Delek Logistics Partners LP Beneish M-Score Historical Data
The historical data trend for Delek Logistics 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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Delek Logistics Partners 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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-3.24 |
-2.34 |
-3.20 |
-0.87 |
-2.62 |
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Delek Logistics 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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-0.87 |
-1.21 |
-1.99 |
-1.34 |
-2.62 |
Competitive Comparison
For the Oil & Gas Refining & Marketing subindustry, Delek Logistics 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.
Delek Logistics Partners LP Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Delek Logistics Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Delek Logistics Partners LP's Beneish M-Score falls into.
Delek Logistics 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 Delek Logistics 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 * 1.3254 | + | 0.528 * 0.8617 | + | 0.404 * 0.9388 | + | 0.892 * 0.9846 | + | 0.115 * 0.7296 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7359 | + | 4.679 * -0.071388 | - | 0.327 * 1.0271 |
| = | -2.62 |
* 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 $70 Mil.
Revenue was 254.149 + 275.824 + 246.911 + 243.525 = $1,020 Mil.
Gross Profit was 74.349 + 69.324 + 67.841 + 73.45 = $285 Mil.
Total Current Assets was $76 Mil.
Total Assets was $1,642 Mil.
Property, Plant and Equipment(Net PPE) was $955 Mil.
Depreciation, Depletion and Amortization(DDA) was $100 Mil.
Selling, General, & Admin. Expense(SGA) was $25 Mil.
Total Current Liabilities was $91 Mil.
Long-Term Debt & Capital Lease Obligation was $1,682 Mil.
Net Income was 22.148 + 34.825 + 31.896 + 37.367 = $126 Mil.
Non Operating Income was -5.571 + 9.79 + 7.759 + 6.176 = $18 Mil.
Cash Flow from Operations was 114.689 + 46.828 + 34.612 + 29.19 = $225 Mil.
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Total Receivables was $53 Mil.
Revenue was 269.051 + 294.025 + 266.75 + 206.581 = $1,036 Mil.
Gross Profit was 67.103 + 72.153 + 57.158 + 52.983 = $249 Mil.
Total Current Assets was $65 Mil.
Total Assets was $1,679 Mil.
Property, Plant and Equipment(Net PPE) was $949 Mil.
Depreciation, Depletion and Amortization(DDA) was $70 Mil.
Selling, General, & Admin. Expense(SGA) was $34 Mil.
Total Current Liabilities was $106 Mil.
Long-Term Debt & Capital Lease Obligation was $1,659 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) |
| = | (69.574 / 1020.409) | / | (53.314 / 1036.407) |
| = | 0.068182 | / | 0.051441 |
| | = | 1.3254 |
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) |
| = | (249.397 / 1036.407) | / | (284.964 / 1020.409) |
| = | 0.240636 | / | 0.279264 |
| | = | 0.8617 |
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 - (76.269 + 955.194) / 1642.246) | / | (1 - (65.23 + 948.792) / 1679.299) |
| = | 0.371919 | / | 0.396164 |
| | = | 0.9388 |
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 |
| = | 1020.409 | / | 1036.407 |
| | = | 0.9846 |
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)) |
| = | (70.199 / (70.199 + 948.792)) | / | (99.595 / (99.595 + 955.194)) |
| = | 0.068891 | / | 0.094422 |
| | = | 0.7296 |
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) |
| = | (24.766 / 1020.409) | / | (34.182 / 1036.407) |
| = | 0.024271 | / | 0.032981 |
| | = | 0.7359 |
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) |
| = | ((1682.124 + 90.59) / 1642.246) | / | ((1658.681 + 106.218) / 1679.299) |
| = | 1.079445 | / | 1.050974 |
| | = | 1.0271 |
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 |
| = | (126.236 - 18.154 | - | 225.319) | / | 1642.246 |
| | = | -0.071388 |
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.
Delek Logistics Partners LP has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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