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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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Tellurian's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Tellurian was 153.90. The lowest was -18.28. And the median was -2.91.
The historical data trend for Tellurian'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.
Tellurian Annual Data | |||||||||||||||||||||
Trend | Jun14 | Jun15 | Jun16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | 0.60 | -3.43 | -2.35 | 1.49 | -3.64 |
Tellurian Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.37 | -3.64 | -3.75 | -3.64 | -2.89 |
For the Oil & Gas E&P subindustry, Tellurian'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, Tellurian's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tellurian'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 Tellurian 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 * 0.9682 | + | 0.528 * 2.5686 | + | 0.404 * 0.806 | + | 0.892 * 0.4753 | + | 0.115 * 0.7563 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.4059 | + | 4.679 * -0.120787 | - | 0.327 * 0.9913 | |||||||
= | -2.89 |
* 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 $18.0 Mil. Revenue was 25.472 + 39.956 + 43.25 + 31.987 = $140.7 Mil. Gross Profit was 4.238 + 12.588 + 19.589 + 6.777 = $43.2 Mil. Total Current Assets was $73.7 Mil. Total Assets was $1,266.7 Mil. Property, Plant and Equipment(Net PPE) was $1,136.1 Mil. Depreciation, Depletion and Amortization(DDA) was $97.5 Mil. Selling, General, & Admin. Expense(SGA) was $84.4 Mil. Total Current Liabilities was $159.5 Mil. Long-Term Debt & Capital Lease Obligation was $437.4 Mil. Net Income was -44.014 + -13.648 + -65.417 + -59.619 = $-182.7 Mil. Non Operating Income was -10.503 + 15.939 + -27.042 + 1.454 = $-20.2 Mil. Cash Flow from Operations was -8.519 + -8.481 + -18.788 + 26.24 = $-9.5 Mil. |
Total Receivables was $39.0 Mil. Revenue was 50.935 + 102.533 + 81.103 + 61.35 = $295.9 Mil. Gross Profit was 28.748 + 80.911 + 68.243 + 55.496 = $233.4 Mil. Total Current Assets was $212.7 Mil. Total Assets was $1,267.1 Mil. Property, Plant and Equipment(Net PPE) was $983.7 Mil. Depreciation, Depletion and Amortization(DDA) was $62.5 Mil. Selling, General, & Admin. Expense(SGA) was $126.3 Mil. Total Current Liabilities was $97.4 Mil. Long-Term Debt & Capital Lease Obligation was $505.0 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) |
= | (17.965 / 140.665) | / | (39.033 / 295.921) | |
= | 0.127715 | / | 0.131903 | |
= | 0.9682 |
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) | |
= | (233.398 / 295.921) | / | (43.192 / 140.665) | |
= | 0.788717 | / | 0.307056 | |
= | 2.5686 |
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 - (73.663 + 1136.072) / 1266.675) | / | (1 - (212.703 + 983.727) / 1267.102) | |
= | 0.044952 | / | 0.055775 | |
= | 0.806 |
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 | |
= | 140.665 | / | 295.921 | |
= | 0.4753 |
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)) |
= | (62.523 / (62.523 + 983.727)) | / | (97.473 / (97.473 + 1136.072)) | |
= | 0.059759 | / | 0.079019 | |
= | 0.7563 |
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) |
= | (84.413 / 140.665) | / | (126.311 / 295.921) | |
= | 0.6001 | / | 0.42684 | |
= | 1.4059 |
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) |
= | ((437.442 + 159.48) / 1266.675) | / | ((504.978 + 97.404) / 1267.102) | |
= | 0.471251 | / | 0.475401 | |
= | 0.9913 |
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 | |
= | (-182.698 - -20.152 | - | -9.548) | / | 1266.675 | |
= | -0.120787 |
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.
Tellurian has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Tellurian's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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