Vertex Energy Beneish M-Score Historical Data
The historical data trend for Vertex 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.
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Vertex Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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9.48 |
5.24 |
-2.30 |
10.27 |
-2.47 |
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Vertex Energy 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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10.27 |
11.04 |
-1.63 |
-2.58 |
-2.47 |
Competitive Comparison
For the Oil & Gas Refining & Marketing subindustry, Vertex 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.
Vertex Energy Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Vertex Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vertex Energy's Beneish M-Score falls into.
Vertex 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 Vertex 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 * 0.9198 | + | 0.528 * 1.421 | + | 0.404 * 0.7589 | + | 0.892 * 1.1381 | + | 0.115 * 0.8985 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1596 | + | 4.679 * -0.025309 | - | 0.327 * 1.0159 |
| = | -2.47 |
* 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 $36 Mil.
Revenue was 732.745 + 1018.407 + 734.893 + 691.142 = $3,177 Mil.
Gross Profit was -6.863 + 84.969 + -1.386 + 67.453 = $144 Mil.
Total Current Assets was $352 Mil.
Total Assets was $855 Mil.
Property, Plant and Equipment(Net PPE) was $487 Mil.
Depreciation, Depletion and Amortization(DDA) was $31 Mil.
Selling, General, & Admin. Expense(SGA) was $169 Mil.
Total Current Liabilities was $329 Mil.
Long-Term Debt & Capital Lease Obligation was $311 Mil.
Net Income was -63.791 + 19.843 + -81.401 + 53.863 = $-71 Mil.
Non Operating Income was 2.566 + 4.488 + 9.104 + -7.532 = $9 Mil.
Cash Flow from Operations was 13.187 + 39.684 + -74.702 + -36.651 = $-58 Mil.
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Total Receivables was $35 Mil.
Revenue was 878.28 + 809.529 + 1029.369 + 74.537 = $2,792 Mil.
Gross Profit was 93.501 + 55.826 + 18.163 + 12.52 = $180 Mil.
Total Current Assets was $373 Mil.
Total Assets was $689 Mil.
Property, Plant and Equipment(Net PPE) was $299 Mil.
Depreciation, Depletion and Amortization(DDA) was $17 Mil.
Selling, General, & Admin. Expense(SGA) was $128 Mil.
Total Current Liabilities was $243 Mil.
Long-Term Debt & Capital Lease Obligation was $265 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) |
| = | (36.164 / 3177.187) | / | (34.548 / 2791.715) |
| = | 0.011382 | / | 0.012375 |
| | = | 0.9198 |
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) |
| = | (180.01 / 2791.715) | / | (144.173 / 3177.187) |
| = | 0.06448 | / | 0.045378 |
| | = | 1.421 |
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 - (352.031 + 487.004) / 854.624) | / | (1 - (373.428 + 299.387) / 689.385) |
| = | 0.018241 | / | 0.024036 |
| | = | 0.7589 |
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 |
| = | 3177.187 | / | 2791.715 |
| | = | 1.1381 |
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)) |
| = | (17.102 / (17.102 + 299.387)) | / | (31.164 / (31.164 + 487.004)) |
| = | 0.054037 | / | 0.060143 |
| | = | 0.8985 |
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) |
| = | (168.64 / 3177.187) | / | (127.782 / 2791.715) |
| = | 0.053078 | / | 0.045772 |
| | = | 1.1596 |
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) |
| = | ((311.351 + 328.826) / 854.624) | / | ((265.018 + 243.3) / 689.385) |
| = | 0.749074 | / | 0.73735 |
| | = | 1.0159 |
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 |
| = | (-71.486 - 8.626 | - | -58.482) | / | 854.624 |
| | = | -0.025309 |
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.
Vertex Energy has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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