Market Cap : 37.21 B | Enterprise Value : 64.87 B | PE Ratio : At Loss | PB Ratio : |
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The zones of discrimination for M-Score is as such:
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.
Warning Sign:
Beneish M-Score 2.76 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Cheniere Energy's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Cheniere Energy was 10000000.00. The lowest was -2510.69. And the median was -1.68.
The historical data trend for Cheniere 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.
For the Oil & Gas Midstream subindustry, Cheniere 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.
For the Oil & Gas industry and Energy sector, Cheniere Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cheniere Energy's Beneish M-Score falls into.
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 Cheniere 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 * 1.2597 | + | 0.528 * 9.0984 | + | 0.404 * 1.7881 | + | 0.892 * 2.4385 | + | 0.115 * 0.9305 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.4771 | + | 4.679 * -0.2097 | - | 0.327 * 0.9168 | |||||||
= | 2.76 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $1,883 Mil. Revenue was 8007 + 7484 + 6557 + 3200 = $25,248 Mil. Gross Profit was 1979 + -123 + 934 + -1927 = $863 Mil. Total Current Assets was $6,186 Mil. Total Assets was $41,313 Mil. Property, Plant and Equipment(Net PPE) was $32,914 Mil. Depreciation, Depletion and Amortization(DDA) was $1,064 Mil. Selling, General, & Admin. Expense(SGA) was $356 Mil. Total Current Liabilities was $7,556 Mil. Long-Term Debt & Capital Lease Obligation was $27,734 Mil. Net Income was 741 + -865 + -1323 + -1084 = $-2,531 Mil. Non Operating Income was -29 + -10 + -32 + -63 = $-134 Mil. Cash Flow from Operations was 2517 + 2655 + 412 + 684 = $6,268 Mil. |
Total Receivables was $613 Mil. Revenue was 3017 + 3090 + 2787 + 1460 = $10,354 Mil. Gross Profit was 605 + 1468 + 688 + 459 = $3,220 Mil. Total Current Assets was $3,665 Mil. Total Assets was $36,752 Mil. Property, Plant and Equipment(Net PPE) was $31,986 Mil. Depreciation, Depletion and Amortization(DDA) was $960 Mil. Selling, General, & Admin. Expense(SGA) was $306 Mil. Total Current Liabilities was $3,526 Mil. Long-Term Debt & Capital Lease Obligation was $30,716 Mil. |
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) |
= | (1883 / 25248) | / | (613 / 10354) | |
= | 0.07458016 | / | 0.05920417 | |
= | 1.2597 |
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) | |
= | (3220 / 10354) | / | (863 / 25248) | |
= | 0.31099092 | / | 0.03418093 | |
= | 9.0984 |
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 - (6186 + 32914) / 41313) | / | (1 - (3665 + 31986) / 36752) | |
= | 0.05356667 | / | 0.02995755 | |
= | 1.7881 |
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 | |
= | 25248 | / | 10354 | |
= | 2.4385 |
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)) |
= | (960 / (960 + 31986)) | / | (1064 / (1064 + 32914)) | |
= | 0.02913859 | / | 0.03131438 | |
= | 0.9305 |
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) |
= | (356 / 25248) | / | (306 / 10354) | |
= | 0.01410013 | / | 0.0295538 | |
= | 0.4771 |
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) |
= | ((27734 + 7556) / 41313) | / | ((30716 + 3526) / 36752) | |
= | 0.85421054 | / | 0.9317044 | |
= | 0.9168 |
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 | |
= | (-2531 - -134 | - | 6268) | / | 41313 | |
= | -0.2097 |
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.
Cheniere Energy has a M-score of 2.76 signals that the company is likely to be a manipulator.
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