WPX Energy Beneish M-Score Historical Data
The historical data trend for WPX Energy'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.
WPX Energy Beneish M-Score Chart
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WPX Energy Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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1.72 |
-2.28 |
-3.22 |
-2.09 |
-2.97 |
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WPX Energy Quarterly Data
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Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
| Beneish M-Score |
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-2.61 |
-2.97 |
-3.50 |
-3.46 |
-3.65 |
Competitive Comparison of WPX Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, WPX Energy'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.
WPX Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, WPX Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where WPX Energy's Beneish M-Score falls into.
WPX Energy 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 WPX Energy 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 * 0.9317 | + | 0.528 * 1.2854 | + | 0.404 * 0.6785 | + | 0.892 * 0.8657 | + | 0.115 * 1.0344 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3088 | + | 4.679 * -0.17135 | - | 0.327 * 1.1881 |
| = | -3.55 |
* 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 (Sep20) TTM: | Last Year (Sep19) TTM: |
Total Receivables was $446 Mil.
Revenue was 583 + 308 + 529 + 642 = $2,062 Mil.
Gross Profit was 250 + 47 + 236 + 358 = $891 Mil.
Total Current Assets was $891 Mil.
Total Assets was $9,501 Mil.
Property, Plant and Equipment(Net PPE) was $8,438 Mil.
Depreciation, Depletion and Amortization(DDA) was $973 Mil.
Selling, General, & Admin. Expense(SGA) was $835 Mil.
Total Current Liabilities was $887 Mil.
Long-Term Debt & Capital Lease Obligation was $3,213 Mil.
Net Income was -155 + -409 + -388 + -122 = $-1,074 Mil.
Non Operating Income was -129 + -265 + -132 + -193 = $-719 Mil.
Cash Flow from Operations was 390 + 276 + 256 + 351 = $1,273 Mil.
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Total Receivables was $553 Mil.
Revenue was 620 + 617 + 566 + 579 = $2,382 Mil.
Gross Profit was 343 + 355 + 298 + 327 = $1,323 Mil.
Total Current Assets was $816 Mil.
Total Assets was $8,620 Mil.
Property, Plant and Equipment(Net PPE) was $7,574 Mil.
Depreciation, Depletion and Amortization(DDA) was $907 Mil.
Selling, General, & Admin. Expense(SGA) was $737 Mil.
Total Current Liabilities was $930 Mil.
Long-Term Debt & Capital Lease Obligation was $2,201 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) |
| = | (446 / 2062) | / | (553 / 2382) |
| = | 0.216295 | / | 0.232158 |
| | = | 0.9317 |
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) |
| = | (1323 / 2382) | / | (891 / 2062) |
| = | 0.555416 | / | 0.432105 |
| | = | 1.2854 |
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 - (891 + 8438) / 9501) | / | (1 - (816 + 7574) / 8620) |
| = | 0.018103 | / | 0.026682 |
| | = | 0.6785 |
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 |
| = | 2062 | / | 2382 |
| | = | 0.8657 |
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)) |
| = | (907 / (907 + 7574)) | / | (973 / (973 + 8438)) |
| = | 0.106945 | / | 0.10339 |
| | = | 1.0344 |
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) |
| = | (835 / 2062) | / | (737 / 2382) |
| = | 0.404947 | / | 0.309404 |
| | = | 1.3088 |
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) |
| = | ((3213 + 887) / 9501) | / | ((2201 + 930) / 8620) |
| = | 0.431534 | / | 0.363225 |
| | = | 1.1881 |
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 |
| = | (-1074 - -719 | - | 1273) | / | 9501 |
| | = | -0.17135 |
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.
WPX Energy has a M-score of -3.55 suggests that the company is unlikely to be a manipulator.
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