MPLX LP Beneish M-Score Historical Data
The historical data trend for MPLX 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.
MPLX LP Beneish M-Score Chart
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MPLX 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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-2.70 |
-2.94 |
-2.56 |
-2.56 |
-2.78 |
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MPLX LP Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.78 |
-2.84 |
-2.92 |
-2.78 |
-2.73 |
Competitive Comparison of MPLX LP's Beneish M-Score
For the Oil & Gas Midstream subindustry, MPLX 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.
MPLX LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, MPLX LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MPLX LP's Beneish M-Score falls into.
MPLX 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 MPLX 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 * 1.1063 | + | 0.528 * 0.95 | + | 0.404 * 0.9856 | + | 0.892 * 0.9906 | + | 0.115 * 1.0107 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1642 | + | 4.679 * -0.061381 | - | 0.327 * 0.9814 |
| = | -2.73 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,532.00 Mil.
Revenue was 2604 + 2675 + 2714 + 2496 = $10,489.00 Mil.
Gross Profit was 1152 + 1212 + 1102 + 1098 = $4,564.00 Mil.
Total Current Assets was $2,139.00 Mil.
Total Assets was $36,461.00 Mil.
Property, Plant and Equipment(Net PPE) was $19,816.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,234.00 Mil.
Selling, General, & Admin. Expense(SGA) was $399.00 Mil.
Total Current Liabilities was $2,960.00 Mil.
Long-Term Debt & Capital Lease Obligation was $19,261.00 Mil.
Net Income was 1005 + 1134 + 918 + 933 = $3,990.00 Mil.
Non Operating Income was 157 + 288 + 159 + 163 = $767.00 Mil.
Cash Flow from Operations was 1291 + 1489 + 1244 + 1437 = $5,461.00 Mil.
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Total Receivables was $1,398.00 Mil.
Revenue was 2549 + 2501 + 2743 + 2796 = $10,589.00 Mil.
Gross Profit was 1151 + 1004 + 1134 + 1088 = $4,377.00 Mil.
Total Current Assets was $2,012.00 Mil.
Total Assets was $35,672.00 Mil.
Property, Plant and Equipment(Net PPE) was $19,260.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,213.00 Mil.
Selling, General, & Admin. Expense(SGA) was $346.00 Mil.
Total Current Liabilities was $1,312.00 Mil.
Long-Term Debt & Capital Lease Obligation was $20,841.00 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) |
| = | (1532 / 10489) | / | (1398 / 10589) |
| = | 0.146058 | / | 0.132024 |
| | = | 1.1063 |
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) |
| = | (4377 / 10589) | / | (4564 / 10489) |
| = | 0.413353 | / | 0.435123 |
| | = | 0.95 |
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 - (2139 + 19816) / 36461) | / | (1 - (2012 + 19260) / 35672) |
| = | 0.39785 | / | 0.403678 |
| | = | 0.9856 |
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 |
| = | 10489 | / | 10589 |
| | = | 0.9906 |
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)) |
| = | (1213 / (1213 + 19260)) | / | (1234 / (1234 + 19816)) |
| = | 0.059249 | / | 0.058622 |
| | = | 1.0107 |
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) |
| = | (399 / 10489) | / | (346 / 10589) |
| = | 0.03804 | / | 0.032675 |
| | = | 1.1642 |
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) |
| = | ((19261 + 2960) / 36461) | / | ((20841 + 1312) / 35672) |
| = | 0.609446 | / | 0.621019 |
| | = | 0.9814 |
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 |
| = | (3990 - 767 | - | 5461) | / | 36461 |
| | = | -0.061381 |
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.
MPLX LP has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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