Vital Energy Beneish M-Score Historical Data
The historical data trend for Vital 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.
Vital Energy Beneish M-Score Chart
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Vital Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.05 |
-4.32 |
-0.90 |
-2.21 |
-1.05 |
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Vital Energy Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.21 |
-2.78 |
-2.04 |
-1.61 |
-1.05 |
Competitive Comparison of Vital Energy's Beneish M-Score
For the Oil & Gas E&P subindustry, Vital 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.
Vital Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Vital Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vital Energy's Beneish M-Score falls into.
Vital 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 Vital 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 * 1.814 | + | 0.528 * 1.3585 | + | 0.404 * 3.0986 | + | 0.892 * 0.8057 | + | 0.115 * 1.2175 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4891 | + | 4.679 * -0.042496 | - | 0.327 * 0.7837 |
| = | -1.05 |
* 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 $239 Mil.
Revenue was 444.521 + 435.514 + 335.062 + 332.507 = $1,548 Mil.
Gross Profit was 179.128 + 221.143 + 151.809 + 160.849 = $713 Mil.
Total Current Assets was $371 Mil.
Total Assets was $5,150 Mil.
Property, Plant and Equipment(Net PPE) was $4,505 Mil.
Depreciation, Depletion and Amortization(DDA) was $463 Mil.
Selling, General, & Admin. Expense(SGA) was $146 Mil.
Total Current Liabilities was $596 Mil.
Long-Term Debt & Capital Lease Obligation was $1,681 Mil.
Net Income was 281.434 + 4.893 + 294.811 + 113.94 = $695 Mil.
Non Operating Income was 229.595 + -133.433 + -16.786 + 21.581 = $101 Mil.
Cash Flow from Operations was 233.734 + 214.209 + 248.888 + 116.125 = $813 Mil.
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Total Receivables was $163 Mil.
Revenue was 364.131 + 464.114 + 560.156 + 532.395 = $1,921 Mil.
Gross Profit was 197.112 + 297.144 + 400.226 + 307.576 = $1,202 Mil.
Total Current Assets was $246 Mil.
Total Assets was $2,726 Mil.
Property, Plant and Equipment(Net PPE) was $2,434 Mil.
Depreciation, Depletion and Amortization(DDA) was $312 Mil.
Selling, General, & Admin. Expense(SGA) was $122 Mil.
Total Current Liabilities was $415 Mil.
Long-Term Debt & Capital Lease Obligation was $1,122 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) |
| = | (238.773 / 1547.604) | / | (163.369 / 1920.796) |
| = | 0.154286 | / | 0.085053 |
| | = | 1.814 |
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) |
| = | (1202.058 / 1920.796) | / | (712.929 / 1547.604) |
| = | 0.625812 | / | 0.460666 |
| | = | 1.3585 |
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 - (370.919 + 4505.108) / 5149.581) | / | (1 - (245.791 + 2433.587) / 2726.114) |
| = | 0.053122 | / | 0.017144 |
| | = | 3.0986 |
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 |
| = | 1547.604 | / | 1920.796 |
| | = | 0.8057 |
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)) |
| = | (311.64 / (311.64 + 2433.587)) | / | (463.244 / (463.244 + 4505.108)) |
| = | 0.113521 | / | 0.093239 |
| | = | 1.2175 |
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) |
| = | (146.103 / 1547.604) | / | (121.774 / 1920.796) |
| = | 0.094406 | / | 0.063398 |
| | = | 1.4891 |
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) |
| = | ((1680.767 + 595.589) / 5149.581) | / | ((1122.458 + 415.276) / 2726.114) |
| = | 0.442047 | / | 0.564075 |
| | = | 0.7837 |
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 |
| = | (695.078 - 100.957 | - | 812.956) | / | 5149.581 |
| | = | -0.042496 |
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.
Vital Energy has a M-score of -1.05 signals that the company is likely to be a manipulator.
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