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SBLK (Star Bulk Carriers) Beneish M-Score : -2.49 (As of Oct. 31, 2024)


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What is Star Bulk Carriers Beneish M-Score?

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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Star Bulk Carriers's Beneish M-Score or its related term are showing as below:

SBLK' s Beneish M-Score Range Over the Past 10 Years
Min: -7.86   Med: -2.69   Max: 1.5
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Star Bulk Carriers was 1.50. The lowest was -7.86. And the median was -2.69.


Star Bulk Carriers Beneish M-Score Historical Data

The historical data trend for Star Bulk Carriers'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.

* Premium members only.

Star Bulk Carriers Beneish M-Score Chart

Star Bulk Carriers Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.87 -2.99 -2.63 -2.34 -2.70

Star Bulk Carriers Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.92 - -2.70 -2.73 -2.49

Competitive Comparison of Star Bulk Carriers's Beneish M-Score

For the Marine Shipping subindustry, Star Bulk Carriers'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.


Star Bulk Carriers's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Star Bulk Carriers's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Star Bulk Carriers's Beneish M-Score falls into.



Star Bulk Carriers 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 Star Bulk Carriers 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 * 1.3712+0.528 * 0.9529+0.404 * 0.7009+0.892 * 0.9796+0.115 * 1.2919
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1793+4.679 * -0.03507-0.327 * 1.0682
=-2.49

* 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 (Jun24) TTM:Last Year (Jun23) TTM:
Total Receivables was $110 Mil.
Revenue was 352.875 + 259.39 + 263.461 + 223.087 = $1,099 Mil.
Gross Profit was 131.76 + 100.783 + 88.554 + 55.99 = $377 Mil.
Total Current Assets was $723 Mil.
Total Assets was $4,238 Mil.
Property, Plant and Equipment(Net PPE) was $3,507 Mil.
Depreciation, Depletion and Amortization(DDA) was $154 Mil.
Selling, General, & Admin. Expense(SGA) was $62 Mil.
Total Current Liabilities was $477 Mil.
Long-Term Debt & Capital Lease Obligation was $1,302 Mil.
Net Income was 106.08 + 74.856 + 39.707 + 43.655 = $264 Mil.
Non Operating Income was 16.931 + 2.227 + -34.441 + 15.643 = $0 Mil.
Cash Flow from Operations was 142.599 + 114.262 + 88.604 + 67.103 = $413 Mil.
Total Receivables was $82 Mil.
Revenue was 238.686 + 224.035 + 294.803 + 364.136 = $1,122 Mil.
Gross Profit was 67.869 + 44.657 + 101.687 + 152.58 = $367 Mil.
Total Current Assets was $487 Mil.
Total Assets was $3,286 Mil.
Property, Plant and Equipment(Net PPE) was $2,790 Mil.
Depreciation, Depletion and Amortization(DDA) was $160 Mil.
Selling, General, & Admin. Expense(SGA) was $54 Mil.
Total Current Liabilities was $329 Mil.
Long-Term Debt & Capital Lease Obligation was $962 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)
=(109.922 / 1098.813) / (81.832 / 1121.66)
=0.100037 / 0.072956
=1.3712

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)
=(366.793 / 1121.66) / (377.087 / 1098.813)
=0.327009 / 0.343177
=0.9529

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 - (722.781 + 3507.071) / 4238.036) / (1 - (487.146 + 2789.644) / 3285.842)
=0.001931 / 0.002755
=0.7009

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
=1098.813 / 1121.66
=0.9796

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))
=(159.977 / (159.977 + 2789.644)) / (153.684 / (153.684 + 3507.071))
=0.054236 / 0.041982
=1.2919

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)
=(61.913 / 1098.813) / (53.589 / 1121.66)
=0.056345 / 0.047777
=1.1793

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)
=((1301.904 + 477.207) / 4238.036) / ((961.789 + 329.467) / 3285.842)
=0.419796 / 0.392976
=1.0682

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
=(264.298 - 0.36 - 412.568) / 4238.036
=-0.03507

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.

Star Bulk Carriers has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.


Star Bulk Carriers Beneish M-Score Related Terms

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Star Bulk Carriers Business Description

Traded in Other Exchanges
Address
C/o Star Bulk Management Inc, 40 Agiou Konstantinou Street, Maroussi, Athens, GRC, 15124
Star Bulk Carriers Corp provides seaborne transportation solutions in the dry bulk sector. The company owns and operates dry bulk carrier vessels, which are used to transport bulk, such as iron ore, coal, grains, bauxite, fertilizers, and steel products. It owns a fleet of vessels that consists of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax. It generates revenues through the voyages it carries out.
Executives
Ramius Advisors Llc 10 percent owner 599 LEXINGTON AVENUE, 20TH FLOOR, NEW YORK NY 10022
Rcg Enterprise Ltd 10 percent owner 599 LEXINGTON AVENUE 20TH FLOOR, NEW YORK NY 10022
Rcg Carpathia Master Fund Ltd 10 percent owner C/O RAMIUS LLC, 599 LEXINGTON AVENUE, NEW YORK NY 10022
Rcg Baldwin Lp 10 percent owner C/O RAMIUS LLC, 599 LEXINGTON AVENUE 20TH FLOOR, NEW YORK NY 10022
Peter A Cohen 10 percent owner, other: See Explanation of Responses 40 WEST 57TH STREET, SUITE 2020, NEW YORK NY 10019
Thomas W Strauss 10 percent owner, other: See Explanation of Responses 599 LEXINGTON AVENUE, 20TH FLOOR, NEW YORK NY 10022
Ramius Capital Group Llc 10 percent owner 599 LEXINGTON AVENUE, 20TH FLOOR, NEW YORK NY 10022
C4s & Co Llc 10 percent owner, other: See Explanation of Responses RAMIUS LLC, 599 LEXINGTON AVENUE, NEW YORK NY 10022
Morgan B Stark 10 percent owner, other: See Explanation of Responses C/O RAMIUS LLC, 599 LEXINGTON AVENUE 20TH FLOOR, NEW YORK NY 10022
Jeffrey M Solomon 10 percent owner, other: See Explanation of Responses 599 LEXINGTON AVENUE 20TH FLOOR, NEW YORK NY 10022

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