Navios Maritime Partners LP (Navios Maritime Partners LP) Beneish M-Score : -2.96 (As of Apr. 25, 2024)

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What is Navios Maritime Partners LP 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 -2.96 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 Partners LP's Beneish M-Score or its related term are showing as below:

NMM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.52 Med: -2.73 Max: 5.37
Current: -2.96

During the past 13 years, the highest Beneish M-Score of Navios Maritime Partners LP was 5.37. The lowest was -3.52. And the median was -2.73.

Navios Maritime Partners LP Beneish M-Score Historical Data

The historical data trend for Navios Maritime Partners 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.

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Navios Maritime Partners LP Beneish M-Score Chart

Navios Maritime Partners LP Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.02

-2.99

-1.17

-1.36

-2.96

Navios Maritime Partners LP Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.36	-2.58	-3.08	-2.86	-2.96

Competitive Comparison of Navios Maritime Partners LP's Beneish M-Score

For the Marine Shipping subindustry, Navios Maritime Partners 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.

Navios Maritime Partners LP's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Navios Maritime Partners LP's Beneish M-Score distribution charts can be found below:

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

Navios Maritime Partners 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 Navios Maritime Partners LP 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 * 0.5358

0.528 * 1.0583

0.404 * 1.1004

0.892 * 1.0796

0.115 * 0.9358

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1107

4.679 * -0.045864

0.327 * 0.8747

-2.96

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $51 Mil.
Revenue was 327.253 + 323.176 + 346.938 + 309.522 = $1,307 Mil.
Gross Profit was 129.228 + 129.989 + 150.631 + 117.885 = $528 Mil.
Total Current Assets was $400 Mil.
Total Assets was $5,148 Mil.
Property, Plant and Equipment(Net PPE) was $4,440 Mil.
Depreciation, Depletion and Amortization(DDA) was $227 Mil.
Selling, General, & Admin. Expense(SGA) was $81 Mil.
Total Current Liabilities was $460 Mil.
Long-Term Debt & Capital Lease Obligation was $992 Mil.
Net Income was 132.391 + 89.781 + 112.308 + 99.165 = $434 Mil.
Non Operating Income was 53.817 + 7.851 + 13.06 + 34.686 = $109 Mil.
Cash Flow from Operations was 211.704 + 120.27 + 133.827 + 94.516 = $560 Mil.

Total Receivables was $88 Mil.
Revenue was 370.863 + 322.387 + 280.661 + 236.617 = $1,211 Mil.
Gross Profit was 161.357 + 133.352 + 130.35 + 92.243 = $517 Mil.
Total Current Assets was $310 Mil.
Total Assets was $4,896 Mil.
Property, Plant and Equipment(Net PPE) was $4,319 Mil.
Depreciation, Depletion and Amortization(DDA) was $206 Mil.
Selling, General, & Admin. Expense(SGA) was $67 Mil.
Total Current Liabilities was $618 Mil.
Long-Term Debt & Capital Lease Obligation was $961 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)
	=	(50.744 / 1306.889)	/	(87.724 / 1210.528)
	=	0.038828	/	0.072468
	=	0.5358

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)
	=	(517.302 / 1210.528)	/	(527.733 / 1306.889)
	=	0.427336	/	0.403809
	=	1.0583

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 - (399.748 + 4439.774) / 5147.566)	/	(1 - (310.424 + 4319.04) / 4895.704)
	=	0.059843	/	0.054382
	=	1.1004

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
	=	1306.889	/	1210.528
	=	1.0796

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))
	=	(205.732 / (205.732 + 4319.04))	/	(226.741 / (226.741 + 4439.774))
	=	0.045468	/	0.048589
	=	0.9358

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)
	=	(80.559 / 1306.889)	/	(67.18 / 1210.528)
	=	0.061642	/	0.055496
	=	1.1107

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)
	=	((992.383 + 459.6) / 5147.566)	/	((960.953 + 617.74) / 4895.704)
	=	0.282072	/	0.322465
	=	0.8747

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
	=	(433.645 - 109.414	-	560.317)	/	5147.566
	=	-0.045864

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 Partners LP has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.

Navios Maritime Partners LP Beneish M-Score Related Terms

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Navios Maritime Partners LP (Navios Maritime Partners LP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Navios Maritime Partners LP (NYSE:NMM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

7 Avenue de Grande Bretagne, Office 11B2, Monte Carlo, MCO, MC 98000

Website

https://www.navios-mlp.com

Navios Maritime Partners LP is a seaborne shipping company. It owns and operates dry cargo and container vessels with the primary long-term and staggered expiration charters. The firm's fleet consists of Ultra- Handymax, Panamax, Capsize, and Container vessels and categorized in Drybulk and Container vessels. It earns revenue through chartering of vessels, voyage contracts. Geographically, it generates majority revenue from Asia.