Patterson-UTI Energy Beneish M-Score Historical Data
The historical data trend for Patterson-UTI 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.
Patterson-UTI Energy Beneish M-Score Chart
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Patterson-UTI Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-4.60 |
-4.65 |
-3.10 |
-4.69 |
18.37 |
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Patterson-UTI Energy 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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-4.69 |
-4.18 |
-3.99 |
17.37 |
18.37 |
Competitive Comparison of Patterson-UTI Energy's Beneish M-Score
For the Oil & Gas Drilling subindustry, Patterson-UTI 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.
Patterson-UTI Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Patterson-UTI Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Patterson-UTI Energy's Beneish M-Score falls into.
Patterson-UTI 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 Patterson-UTI 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 * 1.0746 | + | 0.528 * 0.8226 | + | 0.404 * 52.1736 | + | 0.892 * 1.5661 | + | 0.115 * 1.0028 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9308 | + | 4.679 * -0.089299 | - | 0.327 * 0.7032 |
| = | 18.37 |
* 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 $1,029 Mil.
Revenue was 1584.317 + 1011.452 + 758.885 + 791.802 = $4,146 Mil.
Gross Profit was 186.413 + 122.359 + 143.986 + 150.963 = $604 Mil.
Total Current Assets was $1,486 Mil.
Total Assets was $7,420 Mil.
Property, Plant and Equipment(Net PPE) was $3,480 Mil.
Depreciation, Depletion and Amortization(DDA) was $731 Mil.
Selling, General, & Admin. Expense(SGA) was $170 Mil.
Total Current Liabilities was $1,050 Mil.
Long-Term Debt & Capital Lease Obligation was $1,276 Mil.
Net Income was 61.95 + 0.05 + 84.614 + 99.678 = $246 Mil.
Non Operating Income was -22.084 + -70.806 + -5.617 + 1.486 = $-97 Mil.
Cash Flow from Operations was 452.632 + 156.076 + 162.857 + 234.349 = $1,006 Mil.
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Total Receivables was $611 Mil.
Revenue was 788.476 + 727.503 + 622.238 + 509.375 = $2,648 Mil.
Gross Profit was 149.355 + 104.732 + 53.785 + 9.225 = $317 Mil.
Total Current Assets was $829 Mil.
Total Assets was $3,144 Mil.
Property, Plant and Equipment(Net PPE) was $2,294 Mil.
Depreciation, Depletion and Amortization(DDA) was $484 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $551 Mil.
Long-Term Debt & Capital Lease Obligation was $851 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) |
| = | (1029.046 / 4146.456) | / | (611.465 / 2647.592) |
| = | 0.248175 | / | 0.230951 |
| | = | 1.0746 |
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) |
| = | (317.097 / 2647.592) | / | (603.721 / 4146.456) |
| = | 0.119768 | / | 0.145599 |
| | = | 0.8226 |
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 - (1485.698 + 3479.544) / 7420.031) | / | (1 - (829.419 + 2294.468) / 3143.823) |
| = | 0.330833 | / | 0.006341 |
| | = | 52.1736 |
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 |
| = | 4146.456 | / | 2647.592 |
| | = | 1.5661 |
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)) |
| = | (483.945 / (483.945 + 2294.468)) | / | (731.416 / (731.416 + 3479.544)) |
| = | 0.17418 | / | 0.173693 |
| | = | 1.0028 |
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) |
| = | (169.962 / 4146.456) | / | (116.589 / 2647.592) |
| = | 0.04099 | / | 0.044036 |
| | = | 0.9308 |
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) |
| = | ((1275.742 + 1050.435) / 7420.031) | / | ((850.531 + 550.966) / 3143.823) |
| = | 0.3135 | / | 0.445794 |
| | = | 0.7032 |
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 |
| = | (246.292 - -97.021 | - | 1005.914) | / | 7420.031 |
| | = | -0.089299 |
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.
Patterson-UTI Energy has a M-score of 18.37 signals that the company is likely to be a manipulator.
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