EnLink Midstream LLC Beneish M-Score Historical Data
The historical data trend for EnLink Midstream LLC'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.
EnLink Midstream LLC Beneish M-Score Chart
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EnLink Midstream LLC Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.72 |
-2.85 |
-2.02 |
-2.77 |
-3.26 |
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EnLink Midstream LLC Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.77 |
-3.10 |
-3.56 |
-3.38 |
-3.26 |
Competitive Comparison of EnLink Midstream LLC's Beneish M-Score
For the Oil & Gas Midstream subindustry, EnLink Midstream LLC'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.
EnLink Midstream LLC's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, EnLink Midstream LLC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EnLink Midstream LLC's Beneish M-Score falls into.
EnLink Midstream LLC 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 EnLink Midstream LLC 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 * 1.2744 | + | 0.528 * 0.6953 | + | 0.404 * 1.0117 | + | 0.892 * 0.722 | + | 0.115 * 0.9553 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2777 | + | 4.679 * -0.121629 | - | 0.327 * 1.0138 |
| = | -3.26 |
* 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 $667 Mil.
Revenue was 1836.8 + 1768.2 + 1518.8 + 1755.6 = $6,879 Mil.
Gross Profit was 348.7 + 359.7 + 334.5 + 323.3 = $1,366 Mil.
Total Current Assets was $838 Mil.
Total Assets was $8,329 Mil.
Property, Plant and Equipment(Net PPE) was $6,407 Mil.
Depreciation, Depletion and Amortization(DDA) was $657 Mil.
Selling, General, & Admin. Expense(SGA) was $116 Mil.
Total Current Liabilities was $994 Mil.
Long-Term Debt & Capital Lease Obligation was $4,471 Mil.
Net Income was 64.2 + 29.5 + 54.3 + 58.2 = $206 Mil.
Non Operating Income was 15.1 + -40.3 + 9 + 12.7 = $-4 Mil.
Cash Flow from Operations was 360.7 + 274.2 + 315.7 + 272.1 = $1,223 Mil.
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Total Receivables was $725 Mil.
Revenue was 2029.8 + 2643 + 2596.1 + 2258.9 = $9,528 Mil.
Gross Profit was 322.8 + 349.3 + 332 + 311.5 = $1,316 Mil.
Total Current Assets was $983 Mil.
Total Assets was $8,651 Mil.
Property, Plant and Equipment(Net PPE) was $6,556 Mil.
Depreciation, Depletion and Amortization(DDA) was $639 Mil.
Selling, General, & Admin. Expense(SGA) was $125 Mil.
Total Current Liabilities was $875 Mil.
Long-Term Debt & Capital Lease Obligation was $4,724 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) |
| = | (667.3 / 6879.4) | / | (725.2 / 9527.8) |
| = | 0.097 | / | 0.076114 |
| | = | 1.2744 |
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) |
| = | (1315.6 / 9527.8) | / | (1366.2 / 6879.4) |
| = | 0.13808 | / | 0.198593 |
| | = | 0.6953 |
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 - (838.3 + 6407) / 8328.6) | / | (1 - (982.8 + 6556) / 8651) |
| = | 0.13007 | / | 0.128563 |
| | = | 1.0117 |
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 |
| = | 6879.4 | / | 9527.8 |
| | = | 0.722 |
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)) |
| = | (639.4 / (639.4 + 6556)) | / | (657.1 / (657.1 + 6407)) |
| = | 0.088862 | / | 0.09302 |
| | = | 0.9553 |
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) |
| = | (115.5 / 6879.4) | / | (125.2 / 9527.8) |
| = | 0.016789 | / | 0.01314 |
| | = | 1.2777 |
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) |
| = | ((4471 + 993.6) / 8328.6) | / | ((4723.5 + 875.4) / 8651) |
| = | 0.656125 | / | 0.647197 |
| | = | 1.0138 |
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 |
| = | (206.2 - -3.5 | - | 1222.7) | / | 8328.6 |
| | = | -0.121629 |
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.
EnLink Midstream LLC has a M-score of -3.26 suggests that the company is unlikely to be a manipulator.
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