NuStar Energy LP Beneish M-Score Historical Data
The historical data trend for NuStar Energy 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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NuStar Energy 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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-2.67 |
-2.99 |
-2.68 |
-2.69 |
-2.91 |
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NuStar Energy 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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-2.69 |
-2.81 |
-3.04 |
-2.75 |
-2.91 |
Competitive Comparison
For the Oil & Gas Midstream subindustry, NuStar Energy 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.
NuStar Energy LP Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, NuStar Energy LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NuStar Energy LP's Beneish M-Score falls into.
NuStar Energy 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 NuStar Energy 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 * 0.9326 | + | 0.528 * 0.9318 | + | 0.404 * 1.0604 | + | 0.892 * 0.9709 | + | 0.115 * 0.9795 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.142 | + | 4.679 * -0.060436 | - | 0.327 * 1.057 |
| = | -2.91 |
* 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 $136 Mil.
Revenue was 451.686 + 410.3 + 378.334 + 393.867 = $1,634 Mil.
Gross Profit was 167.545 + 151.461 + 135.527 + 149.19 = $604 Mil.
Total Current Assets was $187 Mil.
Total Assets was $4,896 Mil.
Property, Plant and Equipment(Net PPE) was $3,283 Mil.
Depreciation, Depletion and Amortization(DDA) was $256 Mil.
Selling, General, & Admin. Expense(SGA) was $130 Mil.
Total Current Liabilities was $221 Mil.
Long-Term Debt & Capital Lease Obligation was $3,410 Mil.
Net Income was 67.706 + 51.195 + 45.474 + 105.264 = $270 Mil.
Non Operating Income was 2.917 + 0.156 + 2.633 + 45.584 = $51 Mil.
Cash Flow from Operations was 107.868 + 154.096 + 87.721 + 164.584 = $514 Mil.
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Total Receivables was $150 Mil.
Revenue was 429.96 + 413.243 + 430.157 + 409.863 = $1,683 Mil.
Gross Profit was 165.682 + 141.493 + 138.791 + 133.443 = $579 Mil.
Total Current Assets was $204 Mil.
Total Assets was $4,974 Mil.
Property, Plant and Equipment(Net PPE) was $3,403 Mil.
Depreciation, Depletion and Amortization(DDA) was $259 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $196 Mil.
Long-Term Debt & Capital Lease Obligation was $3,293 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) |
| = | (135.787 / 1634.187) | / | (149.971 / 1683.223) |
| = | 0.083091 | / | 0.089098 |
| | = | 0.9326 |
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) |
| = | (579.409 / 1683.223) | / | (603.723 / 1634.187) |
| = | 0.344226 | / | 0.369433 |
| | = | 0.9318 |
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 - (187.102 + 3282.537) / 4896.392) | / | (1 - (203.924 + 3403.083) / 4973.686) |
| = | 0.291389 | / | 0.274782 |
| | = | 1.0604 |
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 |
| = | 1634.187 | / | 1683.223 |
| | = | 0.9709 |
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)) |
| = | (259.236 / (259.236 + 3403.083)) | / | (255.71 / (255.71 + 3282.537)) |
| = | 0.070785 | / | 0.07227 |
| | = | 0.9795 |
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) |
| = | (129.846 / 1634.187) | / | (117.116 / 1683.223) |
| = | 0.079456 | / | 0.069578 |
| | = | 1.142 |
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) |
| = | ((3410.338 + 220.986) / 4896.392) | / | ((3293.415 + 196.467) / 4973.686) |
| = | 0.741633 | / | 0.701669 |
| | = | 1.057 |
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 |
| = | (269.639 - 51.29 | - | 514.269) | / | 4896.392 |
| | = | -0.060436 |
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.
NuStar Energy LP has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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