CVR Refining LP Beneish M-Score Historical Data
The historical data trend for CVR Refining 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.
CVR Refining LP Beneish M-Score Chart
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CVR Refining LP Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.07 |
-2.45 |
-3.85 |
-1.60 |
-0.03 |
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CVR Refining LP Quarterly Data
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Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
| Beneish M-Score |
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-3.40 |
-0.03 |
0.24 |
0.08 |
0.79 |
Competitive Comparison of CVR Refining LP's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, CVR Refining 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.
CVR Refining LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, CVR Refining LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CVR Refining LP's Beneish M-Score falls into.
CVR Refining 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 CVR Refining 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 * 1.2062 | + | 0.528 * 0.3723 | + | 0.404 * 8.7719 | + | 0.892 * 1.2287 | + | 0.115 * 0.938 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8299 | + | 4.679 * 0.007944 | - | 0.327 * 0.9679 |
| = | 0.79 |
* 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 (Sep18) TTM: | Last Year (Sep17) TTM: |
Total Receivables was $194 Mil.
Revenue was 1857 + 1824 + 1458.2 + 1516.7 = $6,656 Mil.
Gross Profit was 195 + 145 + 114.8 + 68.7 = $524 Mil.
Total Current Assets was $993 Mil.
Total Assets was $2,505 Mil.
Property, Plant and Equipment(Net PPE) was $1,396 Mil.
Depreciation, Depletion and Amortization(DDA) was $135 Mil.
Selling, General, & Admin. Expense(SGA) was $78 Mil.
Total Current Liabilities was $511 Mil.
Long-Term Debt & Capital Lease Obligation was $537 Mil.
Net Income was 174 + 118 + 146.7 + -29 = $410 Mil.
Non Operating Income was 8 + 7 + 60.8 + -63.6 = $12 Mil.
Cash Flow from Operations was 256 + 242.1 + 15.9 + -136.4 = $378 Mil.
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Total Receivables was $131 Mil.
Revenue was 1385.8 + 1338.2 + 1423.5 + 1269.4 = $5,417 Mil.
Gross Profit was 118.7 + 12.2 + 86.8 + -59.1 = $159 Mil.
Total Current Assets was $1,009 Mil.
Total Assets was $2,501 Mil.
Property, Plant and Equipment(Net PPE) was $1,478 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General, & Admin. Expense(SGA) was $76 Mil.
Total Current Liabilities was $542 Mil.
Long-Term Debt & Capital Lease Obligation was $539 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) |
| = | (194 / 6655.9) | / | (130.9 / 5416.9) |
| = | 0.029147 | / | 0.024165 |
| | = | 1.2062 |
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) |
| = | (158.6 / 5416.9) | / | (523.5 / 6655.9) |
| = | 0.029279 | / | 0.078652 |
| | = | 0.3723 |
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 - (993 + 1396) / 2505) | / | (1 - (1009.3 + 1478.2) / 2500.7) |
| = | 0.046307 | / | 0.005279 |
| | = | 8.7719 |
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 |
| = | 6655.9 | / | 5416.9 |
| | = | 1.2287 |
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)) |
| = | (132.9 / (132.9 + 1478.2)) | / | (134.6 / (134.6 + 1396)) |
| = | 0.08249 | / | 0.087939 |
| | = | 0.938 |
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) |
| = | (77.7 / 6655.9) | / | (76.2 / 5416.9) |
| = | 0.011674 | / | 0.014067 |
| | = | 0.8299 |
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) |
| = | ((537 + 511) / 2505) | / | ((538.9 + 542) / 2500.7) |
| = | 0.418363 | / | 0.432239 |
| | = | 0.9679 |
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 |
| = | (409.7 - 12.2 | - | 377.6) | / | 2505 |
| | = | 0.007944 |
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.
CVR Refining LP has a M-score of 0.79 signals that the company is likely to be a manipulator.
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