Energy Transfer LP Beneish M-Score Historical Data
The historical data trend for Energy Transfer 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.
Energy Transfer LP Beneish M-Score Chart
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Energy Transfer LP Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-3.19 |
-1.79 |
-2.38 |
-2.65 |
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Energy Transfer LP Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.68 |
-2.65 |
-2.59 |
-2.47 |
-2.74 |
Competitive Comparison of Energy Transfer LP's Beneish M-Score
For the Oil & Gas Midstream subindustry, Energy Transfer 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.
Energy Transfer LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Energy Transfer LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Energy Transfer LP's Beneish M-Score falls into.
Energy Transfer 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 Energy Transfer 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 * 0.9617 | + | 0.528 * 0.9473 | + | 0.404 * 1.0582 | + | 0.892 * 1.065 | + | 0.115 * 1.0155 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2034 | + | 4.679 * -0.049948 | - | 0.327 * 1.0286 |
| = | -2.74 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $10,034 Mil.
Revenue was 20772 + 20729 + 21629 + 20532 = $83,662 Mil.
Gross Profit was 3836 + 3907 + 3778 + 3594 = $15,115 Mil.
Total Current Assets was $13,336 Mil.
Total Assets was $124,429 Mil.
Property, Plant and Equipment(Net PPE) was $95,848 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,949 Mil.
Selling, General, & Admin. Expense(SGA) was $1,174 Mil.
Total Current Liabilities was $12,371 Mil.
Long-Term Debt & Capital Lease Obligation was $59,737 Mil.
Net Income was 1183 + 1314 + 1240 + 1327 = $5,064 Mil.
Non Operating Income was 170 + 633 + 129 + 135 = $1,067 Mil.
Cash Flow from Operations was 2874 + 2270 + 3772 + 1296 = $10,212 Mil.
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Total Receivables was $9,797 Mil.
Revenue was 20739 + 18320 + 18995 + 20501 = $78,555 Mil.
Gross Profit was 3573 + 3167 + 3326 + 3378 = $13,444 Mil.
Total Current Assets was $13,423 Mil.
Total Assets was $107,571 Mil.
Property, Plant and Equipment(Net PPE) was $81,693 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,287 Mil.
Selling, General, & Admin. Expense(SGA) was $916 Mil.
Total Current Liabilities was $12,755 Mil.
Long-Term Debt & Capital Lease Obligation was $47,850 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) |
| = | (10034 / 83662) | / | (9797 / 78555) |
| = | 0.119935 | / | 0.124715 |
| | = | 0.9617 |
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) |
| = | (13444 / 78555) | / | (15115 / 83662) |
| = | 0.171141 | / | 0.180667 |
| | = | 0.9473 |
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 - (13336 + 95848) / 124429) | / | (1 - (13423 + 81693) / 107571) |
| = | 0.12252 | / | 0.115784 |
| | = | 1.0582 |
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 |
| = | 83662 | / | 78555 |
| | = | 1.065 |
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)) |
| = | (4287 / (4287 + 81693)) | / | (4949 / (4949 + 95848)) |
| = | 0.04986 | / | 0.049099 |
| | = | 1.0155 |
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) |
| = | (1174 / 83662) | / | (916 / 78555) |
| = | 0.014033 | / | 0.011661 |
| | = | 1.2034 |
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) |
| = | ((59737 + 12371) / 124429) | / | ((47850 + 12755) / 107571) |
| = | 0.579511 | / | 0.563395 |
| | = | 1.0286 |
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 |
| = | (5064 - 1067 | - | 10212) | / | 124429 |
| | = | -0.049948 |
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.
Energy Transfer LP has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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