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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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Phillips 66's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Phillips 66 was -1.29. The lowest was -3.36. And the median was -2.56.
The historical data trend for Phillips 66'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.
Phillips 66 Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.31 | -2.90 | -2.58 | -2.54 | -2.64 |
Phillips 66 Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.02 | -2.64 | -2.30 | -2.43 | -2.62 |
For the Oil & Gas Refining & Marketing subindustry, Phillips 66'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.
For the Oil & Gas industry and Energy sector, Phillips 66's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Phillips 66's Beneish M-Score falls into.
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 Phillips 66 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 * 0.8816 | + | 0.528 * 1.4145 | + | 0.404 * 1.058 | + | 0.892 * 0.9888 | + | 0.115 * 0.9552 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1992 | + | 4.679 * -0.048109 | - | 0.327 * 0.9914 | |||||||
= | -2.62 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $10,440 Mil. Revenue was 35528 + 38129 + 35811 + 38270 = $147,738 Mil. Gross Profit was 2791 + 3004 + 2921 + 3908 = $12,624 Mil. Total Current Assets was $19,307 Mil. Total Assets was $75,080 Mil. Property, Plant and Equipment(Net PPE) was $35,597 Mil. Depreciation, Depletion and Amortization(DDA) was $2,062 Mil. Selling, General, & Admin. Expense(SGA) was $2,961 Mil. Total Current Liabilities was $15,922 Mil. Long-Term Debt & Capital Lease Obligation was $18,476 Mil. Net Income was 346 + 1015 + 748 + 1260 = $3,369 Mil. Non Operating Income was 605 + 556 + 453 + 184 = $1,798 Mil. Cash Flow from Operations was 1132 + 2097 + -236 + 2190 = $5,183 Mil. |
Total Receivables was $11,976 Mil. Revenue was 39643 + 35090 + 34396 + 40279 = $149,408 Mil. Gross Profit was 4825 + 4024 + 4579 + 4631 = $18,059 Mil. Total Current Assets was $22,496 Mil. Total Assets was $77,786 Mil. Property, Plant and Equipment(Net PPE) was $35,533 Mil. Depreciation, Depletion and Amortization(DDA) was $1,961 Mil. Selling, General, & Admin. Expense(SGA) was $2,497 Mil. Total Current Liabilities was $17,416 Mil. Long-Term Debt & Capital Lease Obligation was $18,531 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) |
= | (10440 / 147738) | / | (11976 / 149408) | |
= | 0.070666 | / | 0.080156 | |
= | 0.8816 |
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) | |
= | (18059 / 149408) | / | (12624 / 147738) | |
= | 0.12087 | / | 0.085449 | |
= | 1.4145 |
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 - (19307 + 35597) / 75080) | / | (1 - (22496 + 35533) / 77786) | |
= | 0.268727 | / | 0.253992 | |
= | 1.058 |
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 | |
= | 147738 | / | 149408 | |
= | 0.9888 |
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)) |
= | (1961 / (1961 + 35533)) | / | (2062 / (2062 + 35597)) | |
= | 0.052302 | / | 0.054755 | |
= | 0.9552 |
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) |
= | (2961 / 147738) | / | (2497 / 149408) | |
= | 0.020042 | / | 0.016713 | |
= | 1.1992 |
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) |
= | ((18476 + 15922) / 75080) | / | ((18531 + 17416) / 77786) | |
= | 0.458151 | / | 0.462127 | |
= | 0.9914 |
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 | |
= | (3369 - 1798 | - | 5183) | / | 75080 | |
= | -0.048109 |
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.
Phillips 66 has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Phillips 66's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Kevin J Mitchell | officer: Exec. VP, Finance and CFO | 3010 BRIARPARK DRIVE, HOUSTON TX 77042 |
Timothy D. Roberts | officer: Executive Vice President | C/O PHILLIPS 66 PARTNERS LP, 3010 BRIARPARK DRIVE, HOUSTON TX 77042 |
Joseph Scott Pruitt | officer: Vice President and Controller | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Richard G Harbison | officer: Senior VP, Refining | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Zhanna Golodryga | officer: Executive Vice President | PO BOX 10247, BIRMINGHAM AL 35202-0247 |
Vanessa Allen Sutherland | officer: EVP, GC and Secretary | 650 W PEACHTREE ST NW, ATLANTA GA 30308 |
Greg C. Garland | officer: Chairman, Pres. and CEO-Desig | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Brian Mandell | officer: Senior Vice President | 370 17TH STREET, SUITE 2500, DENVER CO 80202 |
Gregory Hayes | director | 870 WINTER STREET, WALTHAM MA 02451 |
Paula Ann Johnson | officer: SVP, Gen Counsel & Sec (Desig) | 600 N. DAIRY ASHFORD, HOUSTON TX 77079 |
Robert A Herman | officer: Executive Vice President | 3010 BRIARPARK DRIVE, 9TH FLOOR, HOUSTON TX 77042 |
Douglas T Terreson | director | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Denise R Singleton | director | 3100 SANDERS ROAD, SUITE 301, NORTHBROOK IL 60062 |
Mark E Lashier | officer: President and COO | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Charles M Holley | director |
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