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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for SandRidge Energy's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of SandRidge Energy was 100.53. The lowest was -23.65. And the median was -2.92.
The historical data trend for SandRidge 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.
SandRidge Energy Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -23.65 | -3.98 | -2.75 | 44.61 | -3.17 |
SandRidge Energy Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | 75.38 | 100.53 | -3.17 | -2.72 | -2.58 |
For the Oil & Gas E&P subindustry, SandRidge 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.
For the Oil & Gas industry and Energy sector, SandRidge Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SandRidge Energy's Beneish M-Score falls into.
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 SandRidge 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 * 1.5436 | + | 0.528 * 1.457 | + | 0.404 * 0.8809 | + | 0.892 * 0.6304 | + | 0.115 * 0.8466 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.8366 | + | 4.679 * -0.072462 | - | 0.327 * 0.8772 | |||||||
= | -2.58 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $23.3 Mil. Revenue was 25.977 + 30.283 + 33.926 + 38.149 = $128.3 Mil. Gross Profit was 9.384 + 11.741 + 15.772 + 18.814 = $55.7 Mil. Total Current Assets was $237.2 Mil. Total Assets was $529.6 Mil. Property, Plant and Equipment(Net PPE) was $238.6 Mil. Depreciation, Depletion and Amortization(DDA) was $23.5 Mil. Selling, General, & Admin. Expense(SGA) was $11.7 Mil. Total Current Liabilities was $46.2 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Net Income was 8.794 + 11.125 + 1.792 + 18.67 = $40.4 Mil. Non Operating Income was 0.002 + 0.009 + -0.064 + -0.011 = $-0.1 Mil. Cash Flow from Operations was 11.412 + 15.681 + 26.219 + 25.507 = $78.8 Mil. |
Total Receivables was $23.9 Mil. Revenue was 33.419 + 43.147 + 56.112 + 70.899 = $203.6 Mil. Gross Profit was 16.518 + 22.63 + 37.844 + 51.765 = $128.8 Mil. Total Current Assets was $254.5 Mil. Total Assets was $562.1 Mil. Property, Plant and Equipment(Net PPE) was $242.8 Mil. Depreciation, Depletion and Amortization(DDA) was $20.0 Mil. Selling, General, & Admin. Expense(SGA) was $10.1 Mil. Total Current Liabilities was $55.8 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 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) |
= | (23.264 / 128.335) | / | (23.908 / 203.577) | |
= | 0.181276 | / | 0.11744 | |
= | 1.5436 |
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) | |
= | (128.757 / 203.577) | / | (55.711 / 128.335) | |
= | 0.632473 | / | 0.434106 | |
= | 1.457 |
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 - (237.162 + 238.628) / 529.571) | / | (1 - (254.494 + 242.766) / 562.061) | |
= | 0.101556 | / | 0.115292 | |
= | 0.8809 |
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 | |
= | 128.335 | / | 203.577 | |
= | 0.6304 |
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)) |
= | (19.95 / (19.95 + 242.766)) | / | (23.513 / (23.513 + 238.628)) | |
= | 0.075938 | / | 0.089696 | |
= | 0.8466 |
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) |
= | (11.732 / 128.335) | / | (10.133 / 203.577) | |
= | 0.091417 | / | 0.049775 | |
= | 1.8366 |
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) |
= | ((0 + 46.157) / 529.571) | / | ((0 + 55.844) / 562.061) | |
= | 0.087159 | / | 0.099356 | |
= | 0.8772 |
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 | |
= | (40.381 - -0.064 | - | 78.819) | / | 529.571 | |
= | -0.072462 |
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.
SandRidge Energy has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of SandRidge Energy's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Brown Brandon Louis Sr. | officer: SVP, Chief Financial Officer | C/O SANDRIDGE ENERGY, INC., 1 EAST SHERIDAN, SUITE 500, OKLAHOMA CITY OK 73104 |
Grayson R Pranin | officer: SVP, Chief Operating Officer | 1 EAST SHERIDAN AVENUE, SUITE 500, OKLAHOMA CITY OK 73104 |
Nancy Martori Dunlap | director | C/O CVR REFINING, LP, 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479 |
Jaffrey Adam Firestone | director | C/O CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479 |
Salah Gamoudi | officer: CFO/CAO | C/O SANDRIDGE ENERGY, INC., 123 ROBERT S. KERR AVENUE, OKLAHOMA CITY OK 73102 |
Patricia A. Agnello | director | C/O ICAHN ENTERPRISES L.P., 16690 COLLINS AVE., PH, SUNNY ISLES FL 33160 |
Carl Fredrick Giesler | officer: President and CEO | 10000 ENERGY DRIVE, P. O. BOX 12359, SPRING TX 77391-2359 |
Randolph C Read | director | C/O NEW YORK REIT, INC., 405 PARK AVENUE, NEW YORK NY 10022 |
Paul D. Mckinney | officer: President & CEO | 1177 WEST LOOP SOUTH, SUITE 1825, HOUSTON TX 77027 |
Jonathan Christodoro | director | C/O ICAHN ENTERPRISES L.P., 16690 COLLINS AVE., PH, SUNNY ISLES FL 33160 |
John J Lipinski | director | C/O CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479 |
Bob G Alexander | director | 6017 MORNING DOVE LANE, EDMOND OK 73025 |
Jonathan Frates | director | C/O ICAHN ENTERPRISES L.P., 16690 COLLINS AVE., PH, SUNNY ISLES FL 33160 |
Kenneth H Beer | director | 625 E. KALISTE SALOOM RD., LAFAYETTE LA 70508 |
Sylvia K. Barnes | director | 4853 POST OAK TIMBER DRIVE, HOUSTON TX 77056 |
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