Delek Group Beneish M-Score Historical Data
The historical data trend for Delek Group'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.
Delek Group Beneish M-Score Chart
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Delek Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.91 |
-3.80 |
-1.54 |
-2.48 |
-2.77 |
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Delek Group 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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-2.48 |
-3.21 |
-3.47 |
-3.27 |
-2.77 |
Competitive Comparison of Delek Group's Beneish M-Score
For the Oil & Gas E&P subindustry, Delek Group'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.
Delek Group's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Delek Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Delek Group's Beneish M-Score falls into.
Delek Group 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 Delek Group 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 * 1.122 | + | 0.528 * 1.0896 | + | 0.404 * 1.1099 | + | 0.892 * 1.0279 | + | 0.115 * 0.73 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2251 | + | 4.679 * -0.105654 | - | 0.327 * 0.8717 |
| = | -2.77 |
* 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 $782 Mil.
Revenue was 814.893 + 802.091 + 783.541 + 820.902 = $3,221 Mil.
Gross Profit was 331.026 + 405.748 + 436.055 + 503.201 = $1,676 Mil.
Total Current Assets was $1,759 Mil.
Total Assets was $11,454 Mil.
Property, Plant and Equipment(Net PPE) was $7,173 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,106 Mil.
Selling, General, & Admin. Expense(SGA) was $44 Mil.
Total Current Liabilities was $1,539 Mil.
Long-Term Debt & Capital Lease Obligation was $3,502 Mil.
Net Income was 53.037 + 110.516 + 106.075 + 146.571 = $416 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 379.36 + 402.09 + 406.793 + 438.145 = $1,626 Mil.
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Total Receivables was $678 Mil.
Revenue was 774.135 + 817.767 + 744.612 + 797.388 = $3,134 Mil.
Gross Profit was 428.217 + 535.598 + 400.261 + 412.541 = $1,777 Mil.
Total Current Assets was $1,984 Mil.
Total Assets was $11,253 Mil.
Property, Plant and Equipment(Net PPE) was $7,036 Mil.
Depreciation, Depletion and Amortization(DDA) was $761 Mil.
Selling, General, & Admin. Expense(SGA) was $35 Mil.
Total Current Liabilities was $2,066 Mil.
Long-Term Debt & Capital Lease Obligation was $3,616 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) |
| = | (781.973 / 3221.427) | / | (677.989 / 3133.902) |
| = | 0.242741 | / | 0.21634 |
| | = | 1.122 |
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) |
| = | (1776.617 / 3133.902) | / | (1676.03 / 3221.427) |
| = | 0.566903 | / | 0.520276 |
| | = | 1.0896 |
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 - (1758.59 + 7172.832) / 11454.219) | / | (1 - (1984.064 + 7035.667) / 11252.782) |
| = | 0.22025 | / | 0.198444 |
| | = | 1.1099 |
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 |
| = | 3221.427 | / | 3133.902 |
| | = | 1.0279 |
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)) |
| = | (760.549 / (760.549 + 7035.667)) | / | (1106.467 / (1106.467 + 7172.832)) |
| = | 0.097554 | / | 0.133643 |
| | = | 0.73 |
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) |
| = | (44.415 / 3221.427) | / | (35.27 / 3133.902) |
| = | 0.013787 | / | 0.011254 |
| | = | 1.2251 |
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) |
| = | ((3502.288 + 1539.126) / 11454.219) | / | ((3615.678 + 2066.363) / 11252.782) |
| = | 0.440136 | / | 0.504945 |
| | = | 0.8717 |
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 |
| = | (416.199 - 0 | - | 1626.388) | / | 11454.219 |
| | = | -0.105654 |
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.
Delek Group has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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