Icahn Enterprises LP Beneish M-Score Historical Data
The historical data trend for Icahn Enterprises 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.
Icahn Enterprises LP Beneish M-Score Chart
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Icahn Enterprises 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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-2.01 |
0.47 |
-2.16 |
-2.37 |
-3.60 |
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Icahn Enterprises 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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-2.37 |
-2.05 |
-2.50 |
-2.88 |
-3.60 |
Competitive Comparison of Icahn Enterprises LP's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Icahn Enterprises 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.
Icahn Enterprises LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Icahn Enterprises LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Icahn Enterprises LP's Beneish M-Score falls into.
Icahn Enterprises 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 Icahn Enterprises 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 * 0.7573 | + | 0.528 * 0.811 | + | 0.404 * 0.9037 | + | 0.892 * 0.8387 | + | 0.115 * 0.9697 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8127 | + | 4.679 * -0.121296 | - | 0.327 * 1.2273 |
| = | -3.60 |
* 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 $4,863 Mil.
Revenue was 2826 + 3194 + 2882 + 2945 = $11,847 Mil.
Gross Profit was 446 + 817 + 572 + 685 = $2,520 Mil.
Total Current Assets was $14,868 Mil.
Total Assets was $20,858 Mil.
Property, Plant and Equipment(Net PPE) was $3,969 Mil.
Depreciation, Depletion and Amortization(DDA) was $518 Mil.
Selling, General, & Admin. Expense(SGA) was $852 Mil.
Total Current Liabilities was $2,760 Mil.
Long-Term Debt & Capital Lease Obligation was $7,174 Mil.
Net Income was -139 + -6 + -269 + -270 = $-684 Mil.
Non Operating Income was -311 + -349 + -529 + -701 = $-1,890 Mil.
Cash Flow from Operations was 115 + 1644 + 1730 + 247 = $3,736 Mil.
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Total Receivables was $7,657 Mil.
Revenue was 3466 + 3531 + 3993 + 3136 = $14,126 Mil.
Gross Profit was 515 + 505 + 819 + 598 = $2,437 Mil.
Total Current Assets was $20,883 Mil.
Total Assets was $27,914 Mil.
Property, Plant and Equipment(Net PPE) was $4,038 Mil.
Depreciation, Depletion and Amortization(DDA) was $509 Mil.
Selling, General, & Admin. Expense(SGA) was $1,250 Mil.
Total Current Liabilities was $3,757 Mil.
Long-Term Debt & Capital Lease Obligation was $7,075 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) |
| = | (4863 / 11847) | / | (7657 / 14126) |
| = | 0.410484 | / | 0.54205 |
| | = | 0.7573 |
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) |
| = | (2437 / 14126) | / | (2520 / 11847) |
| = | 0.172519 | / | 0.212712 |
| | = | 0.811 |
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 - (14868 + 3969) / 20858) | / | (1 - (20883 + 4038) / 27914) |
| = | 0.096893 | / | 0.107222 |
| | = | 0.9037 |
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 |
| = | 11847 | / | 14126 |
| | = | 0.8387 |
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)) |
| = | (509 / (509 + 4038)) | / | (518 / (518 + 3969)) |
| = | 0.111942 | / | 0.115445 |
| | = | 0.9697 |
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) |
| = | (852 / 11847) | / | (1250 / 14126) |
| = | 0.071917 | / | 0.088489 |
| | = | 0.8127 |
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) |
| = | ((7174 + 2760) / 20858) | / | ((7075 + 3757) / 27914) |
| = | 0.476268 | / | 0.388049 |
| | = | 1.2273 |
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 |
| = | (-684 - -1890 | - | 3736) | / | 20858 |
| | = | -0.121296 |
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.
Icahn Enterprises LP has a M-score of -3.60 suggests that the company is unlikely to be a manipulator.
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