Genesis Energy Beneish M-Score Historical Data
The historical data trend for Genesis Energy'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 Beneish M-Score Chart
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Genesis Energy Annual Data
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Jun19 |
Jun20 |
Jun21 |
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Jun23 |
| Beneish M-Score |
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-2.52 |
-2.90 |
-2.33 |
-2.90 |
-1.86 |
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Genesis Energy Semi-Annual Data
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Dec14 |
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Dec23 |
| Beneish M-Score |
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-2.90 |
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-1.86 |
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Competitive Comparison of Genesis Energy's Beneish M-Score
For the Utilities - Independent Power Producers subindustry, Genesis Energy'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's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Genesis Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Genesis Energy's Beneish M-Score falls into.
Genesis Energy 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 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 * 1.2047 | + | 0.528 * 2.4147 | + | 0.404 * 1.3159 | + | 0.892 * 0.8421 | + | 0.115 * 0.8179 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.063635 | - | 0.327 * 0.9341 |
| = | -1.86 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was NZ$247 Mil.
Revenue was NZ$2,383 Mil.
Gross Profit was NZ$987 Mil.
Total Current Assets was NZ$594 Mil.
Total Assets was NZ$5,090 Mil.
Property, Plant and Equipment(Net PPE) was NZ$3,841 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$255 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$145 Mil.
Total Current Liabilities was NZ$790 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$920 Mil.
Net Income was NZ$196 Mil.
Gross Profit was NZ$97 Mil.
Cash Flow from Operations was NZ$423 Mil.
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Total Receivables was NZ$243 Mil.
Revenue was NZ$2,830 Mil.
Gross Profit was NZ$2,830 Mil.
Total Current Assets was NZ$732 Mil.
Total Assets was NZ$5,272 Mil.
Property, Plant and Equipment(Net PPE) was NZ$4,026 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$216 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$0 Mil.
Total Current Liabilities was NZ$695 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$1,201 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) |
| = | (246.6 / 2382.8) | / | (243.1 / 2829.7) |
| = | 0.103492 | / | 0.08591 |
| | = | 1.2047 |
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) |
| = | (2829.7 / 2829.7) | / | (986.8 / 2382.8) |
| = | 1 | / | 0.414135 |
| | = | 2.4147 |
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 - (594.4 + 3841.1) / 5090) | / | (1 - (731.6 + 4025.6) / 5272.4) |
| = | 0.128585 | / | 0.097716 |
| | = | 1.3159 |
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 |
| = | 2382.8 | / | 2829.7 |
| | = | 0.8421 |
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)) |
| = | (215.8 / (215.8 + 4025.6)) | / | (254.8 / (254.8 + 3841.1)) |
| = | 0.050879 | / | 0.062209 |
| | = | 0.8179 |
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) |
| = | (145.1 / 2382.8) | / | (0 / 2829.7) |
| = | 0.060895 | / | 0 |
| | = | 1 |
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) |
| = | ((919.9 + 789.9) / 5090) | / | ((1201.3 + 694.7) / 5272.4) |
| = | 0.335914 | / | 0.359609 |
| | = | 0.9341 |
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 |
| = | (195.7 - 97 | - | 422.6) | / | 5090 |
| | = | -0.063635 |
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 has a M-score of -1.86 suggests that the company is unlikely to be a manipulator.
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