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The zones of discrimination for M-Score is as such:
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.
The historical rank and industry rank for Alon USA Energy's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Alon USA Energy was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Alon USA Energy'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.
Alon USA Energy Annual Data | |||||||||||||||||||||
Trend | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.13 | -2.69 | -3.02 | -2.95 | -2.09 |
Alon USA Energy Quarterly Data | ||||||||||||||||||||
Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.28 | -2.70 | -2.81 | -2.09 | -2.85 |
For the Oil & Gas Refining & Marketing subindustry, Alon USA Energy'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.
For the Oil & Gas industry and Energy sector, Alon USA Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alon USA Energy's Beneish M-Score falls into.
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 Alon USA Energy 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 * 0.8152 | + | 0.528 * 1.4178 | + | 0.404 * 0.9347 | + | 0.892 * 1.0316 | + | 0.115 * 0.853 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9279 | + | 4.679 * -0.085421 | - | 0.327 * 1.045 | |||||||
= | -2.85 |
* 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 (Mar17) TTM: | Last Year (Mar16) TTM: |
Total Receivables was $129 Mil. Revenue was 1150.593 + 1011.326 + 1043.717 + 1008.388 = $4,214 Mil. Gross Profit was 113.477 + 74.149 + 79.722 + 73.812 = $341 Mil. Total Current Assets was $507 Mil. Total Assets was $2,112 Mil. Property, Plant and Equipment(Net PPE) was $1,352 Mil. Depreciation, Depletion and Amortization(DDA) was $147 Mil. Selling, General, & Admin. Expense(SGA) was $195 Mil. Total Current Liabilities was $504 Mil. Long-Term Debt & Capital Lease Obligation was $500 Mil. Net Income was 7.327 + -18.098 + -8.8 + -20.37 = $-40 Mil. Non Operating Income was -0.222 + -41.556 + 6.462 + 4.451 = $-31 Mil. Cash Flow from Operations was 82.483 + 41.755 + 29.77 + 17.342 = $171 Mil. |
Total Receivables was $154 Mil. Revenue was 849.973 + 782.367 + 1151.204 + 1301.341 = $4,085 Mil. Gross Profit was 46.212 + 82.147 + 171.964 + 168.554 = $469 Mil. Total Current Assets was $515 Mil. Total Assets was $2,213 Mil. Property, Plant and Equipment(Net PPE) was $1,415 Mil. Depreciation, Depletion and Amortization(DDA) was $129 Mil. Selling, General, & Admin. Expense(SGA) was $203 Mil. Total Current Liabilities was $469 Mil. Long-Term Debt & Capital Lease Obligation was $538 Mil. |
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) |
= | (129.369 / 4214.024) | / | (153.838 / 4084.885) | |
= | 0.0307 | / | 0.03766 | |
= | 0.8152 |
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) | |
= | (468.877 / 4084.885) | / | (341.16 / 4214.024) | |
= | 0.114783 | / | 0.080958 | |
= | 1.4178 |
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 - (507.326 + 1351.536) / 2112.204) | / | (1 - (514.653 + 1414.561) / 2213.21) | |
= | 0.119942 | / | 0.128319 | |
= | 0.9347 |
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 | |
= | 4214.024 | / | 4084.885 | |
= | 1.0316 |
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)) |
= | (129.394 / (129.394 + 1414.561)) | / | (147.262 / (147.262 + 1351.536)) | |
= | 0.083807 | / | 0.098253 | |
= | 0.853 |
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) |
= | (194.602 / 4214.024) | / | (203.3 / 4084.885) | |
= | 0.04618 | / | 0.049769 | |
= | 0.9279 |
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) |
= | ((499.905 + 504.35) / 2112.204) | / | ((537.649 + 469.33) / 2213.21) | |
= | 0.475454 | / | 0.454986 | |
= | 1.045 |
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 | |
= | (-39.941 - -30.865 | - | 171.35) | / | 2112.204 | |
= | -0.085421 |
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.
Alon USA Energy has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Alon USA Energy's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Frederec Green | director | 7102 COMMERCE WAY, BRENTWOOD TN 37027 |
Assi Ginzburg | director | 7102 COMMERCE WAY, BRENTWOOD TN 37027 |
Ezra Uzi Yemin | director | 7102 COMMERCE WAY, BRENTWOOD TN 37027 |
Mark D Smith | director | 7102 COMMERCE WAY, BRENTWOOD TN 37027 |
Avigal Soreq | director | 7102 COMMERCE WAY, BRENTWOOD TN 37027 |
Ron W Haddock | director | 7616 LBJ FREEWAY, SUITE 300, DALLAS TX 75251 |
Alan P Moret | officer: Interim CEO | 7616 LBJ FREEWAY, SUITE 300, DALLAS TX 75251 |
Shai Even | officer: Sr. VP and CFO | 7616 LBJ FREEWAY, SUITE 300, DALLAS TX 75251 |
William Jennings Kacal | director | 2112 INWOOD DRIVE, HOUSTON TX 77019 |
Wallace P Eisman | officer: President and CEO | ONE MUSEUM PLACE, 3100 W. 7TH STREET, SUITE 500, FORT WORTH TX 76107 |
Delek Us Holdings, Inc. | 10 percent owner | 7102 COMMERCE WAY, BRENTWOOD TN 37027 |
Yonel Cohen | director | 12700 PARK CENTRAL DR STE 1600 DALLAS TX 75251 |
Joseph Israel | officer: Chief Operating Officer | 7616 LBJ FREEWAY, SUITE 300, DALLAS TX 75251 |
George Tracy Owens | other: Controller | 111 CONGRESS AVE., SUITE 2400, AUSTIN TX 78701 |
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