Plains GP Holdings LP Beneish M-Score Historical Data
The historical data trend for Plains GP Holdings 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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Plains GP Holdings 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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|
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-2.48 |
-2.65 |
-1.69 |
-2.78 |
-3.14 |
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Plains GP Holdings 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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|
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-2.78 |
-3.26 |
-3.48 |
-2.88 |
-3.14 |
Competitive Comparison
For the Oil & Gas Midstream subindustry, Plains GP Holdings 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.
Plains GP Holdings LP Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Plains GP Holdings LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Plains GP Holdings LP's Beneish M-Score falls into.
Plains GP Holdings 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 Plains GP Holdings 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 * 1.1329 | + | 0.528 * 0.8682 | + | 0.404 * 0.9395 | + | 0.892 * 0.8495 | + | 0.115 * 0.953 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2664 | + | 4.679 * -0.111026 | - | 0.327 * 0.9529 |
| = | -3.14 |
* 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 $3,760 Mil.
Revenue was 12698 + 12071 + 11602 + 12341 = $48,712 Mil.
Gross Profit was 866 + 704 + 798 + 761 = $3,129 Mil.
Total Current Assets was $4,916 Mil.
Total Assets was $28,597 Mil.
Property, Plant and Equipment(Net PPE) was $16,095 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,051 Mil.
Selling, General, & Admin. Expense(SGA) was $355 Mil.
Total Current Liabilities was $5,005 Mil.
Long-Term Debt & Capital Lease Obligation was $7,579 Mil.
Net Income was 52 + 29 + 48 + 69 = $198 Mil.
Non Operating Income was 117 + 121 + 106 + 307 = $651 Mil.
Cash Flow from Operations was 1010 + 83 + 887 + 742 = $2,722 Mil.
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Total Receivables was $3,907 Mil.
Revenue was 12952 + 14336 + 16359 + 13694 = $57,341 Mil.
Gross Profit was 702 + 1026 + 792 + 678 = $3,198 Mil.
Total Current Assets was $5,358 Mil.
Total Assets was $29,207 Mil.
Property, Plant and Equipment(Net PPE) was $15,602 Mil.
Depreciation, Depletion and Amortization(DDA) was $968 Mil.
Selling, General, & Admin. Expense(SGA) was $330 Mil.
Total Current Liabilities was $5,893 Mil.
Long-Term Debt & Capital Lease Obligation was $7,595 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) |
| = | (3760 / 48712) | / | (3907 / 57341) |
| = | 0.077188 | / | 0.068136 |
| | = | 1.1329 |
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) |
| = | (3198 / 57341) | / | (3129 / 48712) |
| = | 0.055772 | / | 0.064235 |
| | = | 0.8682 |
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 - (4916 + 16095) / 28597) | / | (1 - (5358 + 15602) / 29207) |
| = | 0.265273 | / | 0.282364 |
| | = | 0.9395 |
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 |
| = | 48712 | / | 57341 |
| | = | 0.8495 |
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)) |
| = | (968 / (968 + 15602)) | / | (1051 / (1051 + 16095)) |
| = | 0.058419 | / | 0.061297 |
| | = | 0.953 |
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) |
| = | (355 / 48712) | / | (330 / 57341) |
| = | 0.007288 | / | 0.005755 |
| | = | 1.2664 |
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) |
| = | ((7579 + 5005) / 28597) | / | ((7595 + 5893) / 29207) |
| = | 0.440046 | / | 0.461807 |
| | = | 0.9529 |
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 |
| = | (198 - 651 | - | 2722) | / | 28597 |
| | = | -0.111026 |
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.
Plains GP Holdings LP has a M-score of -3.14 suggests that the company is unlikely to be a manipulator.
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