Murphy USA Beneish M-Score Historical Data
The historical data trend for Murphy USA'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.
Murphy USA Beneish M-Score Chart
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Murphy USA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.54 |
-3.36 |
-0.05 |
-2.45 |
-2.58 |
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Murphy USA 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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-2.45 |
-2.60 |
-2.85 |
-2.46 |
-2.58 |
Competitive Comparison of Murphy USA's Beneish M-Score
For the Specialty Retail subindustry, Murphy USA'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.
Murphy USA's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Murphy USA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Murphy USA's Beneish M-Score falls into.
Murphy USA 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 Murphy USA 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 * 1.3016 | + | 0.528 * 0.9524 | + | 0.404 * 0.9543 | + | 0.892 * 0.9183 | + | 0.115 * 1.0017 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1266 | + | 4.679 * -0.053755 | - | 0.327 * 0.9554 |
| = | -2.58 |
* 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 $337 Mil.
Revenue was 5068.9 + 5797.9 + 5585.4 + 5077.2 = $21,529 Mil.
Gross Profit was 591.5 + 631.6 + 573.2 + 517.5 = $2,314 Mil.
Total Current Assets was $827 Mil.
Total Assets was $4,340 Mil.
Property, Plant and Equipment(Net PPE) was $3,024 Mil.
Depreciation, Depletion and Amortization(DDA) was $229 Mil.
Selling, General, & Admin. Expense(SGA) was $241 Mil.
Total Current Liabilities was $873 Mil.
Long-Term Debt & Capital Lease Obligation was $2,235 Mil.
Net Income was 150 + 167.7 + 132.8 + 106.3 = $557 Mil.
Non Operating Income was 2.9 + 0.2 + 2.1 + 0.9 = $6 Mil.
Cash Flow from Operations was 273.1 + 190 + 171.2 + 149.7 = $784 Mil.
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Total Receivables was $282 Mil.
Revenue was 5366.3 + 6194.7 + 6766.7 + 5118.4 = $23,446 Mil.
Gross Profit was 559.1 + 673.9 + 621 + 545.9 = $2,400 Mil.
Total Current Assets was $727 Mil.
Total Assets was $4,123 Mil.
Property, Plant and Equipment(Net PPE) was $2,909 Mil.
Depreciation, Depletion and Amortization(DDA) was $220 Mil.
Selling, General, & Admin. Expense(SGA) was $233 Mil.
Total Current Liabilities was $854 Mil.
Long-Term Debt & Capital Lease Obligation was $2,236 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) |
| = | (336.7 / 21529.4) | / | (281.7 / 23446.1) |
| = | 0.015639 | / | 0.012015 |
| | = | 1.3016 |
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) |
| = | (2399.9 / 23446.1) | / | (2313.8 / 21529.4) |
| = | 0.102358 | / | 0.107472 |
| | = | 0.9524 |
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 - (826.5 + 3023.9) / 4340.1) | / | (1 - (726.8 + 2908.9) / 4123.2) |
| = | 0.112832 | / | 0.118233 |
| | = | 0.9543 |
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 |
| = | 21529.4 | / | 23446.1 |
| | = | 0.9183 |
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)) |
| = | (220.4 / (220.4 + 2908.9)) | / | (228.7 / (228.7 + 3023.9)) |
| = | 0.070431 | / | 0.070313 |
| | = | 1.0017 |
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) |
| = | (240.5 / 21529.4) | / | (232.5 / 23446.1) |
| = | 0.011171 | / | 0.009916 |
| | = | 1.1266 |
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) |
| = | ((2235 + 872.8) / 4340.1) | / | ((2236.1 + 854.2) / 4123.2) |
| = | 0.716066 | / | 0.749491 |
| | = | 0.9554 |
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 |
| = | (556.8 - 6.1 | - | 784) | / | 4340.1 |
| | = | -0.053755 |
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.
Murphy USA has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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