Kimbell Royalty Partners LP Beneish M-Score Historical Data
The historical data trend for Kimbell Royalty 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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Kimbell Royalty 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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-2.03 |
-2.03 |
-1.95 |
2.72 |
-2.91 |
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Kimbell Royalty 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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2.72 |
-2.69 |
-3.28 |
-2.62 |
-2.91 |
Competitive Comparison
For the Oil & Gas E&P subindustry, Kimbell Royalty 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.
Kimbell Royalty Partners LP Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Kimbell Royalty Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kimbell Royalty Partners LP's Beneish M-Score falls into.
Kimbell Royalty 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 Kimbell Royalty 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 * 1.2532 | + | 0.528 * 1.3404 | + | 0.404 * 0.0336 | + | 0.892 * 0.9584 | + | 0.115 * 0.8523 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1447 | + | 4.679 * -0.080918 | - | 0.327 * 0.9793 |
| = | -2.91 |
* 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 $60.7 Mil.
Revenue was 84.522 + 71.781 + 59.023 + 57.854 = $273.2 Mil.
Gross Profit was 42.668 + 43.734 + 33.961 + 36.013 = $156.4 Mil.
Total Current Assets was $103.1 Mil.
Total Assets was $1,337.8 Mil.
Property, Plant and Equipment(Net PPE) was $1,224.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $96.8 Mil.
Selling, General, & Admin. Expense(SGA) was $49.2 Mil.
Total Current Liabilities was $13.0 Mil.
Long-Term Debt & Capital Lease Obligation was $296.1 Mil.
Net Income was 15.042 + 14.621 + 15.041 + 23.321 = $68.0 Mil.
Non Operating Income was -3.546 + -4.577 + 1.068 + 9.062 = $2.0 Mil.
Cash Flow from Operations was 59.309 + 36.387 + 31.519 + 47.054 = $174.3 Mil.
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Total Receivables was $50.6 Mil.
Revenue was 65.455 + 74.04 + 79.805 + 65.738 = $285.0 Mil.
Gross Profit was 46.032 + 58.194 + 63.528 + 50.958 = $218.7 Mil.
Total Current Assets was $75.2 Mil.
Total Assets was $1,076.7 Mil.
Property, Plant and Equipment(Net PPE) was $756.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $50.4 Mil.
Selling, General, & Admin. Expense(SGA) was $44.8 Mil.
Total Current Liabilities was $18.8 Mil.
Long-Term Debt & Capital Lease Obligation was $235.3 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) |
| = | (60.72 / 273.18) | / | (50.557 / 285.038) |
| = | 0.222271 | / | 0.177369 |
| | = | 1.2532 |
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) |
| = | (218.712 / 285.038) | / | (156.376 / 273.18) |
| = | 0.767308 | / | 0.572428 |
| | = | 1.3404 |
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 - (103.14 + 1224.435) / 1337.789) | / | (1 - (75.192 + 756.748) / 1076.746) |
| = | 0.007635 | / | 0.227357 |
| | = | 0.0336 |
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 |
| = | 273.18 | / | 285.038 |
| | = | 0.9584 |
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)) |
| = | (50.405 / (50.405 + 756.748)) | / | (96.813 / (96.813 + 1224.435)) |
| = | 0.062448 | / | 0.073274 |
| | = | 0.8523 |
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) |
| = | (49.17 / 273.18) | / | (44.817 / 285.038) |
| = | 0.179991 | / | 0.157232 |
| | = | 1.1447 |
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) |
| = | ((296.088 + 12.977) / 1337.789) | / | ((235.252 + 18.767) / 1076.746) |
| = | 0.231027 | / | 0.235914 |
| | = | 0.9793 |
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 |
| = | (68.025 - 2.007 | - | 174.269) | / | 1337.789 |
| | = | -0.080918 |
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.
Kimbell Royalty Partners LP has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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