GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » YPF SA (NYSE:YPF) » Definitions » Beneish M-Score

YPF (YPF) Beneish M-Score : -2.78 (As of Apr. 27, 2024)


View and export this data going back to 1993. Start your Free Trial

What is YPF Beneish M-Score?

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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for YPF's Beneish M-Score or its related term are showing as below:

YPF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28   Med: -2.61   Max: -1.67
Current: -2.78

During the past 13 years, the highest Beneish M-Score of YPF was -1.67. The lowest was -3.28. And the median was -2.61.


YPF Beneish M-Score Historical Data

The historical data trend for YPF'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.

* Premium members only.

YPF Beneish M-Score Chart

YPF Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.61 -2.61 -3.16 -2.04 -2.78

YPF Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.04 -2.03 -2.08 -1.44 -2.78

Competitive Comparison of YPF's Beneish M-Score

For the Oil & Gas Integrated subindustry, YPF'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.


YPF's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, YPF's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where YPF's Beneish M-Score falls into.



YPF 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 YPF 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 * 0.5463+0.528 * 1.3902+0.404 * 0.8599+0.892 * 0.9766+0.115 * 0.9573
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0873+4.679 * -0.240203-0.327 * 1.1219
=-3.95

* 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 $1,234 Mil.
Revenue was 7641.356 + 4218.187 + 4046.793 + 3882.777 = $19,789 Mil.
Gross Profit was 1647.78 + 637.879 + 735.237 + 783.072 = $3,804 Mil.
Total Current Assets was $4,434 Mil.
Total Assets was $25,035 Mil.
Property, Plant and Equipment(Net PPE) was $18,343 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,273 Mil.
Selling, General, & Admin. Expense(SGA) was $2,246 Mil.
Total Current Liabilities was $4,920 Mil.
Long-Term Debt & Capital Lease Obligation was $7,007 Mil.
Net Income was -1502.965 + -187.716 + 287.778 + 280.793 = $-1,122 Mil.
Non Operating Income was -889.998 + -468.259 + 85.287 + 251.35 = $-1,022 Mil.
Cash Flow from Operations was 2882.54 + 659.876 + 953.117 + 1417.467 = $5,913 Mil.
Total Receivables was $2,313 Mil.
Revenue was 6856.756 + 5049.14 + 4766.108 + 3591.169 = $20,263 Mil.
Gross Profit was 1611.927 + 1463.387 + 1482.238 + 857.549 = $5,415 Mil.
Total Current Assets was $5,143 Mil.
Total Assets was $25,912 Mil.
Property, Plant and Equipment(Net PPE) was $18,051 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,060 Mil.
Selling, General, & Admin. Expense(SGA) was $2,115 Mil.
Total Current Liabilities was $4,783 Mil.
Long-Term Debt & Capital Lease Obligation was $6,220 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)
=(1234 / 19789.113) / (2313 / 20263.173)
=0.062358 / 0.114148
=0.5463

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)
=(5415.101 / 20263.173) / (3803.968 / 19789.113)
=0.267239 / 0.192225
=1.3902

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 - (4434 + 18343) / 25035) / (1 - (5143 + 18051) / 25912)
=0.090194 / 0.104893
=0.8599

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
=19789.113 / 20263.173
=0.9766

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))
=(3060.016 / (3060.016 + 18051)) / (3273 / (3273 + 18343))
=0.144949 / 0.151416
=0.9573

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)
=(2246.279 / 19789.113) / (2115.427 / 20263.173)
=0.113511 / 0.104398
=1.0873

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)
=((7007 + 4920) / 25035) / ((6220 + 4783) / 25912)
=0.476413 / 0.42463
=1.1219

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
=(-1122.11 - -1021.62 - 5913) / 25035
=-0.240203

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.

YPF has a M-score of -3.95 suggests that the company is unlikely to be a manipulator.


YPF (YPF) Business Description

Address
Macacha Guemes 515, Buenos Aires, ARG, C1106BKK
YPF SA is an Argentina-based integrated oil and gas company. It is engaged in operating a fully integrated oil and gas chain across the domestic upstream, downstream, and gas and power segments. The company's upstream operations consist of the exploration, development, and production of crude oil, natural gas, and LPG. Its downstream operations include the refining, marketing, transportation, and distribution of oil and a wide range of petroleum products, petroleum derivatives, petrochemicals, LPG, and bio-fuels. The company generates maximum revenue from the downstream segment.
Executives
Petersen Energia, S.a. 10 percent owner C/O GRUPO PETERSEN, CERRITO 740, PISO 1, BUENOS AIRES C1 C1010AAP

YPF (YPF) Headlines

From GuruFocus

YPF SA Reports

By Marketwired Marketwired 04-25-2020

Charles Brandes' 8 Largest 2nd-Quarter Buys

By Tiziano Frateschi Tiziano Frateschi 08-10-2017

2 Underperforming Holdings To Ease

By Alberto Abaterusso Alberto Abaterusso 12-19-2019

7 High-Conviction Stock Picks Held By The Masters of the Universe

By Charles Sizemore Charles Sizemore 04-27-2015

YPF SA (YPF): A Comprehensive Valuation Analysis

By GuruFocus Research 12-05-2023

YPF SA reports

By Marketwired Marketwired 04-24-2018

Argentina Defaults: Now What?

By Charles Sizemore Charles Sizemore 08-01-2014