Green Plains Beneish M-Score Historical Data
The historical data trend for Green Plains'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.
Green Plains Beneish M-Score Chart
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Green Plains Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.79 |
-4.18 |
-1.96 |
-2.46 |
-3.09 |
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Green Plains 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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-2.46 |
-2.93 |
-2.22 |
-2.71 |
-3.09 |
Competitive Comparison of Green Plains's Beneish M-Score
For the Chemicals subindustry, Green Plains'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.
Green Plains's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Green Plains's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Green Plains's Beneish M-Score falls into.
Green Plains 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 Green Plains 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 * 0.9634 | + | 0.528 * 0.6463 | + | 0.404 * 1.3197 | + | 0.892 * 0.8998 | + | 0.115 * 0.9427 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2461 | + | 4.679 * -0.082617 | - | 0.327 * 0.982 |
| = | -3.09 |
* 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 $95 Mil.
Revenue was 712.392 + 892.77 + 857.632 + 832.949 = $3,296 Mil.
Gross Profit was 79.949 + 81.471 + 22.541 + 7.944 = $192 Mil.
Total Current Assets was $733 Mil.
Total Assets was $1,939 Mil.
Property, Plant and Equipment(Net PPE) was $1,096 Mil.
Depreciation, Depletion and Amortization(DDA) was $98 Mil.
Selling, General, & Admin. Expense(SGA) was $133 Mil.
Total Current Liabilities was $385 Mil.
Long-Term Debt & Capital Lease Obligation was $546 Mil.
Net Income was 7.233 + 22.311 + -52.604 + -70.324 = $-93 Mil.
Non Operating Income was 0.529 + 9.933 + -0.161 + 0.189 = $10 Mil.
Cash Flow from Operations was 111.732 + 113.047 + -51.465 + -116.968 = $56 Mil.
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Total Receivables was $110 Mil.
Revenue was 914.043 + 954.977 + 1012.394 + 781.435 = $3,663 Mil.
Gross Profit was 39.712 + -1.88 + 91.08 + 8.926 = $138 Mil.
Total Current Assets was $929 Mil.
Total Assets was $2,123 Mil.
Property, Plant and Equipment(Net PPE) was $1,103 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $119 Mil.
Total Current Liabilities was $487 Mil.
Long-Term Debt & Capital Lease Obligation was $551 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) |
| = | (95.268 / 3295.743) | / | (109.896 / 3662.849) |
| = | 0.028906 | / | 0.030003 |
| | = | 0.9634 |
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) |
| = | (137.838 / 3662.849) | / | (191.905 / 3295.743) |
| = | 0.037631 | / | 0.058228 |
| | = | 0.6463 |
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 - (732.73 + 1095.921) / 1939.322) | / | (1 - (928.75 + 1102.571) / 2123.131) |
| = | 0.057067 | / | 0.043243 |
| | = | 1.3197 |
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 |
| = | 3295.743 | / | 3662.849 |
| | = | 0.8998 |
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)) |
| = | (92.698 / (92.698 + 1102.571)) | / | (98.244 / (98.244 + 1095.921)) |
| = | 0.077554 | / | 0.08227 |
| | = | 0.9427 |
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) |
| = | (133.35 / 3295.743) | / | (118.93 / 3662.849) |
| = | 0.040461 | / | 0.032469 |
| | = | 1.2461 |
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) |
| = | ((545.797 + 384.962) / 1939.322) | / | ((550.758 + 486.922) / 2123.131) |
| = | 0.47994 | / | 0.48875 |
| | = | 0.982 |
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 |
| = | (-93.384 - 10.49 | - | 56.346) | / | 1939.322 |
| | = | -0.082617 |
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.
Green Plains has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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