Sitio Royalties Beneish M-Score Historical Data
The historical data trend for Sitio Royalties'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.
Sitio Royalties Beneish M-Score Chart
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Sitio Royalties Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.58 |
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Sitio Royalties Quarterly Data
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Dec20 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
-1.87 |
-2.30 |
-2.58 |
-2.82 |
Competitive Comparison of Sitio Royalties's Beneish M-Score
For the Oil & Gas E&P subindustry, Sitio Royalties'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.
Sitio Royalties's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Sitio Royalties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sitio Royalties's Beneish M-Score falls into.
Sitio Royalties 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 Sitio Royalties 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 * 0.682 | + | 0.528 * 1.3219 | + | 0.404 * 0.5085 | + | 0.892 * 1.308 | + | 0.115 * 0.4959 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7805 | + | 4.679 * -0.055884 | - | 0.327 * 1.0505 |
| = | -2.82 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $113.6 Mil.
Revenue was 151.391 + 149.354 + 156.71 + 136.466 = $593.9 Mil.
Gross Profit was 75.073 + 80.752 + 75.994 + 62.227 = $294.0 Mil.
Total Current Assets was $139.0 Mil.
Total Assets was $4,676.8 Mil.
Property, Plant and Equipment(Net PPE) was $4,523.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $299.9 Mil.
Selling, General, & Admin. Expense(SGA) was $51.0 Mil.
Total Current Liabilities was $41.2 Mil.
Long-Term Debt & Capital Lease Obligation was $853.9 Mil.
Net Income was 8.468 + -37.68 + 0.287 + -0.796 = $-29.7 Mil.
Non Operating Income was -22.076 + -160.124 + -36.919 + -28.658 = $-247.8 Mil.
Cash Flow from Operations was 120.74 + 132.682 + 122.141 + 103.852 = $479.4 Mil.
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Total Receivables was $127.3 Mil.
Revenue was 150.826 + 99.948 + 115.497 + 87.804 = $454.1 Mil.
Gross Profit was 83.063 + 62.739 + 83.492 + 67.892 = $297.2 Mil.
Total Current Assets was $174.5 Mil.
Total Assets was $5,137.2 Mil.
Property, Plant and Equipment(Net PPE) was $4,932.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $156.9 Mil.
Selling, General, & Admin. Expense(SGA) was $49.9 Mil.
Total Current Liabilities was $26.4 Mil.
Long-Term Debt & Capital Lease Obligation was $909.6 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) |
| = | (113.575 / 593.921) | / | (127.325 / 454.075) |
| = | 0.191229 | / | 0.280405 |
| | = | 0.682 |
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) |
| = | (297.186 / 454.075) | / | (294.046 / 593.921) |
| = | 0.654487 | / | 0.495093 |
| | = | 1.3219 |
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 - (138.95 + 4523.875) / 4676.848) | / | (1 - (174.548 + 4932.331) / 5137.167) |
| = | 0.002998 | / | 0.005896 |
| | = | 0.5085 |
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 |
| = | 593.921 | / | 454.075 |
| | = | 1.308 |
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)) |
| = | (156.889 / (156.889 + 4932.331)) | / | (299.875 / (299.875 + 4523.875)) |
| = | 0.030828 | / | 0.062166 |
| | = | 0.4959 |
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) |
| = | (50.955 / 593.921) | / | (49.914 / 454.075) |
| = | 0.085794 | / | 0.109925 |
| | = | 0.7805 |
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) |
| = | ((853.923 + 41.22) / 4676.848) | / | ((909.633 + 26.361) / 5137.167) |
| = | 0.191399 | / | 0.1822 |
| | = | 1.0505 |
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 |
| = | (-29.721 - -247.777 | - | 479.415) | / | 4676.848 |
| | = | -0.055884 |
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.
Sitio Royalties has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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