Williams Partners LP Beneish M-Score Historical Data
The historical data trend for Williams Partners 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.
Williams Partners LP Beneish M-Score Chart
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Williams Partners LP Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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6.20 |
0.31 |
-2.81 |
-2.89 |
-2.56 |
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Williams Partners LP Quarterly Data
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Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
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Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
| Beneish M-Score |
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-2.76 |
-2.75 |
-2.56 |
-2.81 |
-2.52 |
Competitive Comparison of Williams Partners LP's Beneish M-Score
For the Oil & Gas Midstream subindustry, Williams Partners 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.
Williams Partners LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Williams Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Williams Partners LP's Beneish M-Score falls into.
Williams Partners 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 Williams Partners 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 * 1.1237 | + | 0.528 * 1.0636 | + | 0.404 * 0.9957 | + | 0.892 * 1.0348 | + | 0.115 * 1.0448 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8947 | + | 4.679 * -0.038748 | - | 0.327 * 0.964 |
| = | -2.45 |
* 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 (Jun18) TTM: | Last Year (Jun17) TTM: |
Total Receivables was $800 Mil.
Revenue was 2086 + 2083 + 2223 + 1885 = $8,277 Mil.
Gross Profit was 1041 + 1084 + 1122 + 985 = $4,232 Mil.
Total Current Assets was $1,468 Mil.
Total Assets was $45,938 Mil.
Property, Plant and Equipment(Net PPE) was $28,718 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,693 Mil.
Selling, General, & Admin. Expense(SGA) was $574 Mil.
Total Current Liabilities was $1,776 Mil.
Long-Term Debt & Capital Lease Obligation was $17,018 Mil.
Net Income was 418 + 360 + -342 + 259 = $695 Mil.
Non Operating Income was 180 + 101 + -655 + 64 = $-310 Mil.
Cash Flow from Operations was 958 + 752 + 737 + 338 = $2,785 Mil.
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Total Receivables was $688 Mil.
Revenue was 1919 + 1983 + 2190 + 1907 = $7,999 Mil.
Gross Profit was 998 + 1043 + 1250 + 1059 = $4,350 Mil.
Total Current Assets was $3,941 Mil.
Total Assets was $48,218 Mil.
Property, Plant and Equipment(Net PPE) was $27,672 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,709 Mil.
Selling, General, & Admin. Expense(SGA) was $620 Mil.
Total Current Liabilities was $3,850 Mil.
Long-Term Debt & Capital Lease Obligation was $16,614 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) |
| = | (800 / 8277) | / | (688 / 7999) |
| = | 0.096653 | / | 0.086011 |
| | = | 1.1237 |
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) |
| = | (4350 / 7999) | / | (4232 / 8277) |
| = | 0.543818 | / | 0.511296 |
| | = | 1.0636 |
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 - (1468 + 28718) / 45938) | / | (1 - (3941 + 27672) / 48218) |
| = | 0.342897 | / | 0.344373 |
| | = | 0.9957 |
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 |
| = | 8277 | / | 7999 |
| | = | 1.0348 |
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)) |
| = | (1709 / (1709 + 27672)) | / | (1693 / (1693 + 28718)) |
| = | 0.058167 | / | 0.055671 |
| | = | 1.0448 |
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) |
| = | (574 / 8277) | / | (620 / 7999) |
| = | 0.069349 | / | 0.07751 |
| | = | 0.8947 |
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) |
| = | ((17018 + 1776) / 45938) | / | ((16614 + 3850) / 48218) |
| = | 0.409117 | / | 0.424406 |
| | = | 0.964 |
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 |
| = | (695 - -310 | - | 2785) | / | 45938 |
| | = | -0.038748 |
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.
Williams Partners LP has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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