NGL Energy Partners LP Beneish M-Score Historical Data
The historical data trend for NGL Energy 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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NGL Energy Partners LP Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.19 |
-3.71 |
-2.33 |
-2.11 |
-2.95 |
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NGL Energy Partners LP 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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-2.65 |
-2.95 |
-3.31 |
-3.03 |
-3.04 |
Competitive Comparison
For the Oil & Gas Midstream subindustry, NGL Energy 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.
NGL Energy Partners LP Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, NGL Energy Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NGL Energy Partners LP's Beneish M-Score falls into.
NGL Energy 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 NGL Energy 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 * 1.1085 | + | 0.528 * 0.719 | + | 0.404 * 1.0296 | + | 0.892 * 0.8035 | + | 0.115 * 0.9146 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4081 | + | 4.679 * -0.0611 | - | 0.327 * 0.9504 |
| = | -3.04 |
* 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 $1,015 Mil.
Revenue was 1869.777 + 1841.096 + 1616.104 + 2048.834 = $7,376 Mil.
Gross Profit was 198.048 + 197.122 + 167.796 + 208.793 = $772 Mil.
Total Current Assets was $1,341 Mil.
Total Assets was $5,362 Mil.
Property, Plant and Equipment(Net PPE) was $2,239 Mil.
Depreciation, Depletion and Amortization(DDA) was $287 Mil.
Selling, General, & Admin. Expense(SGA) was $77 Mil.
Total Current Liabilities was $1,088 Mil.
Long-Term Debt & Capital Lease Obligation was $2,755 Mil.
Net Income was 45.682 + 28.028 + 19.301 + -33.519 = $59 Mil.
Non Operating Income was 2.143 + -14.983 + 8.401 + -70.685 = $-75 Mil.
Cash Flow from Operations was 92.841 + 75.989 + 55.111 + 238.321 = $462 Mil.
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Total Receivables was $1,140 Mil.
Revenue was 2139.24 + 2009.447 + 2497.383 + 2533.247 = $9,179 Mil.
Gross Profit was 209.545 + 177.209 + 175.712 + 128.067 = $691 Mil.
Total Current Assets was $1,518 Mil.
Total Assets was $5,914 Mil.
Property, Plant and Equipment(Net PPE) was $2,486 Mil.
Depreciation, Depletion and Amortization(DDA) was $288 Mil.
Selling, General, & Admin. Expense(SGA) was $68 Mil.
Total Current Liabilities was $1,485 Mil.
Long-Term Debt & Capital Lease Obligation was $2,975 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) |
| = | (1014.962 / 7375.811) | / | (1139.551 / 9179.317) |
| = | 0.137607 | / | 0.124143 |
| | = | 1.1085 |
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) |
| = | (690.533 / 9179.317) | / | (771.759 / 7375.811) |
| = | 0.075227 | / | 0.104634 |
| | = | 0.719 |
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 - (1340.567 + 2238.935) / 5362.487) | / | (1 - (1518.138 + 2486.084) / 5914.091) |
| = | 0.332492 | / | 0.322935 |
| | = | 1.0296 |
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 |
| = | 7375.811 | / | 9179.317 |
| | = | 0.8035 |
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)) |
| = | (288.16 / (288.16 + 2486.084)) | / | (286.866 / (286.866 + 2238.935)) |
| = | 0.10387 | / | 0.113574 |
| | = | 0.9146 |
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) |
| = | (76.938 / 7375.811) | / | (67.998 / 9179.317) |
| = | 0.010431 | / | 0.007408 |
| | = | 1.4081 |
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) |
| = | ((2754.748 + 1088.012) / 5362.487) | / | ((2974.692 + 1484.599) / 5914.091) |
| = | 0.7166 | / | 0.754011 |
| | = | 0.9504 |
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 |
| = | (59.492 - -75.124 | - | 462.262) | / | 5362.487 |
| | = | -0.0611 |
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.
NGL Energy Partners LP has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
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