Targa Resources Beneish M-Score Historical Data
The historical data trend for Targa Resources'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.
Targa Resources Beneish M-Score Chart
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Targa Resources Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.01 |
-2.94 |
-1.81 |
-2.73 |
-3.18 |
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Targa Resources 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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-2.73 |
-3.22 |
-3.27 |
-3.42 |
-3.18 |
Competitive Comparison of Targa Resources's Beneish M-Score
For the Oil & Gas Midstream subindustry, Targa Resources'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.
Targa Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Targa Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Targa Resources's Beneish M-Score falls into.
Targa Resources 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 Targa Resources 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 * 1.3611 | + | 0.528 * 0.5587 | + | 0.404 * 0.8455 | + | 0.892 * 0.7673 | + | 0.115 * 0.9226 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4673 | + | 4.679 * -0.090544 | - | 0.327 * 1.039 |
| = | -3.18 |
* 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 $1,471 Mil.
Revenue was 4239.5 + 3896.6 + 3403.7 + 4520.5 = $16,060 Mil.
Gross Profit was 999.6 + 875.3 + 1002.7 + 1176.7 = $4,054 Mil.
Total Current Assets was $2,195 Mil.
Total Assets was $20,672 Mil.
Property, Plant and Equipment(Net PPE) was $15,806 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,330 Mil.
Selling, General, & Admin. Expense(SGA) was $349 Mil.
Total Current Liabilities was $2,761 Mil.
Long-Term Debt & Capital Lease Obligation was $12,390 Mil.
Net Income was 299.6 + 220 + 329.3 + 497 = $1,346 Mil.
Non Operating Income was 4.9 + 2.9 + 1.4 + -3.2 = $6 Mil.
Cash Flow from Operations was 957.7 + 407.3 + 676.8 + 1169.8 = $3,212 Mil.
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Total Receivables was $1,408 Mil.
Revenue was 4554.8 + 5360.1 + 6055.8 + 4959.1 = $20,930 Mil.
Gross Profit was 900.7 + 766.6 + 738.6 + 545.9 = $2,952 Mil.
Total Current Assets was $2,357 Mil.
Total Assets was $19,560 Mil.
Property, Plant and Equipment(Net PPE) was $14,215 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,096 Mil.
Selling, General, & Admin. Expense(SGA) was $310 Mil.
Total Current Liabilities was $3,067 Mil.
Long-Term Debt & Capital Lease Obligation was $10,731 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) |
| = | (1471 / 16060.3) | / | (1408.4 / 20929.8) |
| = | 0.091592 | / | 0.067292 |
| | = | 1.3611 |
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) |
| = | (2951.8 / 20929.8) | / | (4054.3 / 16060.3) |
| = | 0.141033 | / | 0.252442 |
| | = | 0.5587 |
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 - (2194.6 + 15806.4) / 20671.8) | / | (1 - (2356.6 + 14214.6) / 19560) |
| = | 0.1292 | / | 0.152802 |
| | = | 0.8455 |
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 |
| = | 16060.3 | / | 20929.8 |
| | = | 0.7673 |
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)) |
| = | (1096 / (1096 + 14214.6)) | / | (1329.6 / (1329.6 + 15806.4)) |
| = | 0.071584 | / | 0.077591 |
| | = | 0.9226 |
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) |
| = | (348.7 / 16060.3) | / | (309.7 / 20929.8) |
| = | 0.021712 | / | 0.014797 |
| | = | 1.4673 |
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) |
| = | ((12389.7 + 2760.9) / 20671.8) | / | ((10730.7 + 3066.7) / 19560) |
| = | 0.732912 | / | 0.705389 |
| | = | 1.039 |
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 |
| = | (1345.9 - 6 | - | 3211.6) | / | 20671.8 |
| | = | -0.090544 |
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.
Targa Resources has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.
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