Rowan Beneish M-Score Historical Data
The historical data trend for Rowan'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.
Rowan Beneish M-Score Chart
|
Rowan Annual Data
|
|
Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.50 |
-3.43 |
-2.77 |
1.33 |
-2.71 |
|
Rowan Quarterly Data
|
|
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
1.33 |
2.87 |
-5.07 |
-1.94 |
-2.71 |
Competitive Comparison of Rowan's Beneish M-Score
For the Oil & Gas Drilling subindustry, Rowan'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.
Rowan's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Rowan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rowan's Beneish M-Score falls into.
Rowan 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 Rowan 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 * 1.8359 | + | 0.528 * -0.5062 | + | 0.404 * 1.8606 | + | 0.892 * 0.643 | + | 0.115 * 0.9834 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4248 | + | 4.679 * -0.031339 | - | 0.327 * 1.0403 |
| = | -2.71 |
* 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 (Dec18) TTM: | Last Year (Dec17) TTM: |
Total Receivables was $251.2 Mil.
Revenue was 179.4 + 192.9 + 241.3 + 211.2 = $824.8 Mil.
Gross Profit was -81.9 + -88.4 + -32.4 + -44.1 = $-246.8 Mil.
Total Current Assets was $1,300.3 Mil.
Total Assets was $8,117.7 Mil.
Property, Plant and Equipment(Net PPE) was $6,201.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $388.9 Mil.
Selling, General, & Admin. Expense(SGA) was $96.1 Mil.
Total Current Liabilities was $453.6 Mil.
Long-Term Debt & Capital Lease Obligation was $2,309.7 Mil.
Net Income was -14.3 + -144.1 + -76.7 + -112.3 = $-347.4 Mil.
Non Operating Income was 58.1 + 5.6 + 8.2 + -4.8 = $67.1 Mil.
Cash Flow from Operations was -47.7 + -66.5 + -34.8 + -11.1 = $-160.1 Mil.
|
Total Receivables was $212.8 Mil.
Revenue was 296.7 + 291.6 + 320.2 + 374.3 = $1,282.8 Mil.
Gross Profit was 17.1 + 20.8 + 51.2 + 105.2 = $194.3 Mil.
Total Current Assets was $1,560.4 Mil.
Total Assets was $8,458.3 Mil.
Property, Plant and Equipment(Net PPE) was $6,552.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $403.7 Mil.
Selling, General, & Admin. Expense(SGA) was $104.9 Mil.
Total Current Liabilities was $257.4 Mil.
Long-Term Debt & Capital Lease Obligation was $2,510.3 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) |
| = | (251.2 / 824.8) | / | (212.8 / 1282.8) |
| = | 0.304559 | / | 0.165887 |
| | = | 1.8359 |
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) |
| = | (194.3 / 1282.8) | / | (-246.8 / 824.8) |
| = | 0.151466 | / | -0.299224 |
| | = | -0.5062 |
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 - (1300.3 + 6201) / 8117.7) | / | (1 - (1560.4 + 6552.7) / 8458.3) |
| = | 0.075933 | / | 0.040812 |
| | = | 1.8606 |
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 |
| = | 824.8 | / | 1282.8 |
| | = | 0.643 |
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)) |
| = | (403.7 / (403.7 + 6552.7)) | / | (388.9 / (388.9 + 6201)) |
| = | 0.058033 | / | 0.059015 |
| | = | 0.9834 |
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) |
| = | (96.1 / 824.8) | / | (104.9 / 1282.8) |
| = | 0.116513 | / | 0.081774 |
| | = | 1.4248 |
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) |
| = | ((2309.7 + 453.6) / 8117.7) | / | ((2510.3 + 257.4) / 8458.3) |
| = | 0.340404 | / | 0.327217 |
| | = | 1.0403 |
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 |
| = | (-347.4 - 67.1 | - | -160.1) | / | 8117.7 |
| | = | -0.031339 |
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.
Rowan has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
RDC has been successfully added to your