Navios Maritime Acquisition (Navios Maritime Acquisition) Beneish M-Score : -3.70 (As of May. 05, 2024)

View and export this data going back to 2008. Start your Free Trial

What is Navios Maritime Acquisition 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 -3.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Navios Maritime Acquisition's Beneish M-Score or its related term are showing as below:

NNA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.7 Med: -2.54 Max: 2900.85
Current: -3.7

During the past 13 years, the highest Beneish M-Score of Navios Maritime Acquisition was 2900.85. The lowest was -3.70. And the median was -2.54.

Navios Maritime Acquisition Beneish M-Score Historical Data

The historical data trend for Navios Maritime Acquisition'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.

Navios Maritime Acquisition Beneish M-Score Chart

Navios Maritime Acquisition Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Beneish M-Score

Get a 7-Day Free Trial

-2.04

-3.15

-1.56

-2.55

-3.27

Navios Maritime Acquisition Quarterly Data
	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21
Beneish M-Score	Get a 7-Day Free Trial															-2.21	-2.58	-3.27	-3.36	-3.70

Competitive Comparison of Navios Maritime Acquisition's Beneish M-Score

For the Oil & Gas Midstream subindustry, Navios Maritime Acquisition'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.

Navios Maritime Acquisition's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Navios Maritime Acquisition's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Navios Maritime Acquisition's Beneish M-Score falls into.

Navios Maritime Acquisition 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 Navios Maritime Acquisition for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.1604

0.528 * 1.1169

0.404 * 1.1757

0.892 * 0.7985

0.115 * 1.009

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5411

4.679 * -0.067783

0.327 * 0.9955

-3.71

This Year (Jun21) TTM:

Last Year (Jun20) TTM:

Total Receivables was $4.0 Mil.
Revenue was 59.214 + 72.505 + 72.55 + 78.807 = $283.1 Mil.
Gross Profit was 32.659 + 46.108 + 46.375 + 55.8 = $180.9 Mil.
Total Current Assets was $106.1 Mil.
Total Assets was $1,513.7 Mil.
Property, Plant and Equipment(Net PPE) was $1,330.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $66.1 Mil.
Selling, General, & Admin. Expense(SGA) was $90.3 Mil.
Total Current Liabilities was $706.5 Mil.
Long-Term Debt & Capital Lease Obligation was $479.8 Mil.
Net Income was 4.335 + -9.703 + -7.513 + 3.236 = $-9.6 Mil.
Non Operating Income was 25.404 + 0.072 + 5.526 + 6.54 = $37.5 Mil.
Cash Flow from Operations was -11.388 + 4.909 + 26.631 + 35.262 = $55.4 Mil.

Total Receivables was $31.6 Mil.
Revenue was 112.224 + 97.857 + 85.448 + 58.965 = $354.5 Mil.
Gross Profit was 88.666 + 72.029 + 58.448 + 33.933 = $253.1 Mil.
Total Current Assets was $198.2 Mil.
Total Assets was $1,585.7 Mil.
Property, Plant and Equipment(Net PPE) was $1,318.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $66.1 Mil.
Selling, General, & Admin. Expense(SGA) was $73.4 Mil.
Total Current Liabilities was $187.2 Mil.
Long-Term Debt & Capital Lease Obligation was $1,061.1 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)
	=	(4.047 / 283.076)	/	(31.602 / 354.494)
	=	0.014297	/	0.089147
	=	0.1604

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)
	=	(253.076 / 354.494)	/	(180.942 / 283.076)
	=	0.713908	/	0.639199
	=	1.1169

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 - (106.07 + 1330.396) / 1513.667)	/	(1 - (198.233 + 1318.656) / 1585.678)
	=	0.051003	/	0.043381
	=	1.1757

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
	=	283.076	/	354.494
	=	0.7985

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))
	=	(66.1 / (66.1 + 1318.656))	/	(66.062 / (66.062 + 1330.396))
	=	0.047734	/	0.047307
	=	1.009

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)
	=	(90.267 / 283.076)	/	(73.352 / 354.494)
	=	0.318879	/	0.20692
	=	1.5411

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)
	=	((479.793 + 706.492) / 1513.667)	/	((1061.078 + 187.232) / 1585.678)
	=	0.783716	/	0.787241
	=	0.9955

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
	=	(-9.645 - 37.542	-	55.414)	/	1513.667
	=	-0.067783

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.

Navios Maritime Acquisition has a M-score of -3.71 suggests that the company is unlikely to be a manipulator.

Navios Maritime Acquisition Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Navios Maritime Acquisition's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Navios Maritime Acquisition (Navios Maritime Acquisition) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Navios Maritime Acquisition Corp (NYSE:NNA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

90 North Church Street, P.O. Box 309, Strathvale House, Grand Cayman, CYM, KY1-1104

Website

http://www.navios-acquisition.com

Navios Maritime Acquisition Corporation owns and operates tanker vessels aimed at the transportation of petroleum products and bulk liquid chemicals. The company owns a fleet of modern crude oil, refined petroleum product and chemical tankers providing world-wide marine transportation services. It charters its vessels to international oil companies, refiners, and large vessel operators under long, medium and short-term charters. Navios Maritime generates the majority of its revenue by rendering its services in Asia, Europe, and the United States.

Executives

Malibu Partner Llc	10 percent owner	15332 ANTIOCH STREET, #528, PACIFIC PALISADES CA 90272
Israel A Englander	other: May be deemed a group member.	C/O MILLENNIUM MANAGEMENT LLC, 399 PARK AVENUE, NEW YORK NY 10022
Millennium Management Llc	other: May be deemed a group member.	399 PARK AVENUE, NEW YORK NY 10022
Integrated Core Strategies (us) Llc	10 percent owner	C/O MILLENNIUM MANAGEMENT LLC, 399 PARK AVENUE, NEW YORK NY 10022