Antero Midstream Beneish M-Score Historical Data
The historical data trend for Antero Midstream'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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Antero Midstream Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.88 |
-2.98 |
-2.81 |
-2.88 |
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Antero Midstream 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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-2.81 |
-2.66 |
-2.67 |
-2.73 |
-2.88 |
Competitive Comparison
For the Oil & Gas Midstream subindustry, Antero Midstream'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.
Antero Midstream Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Antero Midstream's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Antero Midstream's Beneish M-Score falls into.
Antero Midstream 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 Antero Midstream 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 * 0.9098 | + | 0.528 * 0.9858 | + | 0.404 * 0.9587 | + | 0.892 * 1.1229 | + | 0.115 * 0.9907 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0187 | + | 4.679 * -0.088287 | - | 0.327 * 0.9646 |
| = | -2.88 |
* 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 $90 Mil.
Revenue was 277.838 + 281.507 + 275.955 + 277.143 = $1,112 Mil.
Gross Profit was 174.502 + 181.18 + 170.459 + 166.406 = $693 Mil.
Total Current Assets was $91 Mil.
Total Assets was $5,738 Mil.
Property, Plant and Equipment(Net PPE) was $3,794 Mil.
Depreciation, Depletion and Amortization(DDA) was $207 Mil.
Selling, General, & Admin. Expense(SGA) was $71 Mil.
Total Current Liabilities was $96 Mil.
Long-Term Debt & Capital Lease Obligation was $3,213 Mil.
Net Income was 100.447 + 97.82 + 87.012 + 86.507 = $372 Mil.
Non Operating Income was 27.491 + 26.93 + 20.158 + 24.701 = $99 Mil.
Cash Flow from Operations was 208.321 + 202.437 + 185.586 + 182.719 = $779 Mil.
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Total Receivables was $88 Mil.
Revenue was 259.221 + 248.702 + 246.575 + 236.159 = $991 Mil.
Gross Profit was 159.677 + 150.18 + 149.933 + 148.179 = $608 Mil.
Total Current Assets was $89 Mil.
Total Assets was $5,791 Mil.
Property, Plant and Equipment(Net PPE) was $3,751 Mil.
Depreciation, Depletion and Amortization(DDA) was $202 Mil.
Selling, General, & Admin. Expense(SGA) was $62 Mil.
Total Current Liabilities was $102 Mil.
Long-Term Debt & Capital Lease Obligation was $3,361 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) |
| = | (89.562 / 1112.443) | / | (87.667 / 990.657) |
| = | 0.080509 | / | 0.088494 |
| | = | 0.9098 |
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) |
| = | (607.969 / 990.657) | / | (692.547 / 1112.443) |
| = | 0.613703 | / | 0.622546 |
| | = | 0.9858 |
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 - (91.128 + 3793.523) / 5737.618) | / | (1 - (88.993 + 3751.431) / 5791.32) |
| = | 0.322951 | / | 0.336866 |
| | = | 0.9587 |
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 |
| = | 1112.443 | / | 990.657 |
| | = | 1.1229 |
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)) |
| = | (202.434 / (202.434 + 3751.431)) | / | (206.731 / (206.731 + 3793.523)) |
| = | 0.051199 | / | 0.051679 |
| | = | 0.9907 |
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) |
| = | (71.068 / 1112.443) | / | (62.125 / 990.657) |
| = | 0.063885 | / | 0.062711 |
| | = | 1.0187 |
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) |
| = | ((3213.216 + 96.417) / 5737.618) | / | ((3361.282 + 102.077) / 5791.32) |
| = | 0.57683 | / | 0.598026 |
| | = | 0.9646 |
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 |
| = | (371.786 - 99.28 | - | 779.063) | / | 5737.618 |
| | = | -0.088287 |
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.
Antero Midstream has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
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