PBF Logistics LP Beneish M-Score Historical Data
The historical data trend for PBF Logistics 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.
PBF Logistics LP Beneish M-Score Chart
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PBF Logistics LP Annual Data
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| Beneish M-Score |
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- |
262.07 |
-2.58 |
-2.74 |
-2.58 |
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PBF Logistics LP Quarterly Data
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Dec17 |
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| Beneish M-Score |
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-2.76 |
-2.58 |
-2.74 |
-2.85 |
-3.07 |
Competitive Comparison of PBF Logistics LP's Beneish M-Score
For the Oil & Gas Midstream subindustry, PBF Logistics 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.
PBF Logistics LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, PBF Logistics LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PBF Logistics LP's Beneish M-Score falls into.
PBF Logistics 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 PBF Logistics 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 * 0.6525 | + | 0.528 * 0.9716 | + | 0.404 * 1.0772 | + | 0.892 * 1.0181 | + | 0.115 * 1.1653 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.968 | + | 4.679 * -0.080064 | - | 0.327 * 0.8594 |
| = | -3.07 |
* 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.
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) |
| = | (46.006 / 361.72) | / | (69.253 / 355.283) |
| = | 0.127187 | / | 0.194923 |
| | = | 0.6525 |
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) |
| = | (309.929 / 355.283) | / | (324.772 / 361.72) |
| = | 0.872344 | / | 0.897855 |
| | = | 0.9716 |
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 - (94.051 + 764.45) / 868.221) | / | (1 - (102.283 + 798.832) / 910.579) |
| = | 0.011195 | / | 0.010393 |
| | = | 1.0772 |
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 |
| = | 361.72 | / | 355.283 |
| | = | 1.0181 |
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)) |
| = | (45.354 / (45.354 + 798.832)) | / | (36.948 / (36.948 + 764.45)) |
| = | 0.053725 | / | 0.046104 |
| | = | 1.1653 |
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) |
| = | (20.245 / 361.72) | / | (20.542 / 355.283) |
| = | 0.055969 | / | 0.057819 |
| | = | 0.968 |
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) |
| = | ((0 + 560.528) / 868.221) | / | ((647.124 + 36.901) / 910.579) |
| = | 0.645605 | / | 0.751198 |
| | = | 0.8594 |
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 |
| = | (152.717 - 2.174 | - | 220.056) | / | 868.221 |
| | = | -0.080064 |
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 Logistics LP has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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