EnLink Midstream LLC Beneish M-Score Historical Data
The historical data trend for EnLink Midstream LLC'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.
EnLink Midstream LLC Beneish M-Score Chart
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EnLink Midstream LLC Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.72 |
-2.85 |
-2.02 |
-2.77 |
-3.26 |
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EnLink Midstream LLC Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.10 |
-3.56 |
-3.38 |
-3.26 |
-3.41 |
Competitive Comparison of EnLink Midstream LLC's Beneish M-Score
For the Oil & Gas Midstream subindustry, EnLink Midstream LLC'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.
EnLink Midstream LLC's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, EnLink Midstream LLC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EnLink Midstream LLC's Beneish M-Score falls into.
EnLink Midstream LLC 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 EnLink Midstream LLC 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 * 1.1509 | + | 0.528 * 0.7124 | + | 0.404 * 0.9702 | + | 0.892 * 0.7536 | + | 0.115 * 0.9544 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4906 | + | 4.679 * -0.126095 | - | 0.327 * 1.0222 |
| = | -3.41 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $541 Mil.
Revenue was 1676.9 + 1836.8 + 1768.2 + 1518.8 = $6,801 Mil.
Gross Profit was 361.2 + 348.7 + 359.7 + 334.5 = $1,404 Mil.
Total Current Assets was $712 Mil.
Total Assets was $8,128 Mil.
Property, Plant and Equipment(Net PPE) was $6,360 Mil.
Depreciation, Depletion and Amortization(DDA) was $662 Mil.
Selling, General, & Admin. Expense(SGA) was $141 Mil.
Total Current Liabilities was $913 Mil.
Long-Term Debt & Capital Lease Obligation was $4,470 Mil.
Net Income was 14.5 + 64.2 + 29.5 + 54.3 = $163 Mil.
Non Operating Income was -40.3 + 15.1 + -40.3 + 9 = $-57 Mil.
Cash Flow from Operations was 293.3 + 360.7 + 274.2 + 315.7 = $1,244 Mil.
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Total Receivables was $624 Mil.
Revenue was 1755.6 + 2029.8 + 2643 + 2596.1 = $9,025 Mil.
Gross Profit was 323.3 + 322.8 + 349.3 + 332 = $1,327 Mil.
Total Current Assets was $859 Mil.
Total Assets was $8,546 Mil.
Property, Plant and Equipment(Net PPE) was $6,543 Mil.
Depreciation, Depletion and Amortization(DDA) was $647 Mil.
Selling, General, & Admin. Expense(SGA) was $126 Mil.
Total Current Liabilities was $708 Mil.
Long-Term Debt & Capital Lease Obligation was $4,828 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) |
| = | (541 / 6800.7) | / | (623.8 / 9024.5) |
| = | 0.079551 | / | 0.069123 |
| | = | 1.1509 |
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) |
| = | (1327.4 / 9024.5) | / | (1404.1 / 6800.7) |
| = | 0.147088 | / | 0.206464 |
| | = | 0.7124 |
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 - (712.1 + 6360.4) / 8128) | / | (1 - (859.1 + 6543.4) / 8546.4) |
| = | 0.12986 | / | 0.133846 |
| | = | 0.9702 |
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 |
| = | 6800.7 | / | 9024.5 |
| | = | 0.7536 |
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)) |
| = | (646.9 / (646.9 + 6543.4)) | / | (662 / (662 + 6360.4)) |
| = | 0.089968 | / | 0.09427 |
| | = | 0.9544 |
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) |
| = | (141.2 / 6800.7) | / | (125.7 / 9024.5) |
| = | 0.020763 | / | 0.013929 |
| | = | 1.4906 |
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) |
| = | ((4469.5 + 913) / 8128) | / | ((4828 + 708.4) / 8546.4) |
| = | 0.662217 | / | 0.647805 |
| | = | 1.0222 |
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 |
| = | (162.5 - -56.5 | - | 1243.9) | / | 8128 |
| | = | -0.126095 |
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.
EnLink Midstream LLC has a M-score of -3.41 suggests that the company is unlikely to be a manipulator.
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