Par Pacific Holdings Beneish M-Score Historical Data
The historical data trend for Par Pacific Holdings'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.
Par Pacific Holdings Beneish M-Score Chart
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Par Pacific Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.08 |
-2.46 |
-2.42 |
-2.53 |
-1.75 |
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Par Pacific Holdings 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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-2.53 |
-2.36 |
-2.59 |
-2.01 |
-1.75 |
Competitive Comparison of Par Pacific Holdings's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Par Pacific Holdings'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.
Par Pacific Holdings's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Par Pacific Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Par Pacific Holdings's Beneish M-Score falls into.
Par Pacific Holdings 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 Par Pacific Holdings 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 * 1.2917 | + | 0.528 * 0.7466 | + | 0.404 * 1.7148 | + | 0.892 * 1.1243 | + | 0.115 * 1.0134 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3036 | + | 4.679 * 0.038643 | - | 0.327 * 0.8092 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $367 Mil.
Revenue was 2183.511 + 2579.308 + 1783.927 + 1685.209 = $8,232 Mil.
Gross Profit was 351.67 + 369.612 + 180.905 + 371.829 = $1,274 Mil.
Total Current Assets was $1,989 Mil.
Total Assets was $3,864 Mil.
Property, Plant and Equipment(Net PPE) was $1,446 Mil.
Depreciation, Depletion and Amortization(DDA) was $120 Mil.
Selling, General, & Admin. Expense(SGA) was $91 Mil.
Total Current Liabilities was $1,525 Mil.
Long-Term Debt & Capital Lease Obligation was $942 Mil.
Net Income was 289.324 + 171.415 + 30.013 + 237.89 = $729 Mil.
Non Operating Income was 19.7 + -0.778 + -6.431 + -12.32 = $0 Mil.
Cash Flow from Operations was -2.289 + 269.205 + 173.145 + 139.095 = $579 Mil.
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Total Receivables was $253 Mil.
Revenue was 1808.875 + 2056.285 + 2106.332 + 1350.293 = $7,322 Mil.
Gross Profit was 209.38 + 388.534 + 271.824 + -23.736 = $846 Mil.
Total Current Assets was $1,882 Mil.
Total Assets was $3,281 Mil.
Property, Plant and Equipment(Net PPE) was $1,187 Mil.
Depreciation, Depletion and Amortization(DDA) was $100 Mil.
Selling, General, & Admin. Expense(SGA) was $62 Mil.
Total Current Liabilities was $1,794 Mil.
Long-Term Debt & Capital Lease Obligation was $794 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) |
| = | (367.249 / 8231.955) | / | (252.885 / 7321.785) |
| = | 0.044613 | / | 0.034539 |
| | = | 1.2917 |
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) |
| = | (846.002 / 7321.785) | / | (1274.016 / 8231.955) |
| = | 0.115546 | / | 0.154765 |
| | = | 0.7466 |
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 - (1989.495 + 1445.842) / 3863.95) | / | (1 - (1881.837 + 1186.595) / 3280.647) |
| = | 0.110926 | / | 0.064687 |
| | = | 1.7148 |
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 |
| = | 8231.955 | / | 7321.785 |
| | = | 1.1243 |
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)) |
| = | (99.769 / (99.769 + 1186.595)) | / | (119.83 / (119.83 + 1445.842)) |
| = | 0.077559 | / | 0.076536 |
| | = | 1.0134 |
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) |
| = | (91.447 / 8231.955) | / | (62.396 / 7321.785) |
| = | 0.011109 | / | 0.008522 |
| | = | 1.3036 |
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) |
| = | ((941.558 + 1524.601) / 3863.95) | / | ((793.588 + 1794.09) / 3280.647) |
| = | 0.638248 | / | 0.788771 |
| | = | 0.8092 |
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 |
| = | (728.642 - 0.171 | - | 579.156) | / | 3863.95 |
| | = | 0.038643 |
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.
Par Pacific Holdings has a M-score of -1.75 signals that the company is likely to be a manipulator.
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