Energy Transfer LP Beneish M-Score Historical Data
The historical data trend for Energy Transfer 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.
Energy Transfer LP Beneish M-Score Chart
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Energy Transfer LP Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.19 |
-1.79 |
-2.38 |
-2.65 |
-2.78 |
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Energy Transfer LP Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.59 |
-2.47 |
-2.74 |
-2.78 |
-2.70 |
Competitive Comparison of Energy Transfer LP's Beneish M-Score
For the Oil & Gas Midstream subindustry, Energy Transfer 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.
Energy Transfer LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Energy Transfer LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Energy Transfer LP's Beneish M-Score falls into.
Energy Transfer 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 Energy Transfer 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 * 1.1615 | + | 0.528 * 0.9004 | + | 0.404 * 0.9316 | + | 0.892 * 1.0104 | + | 0.115 * 0.9719 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1844 | + | 4.679 * -0.05332 | - | 0.327 * 1.0329 |
| = | -2.70 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $11,524 Mil.
Revenue was 21020 + 19541 + 20772 + 20729 = $82,062 Mil.
Gross Profit was 4082 + 4010 + 3836 + 3907 = $15,835 Mil.
Total Current Assets was $15,237 Mil.
Total Assets was $126,425 Mil.
Property, Plant and Equipment(Net PPE) was $96,068 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,278 Mil.
Selling, General, & Admin. Expense(SGA) was $1,205 Mil.
Total Current Liabilities was $13,571 Mil.
Long-Term Debt & Capital Lease Obligation was $60,534 Mil.
Net Income was 1323 + 1077 + 1183 + 1314 = $4,897 Mil.
Non Operating Income was 75 + 109 + 170 + 633 = $987 Mil.
Cash Flow from Operations was 2917 + 2590 + 2874 + 2270 = $10,651 Mil.
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Total Receivables was $9,820 Mil.
Revenue was 21629 + 20532 + 20739 + 18320 = $81,220 Mil.
Gross Profit was 3778 + 3594 + 3573 + 3167 = $14,112 Mil.
Total Current Assets was $15,018 Mil.
Total Assets was $115,789 Mil.
Property, Plant and Equipment(Net PPE) was $85,906 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,580 Mil.
Selling, General, & Admin. Expense(SGA) was $1,007 Mil.
Total Current Liabilities was $12,719 Mil.
Long-Term Debt & Capital Lease Obligation was $52,991 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) |
| = | (11524 / 82062) | / | (9820 / 81220) |
| = | 0.14043 | / | 0.120906 |
| | = | 1.1615 |
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) |
| = | (14112 / 81220) | / | (15835 / 82062) |
| = | 0.17375 | / | 0.192964 |
| | = | 0.9004 |
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 - (15237 + 96068) / 126425) | / | (1 - (15018 + 85906) / 115789) |
| = | 0.119597 | / | 0.12838 |
| | = | 0.9316 |
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 |
| = | 82062 | / | 81220 |
| | = | 1.0104 |
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)) |
| = | (4580 / (4580 + 85906)) | / | (5278 / (5278 + 96068)) |
| = | 0.050616 | / | 0.052079 |
| | = | 0.9719 |
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) |
| = | (1205 / 82062) | / | (1007 / 81220) |
| = | 0.014684 | / | 0.012398 |
| | = | 1.1844 |
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) |
| = | ((60534 + 13571) / 126425) | / | ((52991 + 12719) / 115789) |
| = | 0.586158 | / | 0.567498 |
| | = | 1.0329 |
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 |
| = | (4897 - 987 | - | 10651) | / | 126425 |
| | = | -0.05332 |
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.
Energy Transfer LP has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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