Star Group LP Beneish M-Score Historical Data
The historical data trend for Star Group 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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Star Group LP Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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|
|
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-2.98 |
-3.47 |
-2.38 |
-1.99 |
-3.17 |
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Star Group LP Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
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-1.83 |
-2.71 |
-3.35 |
-3.17 |
-3.43 |
Competitive Comparison
For the Oil & Gas Refining & Marketing subindustry, Star Group 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.
Star Group LP Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Star Group LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Star Group LP's Beneish M-Score falls into.
Star Group 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 Star Group 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 * 0.8743 | + | 0.528 * 0.9047 | + | 0.404 * 1.1128 | + | 0.892 * 0.846 | + | 0.115 * 0.9467 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2237 | + | 4.679 * -0.141716 | - | 0.327 * 0.9423 |
| = | -3.43 |
* 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 $187 Mil.
Revenue was 528.096 + 266.937 + 300.121 + 737.617 = $1,833 Mil.
Gross Profit was 141.265 + 41.53 + 56.744 + 195.413 = $435 Mil.
Total Current Assets was $329 Mil.
Total Assets was $945 Mil.
Property, Plant and Equipment(Net PPE) was $193 Mil.
Depreciation, Depletion and Amortization(DDA) was $34 Mil.
Selling, General, & Admin. Expense(SGA) was $26 Mil.
Total Current Liabilities was $436 Mil.
Long-Term Debt & Capital Lease Obligation was $198 Mil.
Net Income was 11.391 + -19.729 + -23.906 + 51.051 = $19 Mil.
Non Operating Income was -19.03 + 17.645 + 1.036 + -3.022 = $-3 Mil.
Cash Flow from Operations was -60.308 + 20.943 + 116.548 + 78.908 = $156 Mil.
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Total Receivables was $253 Mil.
Revenue was 648.187 + 296.644 + 439.101 + 782.543 = $2,166 Mil.
Gross Profit was 144.714 + 39.222 + 69.238 + 211.992 = $465 Mil.
Total Current Assets was $426 Mil.
Total Assets was $1,047 Mil.
Property, Plant and Equipment(Net PPE) was $200 Mil.
Depreciation, Depletion and Amortization(DDA) was $33 Mil.
Selling, General, & Admin. Expense(SGA) was $25 Mil.
Total Current Liabilities was $520 Mil.
Long-Term Debt & Capital Lease Obligation was $225 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) |
| = | (187.122 / 1832.771) | / | (253.004 / 2166.475) |
| = | 0.102098 | / | 0.116781 |
| | = | 0.8743 |
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) |
| = | (465.166 / 2166.475) | / | (434.952 / 1832.771) |
| = | 0.214711 | / | 0.237319 |
| | = | 0.9047 |
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 - (329.489 + 192.883) / 944.939) | / | (1 - (425.668 + 200.368) / 1046.644) |
| = | 0.44719 | / | 0.401863 |
| | = | 1.1128 |
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 |
| = | 1832.771 | / | 2166.475 |
| | = | 0.846 |
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)) |
| = | (33.032 / (33.032 + 200.368)) | / | (33.904 / (33.904 + 192.883)) |
| = | 0.141525 | / | 0.149497 |
| | = | 0.9467 |
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) |
| = | (25.945 / 1832.771) | / | (25.062 / 2166.475) |
| = | 0.014156 | / | 0.011568 |
| | = | 1.2237 |
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) |
| = | ((198.01 + 435.807) / 944.939) | / | ((224.909 + 520.117) / 1046.644) |
| = | 0.670749 | / | 0.711824 |
| | = | 0.9423 |
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 |
| = | (18.807 - -3.371 | - | 156.091) | / | 944.939 |
| | = | -0.141716 |
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 Group LP has a M-score of -3.43 suggests that the company is unlikely to be a manipulator.
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