Genesis Energy LP Beneish M-Score Historical Data
The historical data trend for Genesis Energy LP'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.
Genesis Energy LP Beneish M-Score Chart
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Genesis Energy LP Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.40 |
-2.86 |
-2.40 |
-2.75 |
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Genesis Energy LP 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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-2.40 |
-2.61 |
-2.34 |
-2.46 |
-2.75 |
Competitive Comparison of Genesis Energy LP's Beneish M-Score
For the Oil & Gas Midstream subindustry, Genesis Energy LP'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.
Genesis Energy LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Genesis Energy LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Genesis Energy LP's Beneish M-Score falls into.
Genesis Energy LP 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 Genesis Energy LP 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 * 0.9241 | + | 0.528 * 0.9847 | + | 0.404 * 0.9065 | + | 0.892 * 1.1391 | + | 0.115 * 1.167 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8671 | + | 4.679 * -0.066248 | - | 0.327 * 1.0259 |
| = | -2.75 |
* 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 $760 Mil.
Revenue was 774.104 + 807.618 + 804.662 + 790.612 = $3,177 Mil.
Gross Profit was 83.087 + 128.464 + 119.715 + 63.933 = $395 Mil.
Total Current Assets was $964 Mil.
Total Assets was $7,019 Mil.
Property, Plant and Equipment(Net PPE) was $5,309 Mil.
Depreciation, Depletion and Amortization(DDA) was $280 Mil.
Selling, General, & Admin. Expense(SGA) was $66 Mil.
Total Current Liabilities was $967 Mil.
Long-Term Debt & Capital Lease Obligation was $3,753 Mil.
Net Income was 11.95 + 58.07 + 49.344 + -1.644 = $118 Mil.
Non Operating Income was 13.777 + 17.242 + 14.807 + 15.745 = $62 Mil.
Cash Flow from Operations was 124.762 + 141.043 + 157.664 + 97.657 = $521 Mil.
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Total Receivables was $722 Mil.
Revenue was 714.037 + 721.248 + 721.725 + 631.947 = $2,789 Mil.
Gross Profit was 105.434 + 92.133 + 77.25 + 66.793 = $342 Mil.
Total Current Assets was $853 Mil.
Total Assets was $6,366 Mil.
Property, Plant and Equipment(Net PPE) was $4,767 Mil.
Depreciation, Depletion and Amortization(DDA) was $296 Mil.
Selling, General, & Admin. Expense(SGA) was $67 Mil.
Total Current Liabilities was $709 Mil.
Long-Term Debt & Capital Lease Obligation was $3,464 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) |
| = | (759.547 / 3176.996) | / | (721.567 / 2788.957) |
| = | 0.239077 | / | 0.258723 |
| | = | 0.9241 |
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) |
| = | (341.61 / 2788.957) | / | (395.199 / 3176.996) |
| = | 0.122487 | / | 0.124394 |
| | = | 0.9847 |
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 - (964.05 + 5309.162) / 7018.778) | / | (1 - (853.047 + 4766.972) / 6365.992) |
| = | 0.106224 | / | 0.117181 |
| | = | 0.9065 |
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 |
| = | 3176.996 | / | 2788.957 |
| | = | 1.1391 |
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)) |
| = | (296.205 / (296.205 + 4766.972)) | / | (280.189 / (280.189 + 5309.162)) |
| = | 0.058502 | / | 0.050129 |
| | = | 1.167 |
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) |
| = | (65.779 / 3176.996) | / | (66.598 / 2788.957) |
| = | 0.020705 | / | 0.023879 |
| | = | 0.8671 |
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) |
| = | ((3752.847 + 967.447) / 7018.778) | / | ((3464.154 + 709.107) / 6365.992) |
| = | 0.672524 | / | 0.655555 |
| | = | 1.0259 |
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 |
| = | (117.72 - 61.571 | - | 521.126) | / | 7018.778 |
| | = | -0.066248 |
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.
Genesis Energy LP has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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