HF Sinclair Beneish M-Score Historical Data
The historical data trend for HF Sinclair'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.
HF Sinclair Beneish M-Score Chart
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HF Sinclair Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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1.36 |
-2.18 |
-2.25 |
-2.45 |
-1.76 |
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HF Sinclair Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.36 |
-2.45 |
-1.74 |
-1.76 |
-0.41 |
Competitive Comparison of HF Sinclair's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, HF Sinclair'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.
HF Sinclair's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, HF Sinclair's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HF Sinclair's Beneish M-Score falls into.
HF Sinclair 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 HF Sinclair 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 * 0.836 | + | 0.528 * 5.7942 | + | 0.404 * 1.1016 | + | 0.892 * 0.8885 | + | 0.115 * 0.9192 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9994 | + | 4.679 * -0.049804 | - | 0.327 * 1.0453 |
| = | -0.41 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $1,379 Mil.
Revenue was 6370 + 6499.884 + 7207.14 + 7845.831 = $27,923 Mil.
Gross Profit was 190 + -98.216 + 7.25 + 301.792 = $401 Mil.
Total Current Assets was $4,987 Mil.
Total Assets was $16,542 Mil.
Property, Plant and Equipment(Net PPE) was $6,861 Mil.
Depreciation, Depletion and Amortization(DDA) was $859 Mil.
Selling, General, & Admin. Expense(SGA) was $448 Mil.
Total Current Liabilities was $2,664 Mil.
Long-Term Debt & Capital Lease Obligation was $3,036 Mil.
Net Income was -4 + -213.508 + -75.944 + 151.788 = $-142 Mil.
Non Operating Income was -42 + 11.206 + 1.504 + 7.482 = $-22 Mil.
Cash Flow from Operations was -89 + -140.394 + 707.578 + 225.816 = $704 Mil.
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Total Receivables was $1,856 Mil.
Revenue was 7027 + 7659.741 + 8905.471 + 7833.646 = $31,426 Mil.
Gross Profit was 514 + 72.559 + 1195.575 + 831.744 = $2,614 Mil.
Total Current Assets was $6,322 Mil.
Total Assets was $17,916 Mil.
Property, Plant and Equipment(Net PPE) was $6,978 Mil.
Depreciation, Depletion and Amortization(DDA) was $795 Mil.
Selling, General, & Admin. Expense(SGA) was $504 Mil.
Total Current Liabilities was $2,918 Mil.
Long-Term Debt & Capital Lease Obligation was $2,988 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) |
| = | (1379 / 27922.855) | / | (1856.418 / 31425.858) |
| = | 0.049386 | / | 0.059073 |
| | = | 0.836 |
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) |
| = | (2613.878 / 31425.858) | / | (400.826 / 27922.855) |
| = | 0.083176 | / | 0.014355 |
| | = | 5.7942 |
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 - (4987 + 6861) / 16542) | / | (1 - (6322.46 + 6978.456) / 17915.99) |
| = | 0.283763 | / | 0.257595 |
| | = | 1.1016 |
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 |
| = | 27922.855 | / | 31425.858 |
| | = | 0.8885 |
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)) |
| = | (795.017 / (795.017 + 6978.456)) | / | (859 / (859 + 6861)) |
| = | 0.102273 | / | 0.111269 |
| | = | 0.9192 |
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) |
| = | (447.626 / 27922.855) | / | (504.087 / 31425.858) |
| = | 0.016031 | / | 0.016041 |
| | = | 0.9994 |
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) |
| = | ((3036 + 2664) / 16542) | / | ((2988.015 + 2917.935) / 17915.99) |
| = | 0.344577 | / | 0.329647 |
| | = | 1.0453 |
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 |
| = | (-141.664 - -21.808 | - | 704) | / | 16542 |
| | = | -0.049804 |
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.
HF Sinclair has a M-score of -0.41 signals that the company is likely to be a manipulator.
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