Weatherford International Beneish M-Score Historical Data
The historical data trend for Weatherford International'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.
Weatherford International Beneish M-Score Chart
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Weatherford International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.85 |
-2.91 |
-3.10 |
-2.61 |
-2.52 |
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Weatherford International Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.56 |
-2.59 |
-2.33 |
-2.52 |
-2.55 |
Competitive Comparison of Weatherford International's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Weatherford International'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.
Weatherford International's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Weatherford International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Weatherford International's Beneish M-Score falls into.
Weatherford International 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 Weatherford International 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 * 0.9921 | + | 0.528 * 0.925 | + | 0.404 * 0.9821 | + | 0.892 * 1.159 | + | 0.115 * 1.0775 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8945 | + | 4.679 * -0.047937 | - | 0.327 * 0.8865 |
| = | -2.55 |
* 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 $1,251 Mil.
Revenue was 1358 + 1362 + 1313 + 1274 = $5,307 Mil.
Gross Profit was 474 + 463 + 454 + 427 = $1,818 Mil.
Total Current Assets was $3,312 Mil.
Total Assets was $5,090 Mil.
Property, Plant and Equipment(Net PPE) was $1,123 Mil.
Depreciation, Depletion and Amortization(DDA) was $332 Mil.
Selling, General, & Admin. Expense(SGA) was $819 Mil.
Total Current Liabilities was $1,800 Mil.
Long-Term Debt & Capital Lease Obligation was $1,753 Mil.
Net Income was 112 + 140 + 123 + 82 = $457 Mil.
Non Operating Income was -22 + -36 + -24 + -96 = $-178 Mil.
Cash Flow from Operations was 131 + 375 + 172 + 201 = $879 Mil.
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Total Receivables was $1,088 Mil.
Revenue was 1186 + 1209 + 1120 + 1064 = $4,579 Mil.
Gross Profit was 396 + 402 + 345 + 308 = $1,451 Mil.
Total Current Assets was $3,043 Mil.
Total Assets was $4,709 Mil.
Property, Plant and Equipment(Net PPE) was $1,049 Mil.
Depreciation, Depletion and Amortization(DDA) was $342 Mil.
Selling, General, & Admin. Expense(SGA) was $790 Mil.
Total Current Liabilities was $1,511 Mil.
Long-Term Debt & Capital Lease Obligation was $2,197 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) |
| = | (1251 / 5307) | / | (1088 / 4579) |
| = | 0.235726 | / | 0.237606 |
| | = | 0.9921 |
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) |
| = | (1451 / 4579) | / | (1818 / 5307) |
| = | 0.316881 | / | 0.342566 |
| | = | 0.925 |
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 - (3312 + 1123) / 5090) | / | (1 - (3043 + 1049) / 4709) |
| = | 0.128684 | / | 0.131026 |
| | = | 0.9821 |
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 |
| = | 5307 | / | 4579 |
| | = | 1.159 |
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)) |
| = | (342 / (342 + 1049)) | / | (332 / (332 + 1123)) |
| = | 0.245866 | / | 0.228179 |
| | = | 1.0775 |
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) |
| = | (819 / 5307) | / | (790 / 4579) |
| = | 0.154324 | / | 0.172527 |
| | = | 0.8945 |
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) |
| = | ((1753 + 1800) / 5090) | / | ((2197 + 1511) / 4709) |
| = | 0.698035 | / | 0.787428 |
| | = | 0.8865 |
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 |
| = | (457 - -178 | - | 879) | / | 5090 |
| | = | -0.047937 |
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.
Weatherford International has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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