Adams Resources & Energy Beneish M-Score Historical Data
The historical data trend for Adams Resources & Energy'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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Adams Resources & Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.26 |
-0.41 |
-3.28 |
-0.85 |
-2.95 |
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Adams Resources & Energy 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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-0.85 |
-0.58 |
-0.68 |
-1.57 |
-2.95 |
Competitive Comparison
For the Oil & Gas Refining & Marketing subindustry, Adams Resources & Energy'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.
Adams Resources & Energy Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Adams Resources & Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Adams Resources & Energy's Beneish M-Score falls into.
Adams Resources & Energy 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 Adams Resources & Energy 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 * 1.0659 | + | 0.528 * 1.105 | + | 0.404 * 0.9612 | + | 0.892 * 0.8154 | + | 0.115 * 0.8263 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0336 | + | 4.679 * -0.0832 | - | 0.327 * 0.9864 |
| = | -2.95 |
* 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 $164 Mil.
Revenue was 709.751 + 760.614 + 624.766 + 650.162 = $2,745 Mil.
Gross Profit was 3.607 + 8.087 + 3.495 + 2.142 = $17 Mil.
Total Current Assets was $232 Mil.
Total Assets was $361 Mil.
Property, Plant and Equipment(Net PPE) was $111 Mil.
Depreciation, Depletion and Amortization(DDA) was $28 Mil.
Selling, General, & Admin. Expense(SGA) was $15 Mil.
Total Current Liabilities was $211 Mil.
Long-Term Debt & Capital Lease Obligation was $42 Mil.
Net Income was -0.874 + 2.258 + 0.827 + -1.999 = $0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 22.437 + 11.446 + -27.315 + 23.707 = $30 Mil.
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Total Receivables was $189 Mil.
Revenue was 747.721 + 852.901 + 992.05 + 774.245 = $3,367 Mil.
Gross Profit was -3.472 + 7.623 + 7.171 + 12.166 = $23 Mil.
Total Current Assets was $250 Mil.
Total Assets was $384 Mil.
Property, Plant and Equipment(Net PPE) was $114 Mil.
Depreciation, Depletion and Amortization(DDA) was $23 Mil.
Selling, General, & Admin. Expense(SGA) was $18 Mil.
Total Current Liabilities was $231 Mil.
Long-Term Debt & Capital Lease Obligation was $41 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) |
| = | (164.295 / 2745.293) | / | (189.039 / 3366.917) |
| = | 0.059846 | / | 0.056146 |
| | = | 1.0659 |
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) |
| = | (23.488 / 3366.917) | / | (17.331 / 2745.293) |
| = | 0.006976 | / | 0.006313 |
| | = | 1.105 |
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 - (232.471 + 110.897) / 361.334) | / | (1 - (250.143 + 114.145) / 384.159) |
| = | 0.049721 | / | 0.051726 |
| | = | 0.9612 |
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 |
| = | 2745.293 | / | 3366.917 |
| | = | 0.8154 |
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)) |
| = | (22.707 / (22.707 + 114.145)) | / | (27.863 / (27.863 + 110.897)) |
| = | 0.165924 | / | 0.2008 |
| | = | 0.8263 |
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) |
| = | (14.932 / 2745.293) | / | (17.717 / 3366.917) |
| = | 0.005439 | / | 0.005262 |
| | = | 1.0336 |
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) |
| = | ((42.066 + 210.787) / 361.334) | / | ((41.467 + 231.06) / 384.159) |
| = | 0.699776 | / | 0.709412 |
| | = | 0.9864 |
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 |
| = | (0.212 - 0 | - | 30.275) | / | 361.334 |
| | = | -0.0832 |
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.
Adams Resources & Energy has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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