Star Bulk Carriers Beneish M-Score Historical Data
The historical data trend for Star Bulk Carriers'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.
Star Bulk Carriers Beneish M-Score Chart
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Star Bulk Carriers Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.87 |
-2.99 |
-2.63 |
-2.36 |
-2.71 |
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Star Bulk Carriers Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-2.89 |
-2.91 |
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-2.71 |
Competitive Comparison of Star Bulk Carriers's Beneish M-Score
For the Marine Shipping subindustry, Star Bulk Carriers'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.
Star Bulk Carriers's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Star Bulk Carriers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Star Bulk Carriers's Beneish M-Score falls into.
Star Bulk Carriers 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 Star Bulk Carriers 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 * 1.2097 | + | 0.528 * 1.7269 | + | 0.404 * 0.5768 | + | 0.892 * 0.6605 | + | 0.115 * 0.9936 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4497 | + | 4.679 * -0.048647 | - | 0.327 * 1.0967 |
| = | -2.71 |
* 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 $88.0 Mil.
Revenue was 263.461 + 223.087 + 238.686 + 224.035 = $949.3 Mil.
Gross Profit was 84.801 + 55.168 + 67.869 + 44.657 = $252.5 Mil.
Total Current Assets was $454.4 Mil.
Total Assets was $3,028.3 Mil.
Property, Plant and Equipment(Net PPE) was $2,567.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $148.2 Mil.
Selling, General, & Admin. Expense(SGA) was $54.4 Mil.
Total Current Liabilities was $359.4 Mil.
Long-Term Debt & Capital Lease Obligation was $1,007.8 Mil.
Net Income was 39.707 + 43.655 + 44.319 + 45.875 = $173.6 Mil.
Non Operating Income was -30.688 + 16.465 + -0.316 + -0.365 = $-14.9 Mil.
Cash Flow from Operations was 88.604 + 67.103 + 96.88 + 83.19 = $335.8 Mil.
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Total Receivables was $110.1 Mil.
Revenue was 294.803 + 364.136 + 417.334 + 360.883 = $1,437.2 Mil.
Gross Profit was 99.262 + 137.679 + 229.223 + 193.974 = $660.1 Mil.
Total Current Assets was $502.1 Mil.
Total Assets was $3,433.6 Mil.
Property, Plant and Equipment(Net PPE) was $2,919.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $167.4 Mil.
Selling, General, & Admin. Expense(SGA) was $56.8 Mil.
Total Current Liabilities was $282.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,130.9 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) |
| = | (87.981 / 949.269) | / | (110.109 / 1437.156) |
| = | 0.092683 | / | 0.076616 |
| | = | 1.2097 |
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) |
| = | (660.138 / 1437.156) | / | (252.495 / 949.269) |
| = | 0.459336 | / | 0.265989 |
| | = | 1.7269 |
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 - (454.397 + 2567.568) / 3028.255) | / | (1 - (502.092 + 2919.169) / 3433.624) |
| = | 0.002077 | / | 0.003601 |
| | = | 0.5768 |
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 |
| = | 949.269 | / | 1437.156 |
| | = | 0.6605 |
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)) |
| = | (167.371 / (167.371 + 2919.169)) | / | (148.222 / (148.222 + 2567.568)) |
| = | 0.054226 | / | 0.054578 |
| | = | 0.9936 |
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) |
| = | (54.413 / 949.269) | / | (56.826 / 1437.156) |
| = | 0.057321 | / | 0.039541 |
| | = | 1.4497 |
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) |
| = | ((1007.821 + 359.363) / 3028.255) | / | ((1130.896 + 282.555) / 3433.624) |
| = | 0.451476 | / | 0.41165 |
| | = | 1.0967 |
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 |
| = | (173.556 - -14.904 | - | 335.777) | / | 3028.255 |
| | = | -0.048647 |
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.
Star Bulk Carriers has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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