Dorian LPG Beneish M-Score Historical Data
The historical data trend for Dorian LPG'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.
Dorian LPG Beneish M-Score Chart
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Dorian LPG Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.94 |
-2.12 |
-3.08 |
-2.52 |
-2.37 |
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Dorian LPG 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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-1.89 |
-2.37 |
-2.37 |
-2.35 |
-2.21 |
Competitive Comparison of Dorian LPG's Beneish M-Score
For the Oil & Gas Midstream subindustry, Dorian LPG'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.
Dorian LPG's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Dorian LPG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dorian LPG's Beneish M-Score falls into.
Dorian LPG 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 Dorian LPG 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 * 0.7981 | + | 0.528 * 0.7991 | + | 0.404 * 1.112 | + | 0.892 * 1.6472 | + | 0.115 * 0.9054 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7323 | + | 4.679 * -0.018626 | - | 0.327 * 1.0148 |
| = | -2.21 |
* 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 $113.3 Mil.
Revenue was 163.065 + 144.698 + 111.563 + 133.635 = $553.0 Mil.
Gross Profit was 117.355 + 93.386 + 64.22 + 90.723 = $365.7 Mil.
Total Current Assets was $339.3 Mil.
Total Assets was $1,820.3 Mil.
Property, Plant and Equipment(Net PPE) was $1,423.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $91.7 Mil.
Selling, General, & Admin. Expense(SGA) was $38.0 Mil.
Total Current Liabilities was $102.5 Mil.
Long-Term Debt & Capital Lease Obligation was $732.3 Mil.
Net Income was 99.973 + 76.513 + 51.721 + 76.021 = $304.2 Mil.
Non Operating Income was -3.195 + 4.309 + 4.812 + -0.017 = $5.9 Mil.
Cash Flow from Operations was 70.642 + 100.302 + 63.265 + 98.016 = $332.2 Mil.
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Total Receivables was $86.2 Mil.
Revenue was 103.322 + 75.968 + 76.824 + 79.584 = $335.7 Mil.
Gross Profit was 63.804 + 35.75 + 37.768 + 40.074 = $177.4 Mil.
Total Current Assets was $228.1 Mil.
Total Assets was $1,530.4 Mil.
Property, Plant and Equipment(Net PPE) was $1,258.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $73.0 Mil.
Selling, General, & Admin. Expense(SGA) was $31.5 Mil.
Total Current Liabilities was $83.9 Mil.
Long-Term Debt & Capital Lease Obligation was $607.7 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) |
| = | (113.341 / 552.961) | / | (86.212 / 335.698) |
| = | 0.204971 | / | 0.256814 |
| | = | 0.7981 |
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) |
| = | (177.396 / 335.698) | / | (365.684 / 552.961) |
| = | 0.528439 | / | 0.66132 |
| | = | 0.7991 |
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 - (339.329 + 1423.584) / 1820.336) | / | (1 - (228.058 + 1258.934) / 1530.407) |
| = | 0.031545 | / | 0.028368 |
| | = | 1.112 |
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 |
| = | 552.961 | / | 335.698 |
| | = | 1.6472 |
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)) |
| = | (72.992 / (72.992 + 1258.934)) | / | (91.722 / (91.722 + 1423.584)) |
| = | 0.054802 | / | 0.06053 |
| | = | 0.9054 |
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) |
| = | (38.005 / 552.961) | / | (31.506 / 335.698) |
| = | 0.06873 | / | 0.093852 |
| | = | 0.7323 |
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) |
| = | ((732.315 + 102.451) / 1820.336) | / | ((607.691 + 83.87) / 1530.407) |
| = | 0.458578 | / | 0.45188 |
| | = | 1.0148 |
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 |
| = | (304.228 - 5.909 | - | 332.225) | / | 1820.336 |
| | = | -0.018626 |
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.
Dorian LPG has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
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