| = | (244.147 / 3005.981) | / | (228.431 / 2653.766) |
| = | 0.08122 | / | 0.086078 |
| | = | 0.9436 |
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) |
| = | ((2511.519 + 1213.981) / 5277.965) | / | ((2537.54 + 596.39) / 4729.854) |
| = | 0.705859 | / | 0.662585 |
| | = | 1.0653 |
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 |
| = | (-11.784 - -1.355 | - | 637.862) | / | 5277.965 |
| | = | -0.12283 |
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.
Nabors Industries has a M-score of -3.22 suggests that the company is unlikely to be a manipulator.
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