Parkland (Parkland) Beneish M-Score : -3.06 (As of Apr. 28, 2024)

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What is Parkland 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 -3.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PKIUF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.59 Max: -1.77
Current: -3.06

During the past 13 years, the highest Beneish M-Score of Parkland was -1.77. The lowest was -3.24. And the median was -2.59.

Parkland Beneish M-Score Historical Data

The historical data trend for Parkland'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.

Parkland Beneish M-Score Chart

Parkland Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.39

-3.24

-1.97

-2.14

-3.06

Parkland 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															-2.14	-2.73	-3.17	-3.00	-3.06

Competitive Comparison of Parkland's Beneish M-Score

For the Oil & Gas Refining & Marketing subindustry, Parkland'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.

Parkland's Beneish M-Score Distribution in the Oil & Gas Industry

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

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

Parkland 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 Parkland 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 * 1.0225

0.528 * 0.9297

0.404 * 0.9815

0.892 * 0.889

0.115 * 0.9534

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2079

4.679 * -0.088138

0.327 * 0.9725

-3.05

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $1,262 Mil.
Revenue was 5667.859 + 6557.535 + 5885.142 + 5960.681 = $24,071 Mil.
Gross Profit was 667.859 + 912.719 + 712.028 + 651.173 = $2,944 Mil.
Total Current Assets was $3,222 Mil.
Total Assets was $10,335 Mil.
Property, Plant and Equipment(Net PPE) was $3,867 Mil.
Depreciation, Depletion and Amortization(DDA) was $611 Mil.
Selling, General, & Admin. Expense(SGA) was $835 Mil.
Total Current Liabilities was $2,498 Mil.
Long-Term Debt & Capital Lease Obligation was $4,597 Mil.
Net Income was 64.103 + 169.98 + 85.805 + 56.274 = $376 Mil.
Non Operating Income was 43.232 + -87.207 + -12.043 + 20.463 = $-36 Mil.
Cash Flow from Operations was 310.823 + 390.215 + 392.142 + 229.482 = $1,323 Mil.

Total Receivables was $1,388 Mil.
Revenue was 6418.108 + 7063.498 + 7587.473 + 6007.899 = $27,077 Mil.
Gross Profit was 763.342 + 589.999 + 901.281 + 823.855 = $3,078 Mil.
Total Current Assets was $3,367 Mil.
Total Assets was $10,517 Mil.
Property, Plant and Equipment(Net PPE) was $3,784 Mil.
Depreciation, Depletion and Amortization(DDA) was $566 Mil.
Selling, General, & Admin. Expense(SGA) was $778 Mil.
Total Current Liabilities was $2,419 Mil.
Long-Term Debt & Capital Lease Obligation was $5,005 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)
	=	(1261.926 / 24071.217)	/	(1388.296 / 27076.978)
	=	0.052425	/	0.051272
	=	1.0225

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)
	=	(3078.477 / 27076.978)	/	(2943.779 / 24071.217)
	=	0.113694	/	0.122295
	=	0.9297

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 - (3221.527 + 3867.024) / 10335.42)	/	(1 - (3366.949 + 3784.321) / 10517.483)
	=	0.31415	/	0.320059
	=	0.9815

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
	=	24071.217	/	27076.978
	=	0.889

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))
	=	(565.818 / (565.818 + 3784.321))	/	(610.886 / (610.886 + 3867.024))
	=	0.130069	/	0.136422
	=	0.9534

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)
	=	(834.899 / 24071.217)	/	(777.502 / 27076.978)
	=	0.034685	/	0.028715
	=	1.2079

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)
	=	((4596.75 + 2497.764) / 10335.42)	/	((5004.785 + 2418.844) / 10517.483)
	=	0.686427	/	0.705837
	=	0.9725

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
	=	(376.162 - -35.555	-	1322.662)	/	10335.42
	=	-0.088138

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.

Parkland has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.

Parkland Beneish M-Score Related Terms

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Parkland (Parkland) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Parkland Corp (OTCPK:PKIUF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

PF6:Germany PKI:Canada

Address

240 - 4th Avenue South west, Suite 1800, Calgary, AB, CAN, T2P 4H4

Website

https://www.parkland.ca

Parkland Corp is a food and convenience retailer and an independent marketer, distributor, and refiner of fuel and petroleum products. Parkland delivers refined fuels, propane, and other high-quality petroleum products to motorists, businesses, consumers, and wholesale customers across the Americas. The company's lines of business are; Retail line of business includes the operations of Parkland retail service stations, including EV charging stations, and convenience and food stores, Commercial includes the operations of card lock sites, bulk fuel, propane, heating oil, lubricants, and other related services, Refining includes the operations of the Burnaby Refinery, and Corporate includes centralized administrative services and expenses.