Marathon Petroleum Beneish M-Score Historical Data
The historical data trend for Marathon Petroleum'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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Marathon Petroleum Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.70 |
0.94 |
-1.84 |
-2.68 |
-2.92 |
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Marathon Petroleum Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.68 |
-3.09 |
-3.14 |
-3.04 |
-2.92 |
Competitive Comparison
For the Oil & Gas Refining & Marketing subindustry, Marathon Petroleum'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.
Marathon Petroleum Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Marathon Petroleum's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Marathon Petroleum's Beneish M-Score falls into.
Marathon Petroleum 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 Marathon Petroleum 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 * 1.0311 | + | 0.528 * 1.1432 | + | 0.404 * 1.0291 | + | 0.892 * 0.8362 | + | 0.115 * 0.9617 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3111 | + | 4.679 * -0.073348 | - | 0.327 * 1.0399 |
| = | -2.92 |
* 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 $11,619 Mil.
Revenue was 36255 + 40917 + 36343 + 34864 = $148,379 Mil.
Gross Profit was 2845 + 5144 + 3747 + 4770 = $16,506 Mil.
Total Current Assets was $32,131 Mil.
Total Assets was $85,987 Mil.
Property, Plant and Equipment(Net PPE) was $36,345 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,307 Mil.
Selling, General, & Admin. Expense(SGA) was $3,039 Mil.
Total Current Liabilities was $20,150 Mil.
Long-Term Debt & Capital Lease Obligation was $26,093 Mil.
Net Income was 1451 + 3280 + 2226 + 2724 = $9,681 Mil.
Non Operating Income was 500 + 686 + 481 + 204 = $1,871 Mil.
Cash Flow from Operations was 1123 + 4953 + 3984 + 4057 = $14,117 Mil.
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Total Receivables was $13,477 Mil.
Revenue was 39813 + 45787 + 53795 + 38058 = $177,453 Mil.
Gross Profit was 5441 + 6172 + 8769 + 2185 = $22,567 Mil.
Total Current Assets was $35,242 Mil.
Total Assets was $89,904 Mil.
Property, Plant and Equipment(Net PPE) was $36,871 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,215 Mil.
Selling, General, & Admin. Expense(SGA) was $2,772 Mil.
Total Current Liabilities was $20,020 Mil.
Long-Term Debt & Capital Lease Obligation was $26,475 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) |
| = | (11619 / 148379) | / | (13477 / 177453) |
| = | 0.078306 | / | 0.075947 |
| | = | 1.0311 |
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) |
| = | (22567 / 177453) | / | (16506 / 148379) |
| = | 0.127172 | / | 0.111242 |
| | = | 1.1432 |
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 - (32131 + 36345) / 85987) | / | (1 - (35242 + 36871) / 89904) |
| = | 0.203647 | / | 0.197889 |
| | = | 1.0291 |
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 |
| = | 148379 | / | 177453 |
| | = | 0.8362 |
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)) |
| = | (3215 / (3215 + 36871)) | / | (3307 / (3307 + 36345)) |
| = | 0.080203 | / | 0.083401 |
| | = | 0.9617 |
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) |
| = | (3039 / 148379) | / | (2772 / 177453) |
| = | 0.020481 | / | 0.015621 |
| | = | 1.3111 |
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) |
| = | ((26093 + 20150) / 85987) | / | ((26475 + 20020) / 89904) |
| = | 0.537791 | / | 0.517163 |
| | = | 1.0399 |
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 |
| = | (9681 - 1871 | - | 14117) | / | 85987 |
| | = | -0.073348 |
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.
Marathon Petroleum has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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