UGI Beneish M-Score Historical Data
The historical data trend for UGI'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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UGI Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.87 |
-2.60 |
-2.27 |
-1.83 |
-3.45 |
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UGI 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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-2.25 |
-2.18 |
-3.12 |
-3.45 |
-3.51 |
Competitive Comparison
For the Utilities - Regulated Gas subindustry, UGI'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.
UGI Beneish M-Score Distribution
For the Utilities - Regulated industry and Utilities sector, UGI's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UGI's Beneish M-Score falls into.
UGI 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 UGI 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 * 0.9055 | + | 0.528 * 0.5323 | + | 0.404 * 0.9578 | + | 0.892 * 0.8134 | + | 0.115 * 1.0158 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6722 | + | 4.679 * -0.119751 | - | 0.327 * 1.0232 |
| = | -3.51 |
* 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 $1,308 Mil.
Revenue was 2121 + 1404 + 1659 + 3106 = $8,290 Mil.
Gross Profit was 919 + 1404 + 1659 + 958 = $4,940 Mil.
Total Current Assets was $2,285 Mil.
Total Assets was $15,716 Mil.
Property, Plant and Equipment(Net PPE) was $8,601 Mil.
Depreciation, Depletion and Amortization(DDA) was $538 Mil.
Selling, General, & Admin. Expense(SGA) was $1,117 Mil.
Total Current Liabilities was $2,341 Mil.
Long-Term Debt & Capital Lease Obligation was $6,769 Mil.
Net Income was 94 + 131 + -789 + 110 = $-454 Mil.
Non Operating Income was -40 + 0 + 0 + 2 = $-38 Mil.
Cash Flow from Operations was 119 + 250 + 433 + 664 = $1,466 Mil.
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Total Receivables was $1,776 Mil.
Revenue was 2759 + 1934 + 2033 + 3466 = $10,192 Mil.
Gross Profit was -347 + 912 + 672 + 1996 = $3,233 Mil.
Total Current Assets was $3,456 Mil.
Total Assets was $17,128 Mil.
Property, Plant and Equipment(Net PPE) was $8,176 Mil.
Depreciation, Depletion and Amortization(DDA) was $520 Mil.
Selling, General, & Admin. Expense(SGA) was $2,043 Mil.
Total Current Liabilities was $3,380 Mil.
Long-Term Debt & Capital Lease Obligation was $6,323 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) |
| = | (1308 / 8290) | / | (1776 / 10192) |
| = | 0.15778 | / | 0.174254 |
| | = | 0.9055 |
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) |
| = | (3233 / 10192) | / | (4940 / 8290) |
| = | 0.31721 | / | 0.595899 |
| | = | 0.5323 |
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 - (2285 + 8601) / 15716) | / | (1 - (3456 + 8176) / 17128) |
| = | 0.30733 | / | 0.320878 |
| | = | 0.9578 |
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 |
| = | 8290 | / | 10192 |
| | = | 0.8134 |
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)) |
| = | (520 / (520 + 8176)) | / | (538 / (538 + 8601)) |
| = | 0.059798 | / | 0.058869 |
| | = | 1.0158 |
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) |
| = | (1117 / 8290) | / | (2043 / 10192) |
| = | 0.134741 | / | 0.200451 |
| | = | 0.6722 |
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) |
| = | ((6769 + 2341) / 15716) | / | ((6323 + 3380) / 17128) |
| = | 0.579664 | / | 0.566499 |
| | = | 1.0232 |
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 |
| = | (-454 - -38 | - | 1466) | / | 15716 |
| | = | -0.119751 |
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.
UGI has a M-score of -3.51 suggests that the company is unlikely to be a manipulator.
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