NGL has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
NGL Energy Partners LP has a M-score of -1.47 signals that the company is a manipulator.
During the past 4 years, the highest Beneish M-Score of NGL Energy Partners LP was 1.94. The lowest was -1.59. And the median was -0.46.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 NGL Energy Partners 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 * 0.8181||+||0.528 * 1.3478||+||0.404 * 1.0921||+||0.892 * 2.2664||+||0.115 * 0.7247|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7693||+||4.679 * -0.0382||-||0.327 * 1.0151|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $1,106 Mil.|
Revenue was 2743.445 + 1593.937 + 1385.957 + 1617.613 = $7,341 Mil.
Gross Profit was 167.416 + 105.087 + 82.881 + 135.723 = $491 Mil.
Total Current Assets was $1,655 Mil.
Total Assets was $4,477 Mil.
Property, Plant and Equipment(Net PPE) was $806 Mil.
Depreciation, Depletion and Amortization(DDA) was $120 Mil.
Selling, General & Admin. Expense(SGA) was $303 Mil.
Total Current Liabilities was $1,382 Mil.
Long-Term Debt was $1,518 Mil.
Net Income was 23.898 + -0.941 + -17.633 + 22.341 = $28 Mil.
Non Operating Income was 0.154 + 0.153 + -0.348 + -0.659 = $-1 Mil.
Cash Flow from Operations was 113.517 + -74.277 + 25.936 + 134.157 = $199 Mil.
|Accounts Receivable was $597 Mil.
Revenue was 1338.208 + 1135.51 + 326.436 + 438.929 = $3,239 Mil.
Gross Profit was 133.663 + 81.82 + 27.451 + 49.131 = $292 Mil.
Total Current Assets was $913 Mil.
Total Assets was $2,437 Mil.
Property, Plant and Equipment(Net PPE) was $520 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General & Admin. Expense(SGA) was $174 Mil.
Total Current Liabilities was $728 Mil.
Long-Term Debt was $828 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(1106.208 / 7340.952)||/||(596.608 / 3239.083)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(105.087 / 3239.083)||/||(167.416 / 7340.952)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (1654.999 + 806.437) / 4476.978)||/||(1 - (912.54 + 520.084) / 2437.469)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(54.073 / (54.073 + 520.084))||/||(120.453 / (120.453 + 806.437))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(302.965 / 7340.952)||/||(173.766 / 3239.083)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((1517.519 + 1382.401) / 4476.978)||/||((827.57 + 727.834) / 2437.469)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(27.665 - -0.7||-||199.333)||/||4476.978|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
NGL Energy Partners LP has a M-score of -1.47 signals that the company is likely to be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
NGL Energy Partners LP Annual Data
NGL Energy Partners LP Quarterly Data