OceanPal (OceanPal) Beneish M-Score : 0.00 (As of Jun. 13, 2024)

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What is OceanPal Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for OceanPal's Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of OceanPal was 8.32. The lowest was -27.06. And the median was -3.91.

OceanPal Beneish M-Score Historical Data

The historical data trend for OceanPal'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.

* Premium members only.

OceanPal Beneish M-Score Chart

OceanPal Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-4.90

OceanPal Quarterly Data
	Dec19	Jun20	Dec20	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial										8.32	-27.06	-2.91	-4.90	-

Competitive Comparison of OceanPal's Beneish M-Score

For the Marine Shipping subindustry, OceanPal'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.

OceanPal's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, OceanPal's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where OceanPal's Beneish M-Score falls into.

OceanPal 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 OceanPal for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $0.00 Mil.
Revenue was 5.687 + 5.808 + 3.866 + 5.395 = $20.76 Mil.
Gross Profit was 0.492 + 1.717 + -1.72 + 0.057 = $0.55 Mil.
Total Current Assets was $21.15 Mil.
Total Assets was $94.08 Mil.
Property, Plant and Equipment(Net PPE) was $69.55 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $5.69 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -1.306 + 0.058 + -3.382 + 1.259 = $-3.37 Mil.
Non Operating Income was 0.002 + 0.014 + -0.199 + 2.757 = $2.57 Mil.
Cash Flow from Operations was 0.92 + 0.13 + 0.13 + 0.82 = $2.00 Mil.

Total Receivables was $0.00 Mil.
Revenue was 3.888 + 5.724 + 5.115 + 4.566 = $19.29 Mil.
Gross Profit was -1.128 + -1.102 + 2.042 + 1.507 = $1.32 Mil.
Total Current Assets was $22.99 Mil.
Total Assets was $100.19 Mil.
Property, Plant and Equipment(Net PPE) was $75.92 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $3.75 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.

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)
	=	(0 / 20.756)	/	(0 / 19.293)
	=	0	/	0
	=

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)
	=	(1.319 / 19.293)	/	(0.546 / 20.756)
	=	0.068367	/	0.026306
	=

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 - (21.153 + 69.546) / 94.077)	/	(1 - (22.994 + 75.923) / 100.188)
	=	0.035907	/	0.012686
	=

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
	=	20.756	/	19.293
	=

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))
	=	(0 / (0 + 75.923))	/	(0 / (0 + 69.546))
	=	0	/	0
	=

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)
	=	(5.691 / 20.756)	/	(3.75 / 19.293)
	=	0.274186	/	0.194371
	=

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 + 0) / 94.077)	/	((0 + 0) / 100.188)
	=	0	/	0
	=

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
	=	(-3.371 - 2.574	-	2)	/	94.077
	=	-0.084452

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.

OceanPal Beneish M-Score Related Terms

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OceanPal (OceanPal) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » OceanPal Inc (NAS:OP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

c/o Steamship Shipbroking Enterprises Inc, Pendelis 26, Palaio Faliro, Athens, GRC, 175 64

Website

https://www.oceanpal.com

OceanPal Inc is a provider of shipping transportation services. It specializes in the ownership of vessels. Each of its vessels is owned through a separate wholly-owned subsidiary.