Market Cap : 36.02 B | Enterprise Value : 84.62 B | PE Ratio : 9.34 | PB Ratio : 1.11 |
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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.
Warning Sign:
Beneish M-Score -1.75 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Energy Transfer LP's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Energy Transfer LP was 9.48. The lowest was -4.62. And the median was -2.53.
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.
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.
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.
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 * 1.1056 | + | 0.528 * 1.6496 | + | 0.404 * 0.885 | + | 0.892 * 1.5697 | + | 0.115 * 1.0088 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.7766 | + | 4.679 * -0.0439 | - | 0.327 * 1.0041 | |||||||
= | -1.75 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $10,371 Mil. Revenue was 25945 + 20491 + 18657 + 16664 = $81,757 Mil. Gross Profit was 3384 + 3325 + 2923 + 2533 = $12,165 Mil. Total Current Assets was $15,434 Mil. Total Assets was $108,769 Mil. Property, Plant and Equipment(Net PPE) was $80,690 Mil. Depreciation, Depletion and Amortization(DDA) was $3,997 Mil. Selling, General, & Admin. Expense(SGA) was $874 Mil. Total Current Liabilities was $13,475 Mil. Long-Term Debt & Capital Lease Obligation was $48,905 Mil. Net Income was 1326 + 1269 + 921 + 635 = $4,151 Mil. Non Operating Income was 173 + -109 + 36 + 105 = $205 Mil. Cash Flow from Operations was 2354 + 2370 + 1739 + 2263 = $8,726 Mil. |
Total Receivables was $5,976 Mil. Revenue was 15101 + 16995 + 10034 + 9955 = $52,085 Mil. Gross Profit was 2656 + 5093 + 2368 + 2667 = $12,784 Mil. Total Current Assets was $8,208 Mil. Total Assets was $96,242 Mil. Property, Plant and Equipment(Net PPE) was $75,392 Mil. Depreciation, Depletion and Amortization(DDA) was $3,769 Mil. Selling, General, & Admin. Expense(SGA) was $717 Mil. Total Current Liabilities was $8,547 Mil. Long-Term Debt & Capital Lease Obligation was $46,424 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) |
= | (10371 / 81757) | / | (5976 / 52085) | |
= | 0.12685152 | / | 0.11473553 | |
= | 1.1056 |
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) | |
= | (12784 / 52085) | / | (12165 / 81757) | |
= | 0.24544495 | / | 0.1487946 | |
= | 1.6496 |
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 - (15434 + 80690) / 108769) | / | (1 - (8208 + 75392) / 96242) | |
= | 0.11625555 | / | 0.13135637 | |
= | 0.885 |
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 | |
= | 81757 | / | 52085 | |
= | 1.5697 |
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)) |
= | (3769 / (3769 + 75392)) | / | (3997 / (3997 + 80690)) | |
= | 0.04761183 | / | 0.04719733 | |
= | 1.0088 |
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) |
= | (874 / 81757) | / | (717 / 52085) | |
= | 0.01069022 | / | 0.01376596 | |
= | 0.7766 |
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) |
= | ((48905 + 13475) / 108769) | / | ((46424 + 8547) / 96242) | |
= | 0.573509 | / | 0.57117475 | |
= | 1.0041 |
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 | |
= | (4151 - 205 | - | 8726) | / | 108769 | |
= | -0.0439 |
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 -1.75 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Energy Transfer LP's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Whitehurst Bradford D. | officer: CFO | 100 CONGRESS AVENUE SUITE 450 AUSTIN TX 78701 |
Perry James Richard | director | 1108 LAVACA, SUITE 110 #143 AUSTIN TX 78701 |
Washburne Ray W | director | 47 HIGHLAND PARK VILLAGE SUITE 200 DALLAS TX 75205 |
Sturrock Troy | officer: SVP & Controller | 1039 NORTH OAK CLIFF BOULEVARD DALLAS TX 75208 |
Grimm Michael K | director | 3141 HOOD STREET, SUITE 350 DALLAS TX 75219 |
Anderson Steven R. | director | 1818 MARKET STREET SUITE 1500 PHILADELPHIA PA 19103 |
Brannon Richard D | director | C/O CH4 ENERGY SIX, LLC 5128 APACHE PLUME ROAD, SUITE 300 FORT WORTH TX 76109 |
Mcreynolds John W | director, officer: President | 1601 BRYAN ST 30TH FL DALLAS TX 75201 |
Warren Kelcy L | director, 10 percent owner | |
Mccrea Marshall S Iii | director, officer: See Remarks | |
Ramsey Matthew S. | director | 6002 DEERWOOD HOUSTON TX 77057 |
Long Thomas E | officer: Chief Financial Officer | 370 17TH STREET SUITE 2775 DENVER CO 80202 |
Mason Thomas P | officer: EVP and General Counsel | 3738 OAK LAWN AVE DALLAS TX 75219 |
Collins Ted Jr | director | 508 W. WALL AVE. SUITE 1200 MIDLAND TX 79701-5076 |
Williams William Presley | director | 2126 CLEAR LAKE ROAD WEATHERFORD TX 76087 |
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