Baytex Energy Beneish M-Score Historical Data
The historical data trend for Baytex 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.
Baytex Energy Beneish M-Score Chart
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Baytex Energy Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.99 |
- |
-1.40 |
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Baytex Energy Quarterly Data
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Mar19 |
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Sep19 |
Dec19 |
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Dec23 |
| Beneish M-Score |
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13.41 |
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-1.40 |
-1.40 |
Competitive Comparison of Baytex Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, Baytex 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.
Baytex Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Baytex Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Baytex Energy's Beneish M-Score falls into.
Baytex 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 Baytex 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 * 1.3051 | + | 0.528 * 1.6187 | + | 0.404 * 3.2848 | + | 0.892 * 1.1708 | + | 0.115 * 0.8101 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1573 | + | 4.679 * -0.072522 | - | 0.327 * 1.6708 |
| = | -1.40 |
* 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 C$339 Mil.
Revenue was 1065.515 + 1163.01 + 598.76 + 555.336 = C$3,383 Mil.
Gross Profit was 194.001 + 351.298 + 127.689 + 106.99 = C$780 Mil.
Total Current Assets was C$440 Mil.
Total Assets was C$7,461 Mil.
Property, Plant and Equipment(Net PPE) was C$6,746 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1,048 Mil.
Selling, General, & Admin. Expense(SGA) was C$107 Mil.
Total Current Liabilities was C$558 Mil.
Long-Term Debt & Capital Lease Obligation was C$2,427 Mil.
Net Income was -625.83 + 127.43 + 213.603 + 51.441 = C$-233 Mil.
Non Operating Income was -899.126 + -71.344 + -24.072 + 6.539 = C$-988 Mil.
Cash Flow from Operations was 474.452 + 444.033 + 192.308 + 184.938 = C$1,296 Mil.
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Total Receivables was C$222 Mil.
Revenue was 648.986 + 712.065 + 854.169 + 673.825 = C$2,889 Mil.
Gross Profit was 198.173 + 257.039 + 364.245 + 258.893 = C$1,078 Mil.
Total Current Assets was C$244 Mil.
Total Assets was C$5,104 Mil.
Property, Plant and Equipment(Net PPE) was C$4,802 Mil.
Depreciation, Depletion and Amortization(DDA) was C$587 Mil.
Selling, General, & Admin. Expense(SGA) was C$79 Mil.
Total Current Liabilities was C$289 Mil.
Long-Term Debt & Capital Lease Obligation was C$934 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) |
| = | (339.405 / 3382.621) | / | (222.108 / 2889.045) |
| = | 0.100338 | / | 0.076879 |
| | = | 1.3051 |
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) |
| = | (1078.35 / 2889.045) | / | (779.978 / 3382.621) |
| = | 0.373255 | / | 0.230584 |
| | = | 1.6187 |
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 - (440.024 + 6746.033) / 7460.931) | / | (1 - (244.054 + 4802.471) / 5103.769) |
| = | 0.036842 | / | 0.011216 |
| | = | 3.2848 |
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 |
| = | 3382.621 | / | 2889.045 |
| | = | 1.1708 |
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)) |
| = | (587.05 / (587.05 + 4802.471)) | / | (1047.904 / (1047.904 + 6746.033)) |
| = | 0.108924 | / | 0.134451 |
| | = | 0.8101 |
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) |
| = | (107.488 / 3382.621) | / | (79.326 / 2889.045) |
| = | 0.031777 | / | 0.027458 |
| | = | 1.1573 |
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) |
| = | ((2427.166 + 558.023) / 7460.931) | / | ((933.646 + 288.529) / 5103.769) |
| = | 0.400109 | / | 0.239465 |
| | = | 1.6708 |
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 |
| = | (-233.356 - -988.003 | - | 1295.731) | / | 7460.931 |
| | = | -0.072522 |
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.
Baytex Energy has a M-score of -1.40 signals that the company is likely to be a manipulator.
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