Magellan Midstream Partners LP Beneish M-Score Historical Data
The historical data trend for Magellan Midstream Partners 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.
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Magellan Midstream Partners LP Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.57 |
-2.92 |
-2.61 |
-2.73 |
-2.64 |
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Magellan Midstream Partners LP Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.32 |
-2.64 |
-2.64 |
-2.70 |
-2.43 |
Competitive Comparison
For the Oil & Gas Midstream subindustry, Magellan Midstream Partners 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.
Magellan Midstream Partners LP Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Magellan Midstream Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Magellan Midstream Partners LP's Beneish M-Score falls into.
Magellan Midstream Partners 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 Magellan Midstream Partners 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 * 0.8627 | + | 0.528 * 1.1595 | + | 0.404 * 1.0146 | + | 0.892 * 1.2037 | + | 0.115 * 0.9761 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9526 | + | 4.679 * -0.0175 | - | 0.327 * 1.0711 |
| = | -2.43 |
* 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 $180 Mil.
Revenue was 788.6 + 674.7 + 809.329 + 639.054 = $2,912 Mil.
Gross Profit was 447.5 + 373.6 + 458.347 + 431.798 = $1,711 Mil.
Total Current Assets was $670 Mil.
Total Assets was $7,792 Mil.
Property, Plant and Equipment(Net PPE) was $6,032 Mil.
Depreciation, Depletion and Amortization(DDA) was $238 Mil.
Selling, General, & Admin. Expense(SGA) was $224 Mil.
Total Current Liabilities was $689 Mil.
Long-Term Debt & Capital Lease Obligation was $5,135 Mil.
Net Income was 353.9 + 165.5 + 243.666 + 236.599 = $1,000 Mil.
Non Operating Income was 25.9 + 35 + 37.571 + 37.473 = $136 Mil.
Cash Flow from Operations was 296.9 + 100.4 + 317.123 + 285.977 = $1,000 Mil.
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Total Receivables was $173 Mil.
Revenue was 653.6 + 631.1 + 557.761 + 576.448 = $2,419 Mil.
Gross Profit was 429.5 + 405.6 + 394.603 + 418.634 = $1,648 Mil.
Total Current Assets was $1,022 Mil.
Total Assets was $8,293 Mil.
Property, Plant and Equipment(Net PPE) was $6,126 Mil.
Depreciation, Depletion and Amortization(DDA) was $235 Mil.
Selling, General, & Admin. Expense(SGA) was $195 Mil.
Total Current Liabilities was $642 Mil.
Long-Term Debt & Capital Lease Obligation was $5,144 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) |
| = | (179.8 / 2911.683) | / | (173.137 / 2418.909) |
| = | 0.06175123 | / | 0.07157648 |
| | = | 0.8627 |
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) |
| = | (1648.337 / 2418.909) | / | (1711.245 / 2911.683) |
| = | 0.6814382 | / | 0.58771679 |
| | = | 1.1595 |
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 - (669.5 + 6032.2) / 7792.4) | / | (1 - (1022.273 + 6126.406) / 8292.662) |
| = | 0.13996971 | / | 0.13795124 |
| | = | 1.0146 |
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 |
| = | 2911.683 | / | 2418.909 |
| | = | 1.2037 |
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)) |
| = | (235.213 / (235.213 + 6126.406)) | / | (237.5 / (237.5 + 6032.2)) |
| = | 0.03697376 | / | 0.0378806 |
| | = | 0.9761 |
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) |
| = | (223.961 / 2911.683) | / | (195.317 / 2418.909) |
| = | 0.07691806 | / | 0.08074591 |
| | = | 0.9526 |
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) |
| = | ((5135.2 + 688.8) / 7792.4) | / | ((5144.27 + 642.023) / 8292.662) |
| = | 0.7473949 | / | 0.69776062 |
| | = | 1.0711 |
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 |
| = | (999.665 - 135.944 | - | 1000.4) | / | 7792.4 |
| | = | -0.0175 |
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.
Magellan Midstream Partners LP has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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