PBF Energy Beneish M-Score Historical Data
The historical data trend for PBF Energy'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.
PBF Energy Beneish M-Score Chart
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PBF Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.93 |
-4.53 |
-3.76 |
-2.95 |
-1.78 |
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PBF Energy Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.95 |
-3.28 |
-2.60 |
-2.04 |
-1.78 |
Competitive Comparison of PBF Energy's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, PBF Energy'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.
PBF Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, PBF Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PBF Energy's Beneish M-Score falls into.
PBF Energy 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 PBF Energy 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 * 1.1432 | + | 0.528 * 1.5963 | + | 0.404 * 1.9799 | + | 0.892 * 0.8184 | + | 0.115 * 0.8729 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9451 | + | 4.679 * -0.008549 | - | 0.327 * 0.7951 |
| = | -1.78 |
* 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 $1,363 Mil.
Revenue was 9138.7 + 10733.5 + 9157.6 + 9295 = $38,325 Mil.
Gross Profit was 84 + 1227.8 + 510.4 + 576.4 = $2,399 Mil.
Total Current Assets was $6,597 Mil.
Total Assets was $14,388 Mil.
Property, Plant and Equipment(Net PPE) was $5,767 Mil.
Depreciation, Depletion and Amortization(DDA) was $592 Mil.
Selling, General, & Admin. Expense(SGA) was $363 Mil.
Total Current Liabilities was $4,217 Mil.
Long-Term Debt & Capital Lease Obligation was $1,901 Mil.
Net Income was -48.4 + 786.4 + 1020.4 + 382.1 = $2,141 Mil.
Non Operating Income was -20.1 + -59.7 + 988.2 + 16.6 = $925 Mil.
Cash Flow from Operations was 305.9 + 526.9 + 68.1 + 437.6 = $1,339 Mil.
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Total Receivables was $1,456 Mil.
Revenue was 10846.3 + 12764.6 + 14077.7 + 9141.7 = $46,830 Mil.
Gross Profit was 969.1 + 1573.2 + 1939.5 + 196.8 = $4,679 Mil.
Total Current Assets was $6,546 Mil.
Total Assets was $13,549 Mil.
Property, Plant and Equipment(Net PPE) was $6,040 Mil.
Depreciation, Depletion and Amortization(DDA) was $534 Mil.
Selling, General, & Admin. Expense(SGA) was $469 Mil.
Total Current Liabilities was $5,201 Mil.
Long-Term Debt & Capital Lease Obligation was $2,046 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) |
| = | (1362.5 / 38324.8) | / | (1456.3 / 46830.3) |
| = | 0.035551 | / | 0.031097 |
| | = | 1.1432 |
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) |
| = | (4678.6 / 46830.3) | / | (2398.6 / 38324.8) |
| = | 0.099905 | / | 0.062586 |
| | = | 1.5963 |
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 - (6596.6 + 5767.2) / 14387.8) | / | (1 - (6546.3 + 6040.1) / 13549.1) |
| = | 0.140675 | / | 0.071053 |
| | = | 1.9799 |
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 |
| = | 38324.8 | / | 46830.3 |
| | = | 0.8184 |
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)) |
| = | (533.9 / (533.9 + 6040.1)) | / | (591.6 / (591.6 + 5767.2)) |
| = | 0.081214 | / | 0.093036 |
| | = | 0.8729 |
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) |
| = | (362.5 / 38324.8) | / | (468.7 / 46830.3) |
| = | 0.009459 | / | 0.010008 |
| | = | 0.9451 |
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) |
| = | ((1900.8 + 4217.3) / 14387.8) | / | ((2045.5 + 5200.7) / 13549.1) |
| = | 0.425228 | / | 0.53481 |
| | = | 0.7951 |
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 |
| = | (2140.5 - 925 | - | 1338.5) | / | 14387.8 |
| | = | -0.008549 |
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.
PBF Energy has a M-score of -1.78 suggests that the company is unlikely to be a manipulator.
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