DLKGF (Delek Group) Beneish M-Score : -2.75 (As of Jul. 12, 2025)

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What is Delek Group 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.

Good Sign:

Beneish M-Score -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DLKGF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.9 Med: -2.29 Max: 3.23
Current: -2.75

During the past 13 years, the highest Beneish M-Score of Delek Group was 3.23. The lowest was -3.90. And the median was -2.29.

Delek Group Beneish M-Score Historical Data

The historical data trend for Delek Group'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.

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Delek Group Beneish M-Score Chart

Delek Group Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.75

-1.57

-2.48

-2.77

-2.60

Delek Group Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.69	-2.62	-2.93	-2.60	-2.75

Competitive Comparison of Delek Group's Beneish M-Score

For the Oil & Gas E&P subindustry, Delek Group'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.

Delek Group's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Delek Group's Beneish M-Score distribution charts can be found below:

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

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Delek Group 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 Delek Group 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 * 1.0504

0.528 * 0.9299

0.404 * 0.9845

0.892 * 1.0586

0.115 * 1.1632

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1552

4.679 * -0.073777

0.327 * 0.9235

-2.75

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was $1,023 Mil.
Revenue was 1156.022 + 1168.03 + 777.786 + 757.373 = $3,859 Mil.
Gross Profit was 687.429 + 666.116 + 329.006 + 311.895 = $1,994 Mil.
Total Current Assets was $3,067 Mil.
Total Assets was $16,060 Mil.
Property, Plant and Equipment(Net PPE) was $9,527 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,210 Mil.
Selling, General, & Admin. Expense(SGA) was $61 Mil.
Total Current Liabilities was $2,513 Mil.
Long-Term Debt & Capital Lease Obligation was $4,006 Mil.
Net Income was 3.002 + 105.066 + 120.976 + 114.672 = $344 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 646.904 + 124.878 + 446.979 + 309.794 = $1,529 Mil.

Total Receivables was $920 Mil.
Revenue was 887.354 + 936.285 + 921.576 + 900.262 = $3,645 Mil.
Gross Profit was 404.353 + 380.338 + 466.191 + 501.013 = $1,752 Mil.
Total Current Assets was $2,110 Mil.
Total Assets was $13,418 Mil.
Property, Plant and Equipment(Net PPE) was $8,367 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,262 Mil.
Selling, General, & Admin. Expense(SGA) was $50 Mil.
Total Current Liabilities was $1,871 Mil.
Long-Term Debt & Capital Lease Obligation was $4,028 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)
	=	(1022.739 / 3859.211)	/	(919.775 / 3645.477)
	=	0.265012	/	0.252306
	=	1.0504

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)
	=	(1751.895 / 3645.477)	/	(1994.446 / 3859.211)
	=	0.480567	/	0.516801
	=	0.9299

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 - (3067.316 + 9526.751) / 16059.733)	/	(1 - (2109.718 + 8366.827) / 13417.782)
	=	0.215798	/	0.219204
	=	0.9845

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
	=	3859.211	/	3645.477
	=	1.0586

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))
	=	(1261.988 / (1261.988 + 8366.827))	/	(1209.756 / (1209.756 + 9526.751))
	=	0.131064	/	0.112677
	=	1.1632

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)
	=	(60.937 / 3859.211)	/	(49.831 / 3645.477)
	=	0.01579	/	0.013669
	=	1.1552

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)
	=	((4006.303 + 2513.47) / 16059.733)	/	((4027.916 + 1870.769) / 13417.782)
	=	0.40597	/	0.439617
	=	0.9235

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
	=	(343.716 - 0	-	1528.555)	/	16059.733
	=	-0.073777

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.

Delek Group has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.

Delek Group Beneish M-Score Related Terms

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Delek Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Delek Group Ltd (OTCPK:DLKGF) » Definitions » Beneish M-Score

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DELKY:USA DLEKG:Israel 6D40:Germany

Address

19 Abba Eban Boulevard, P.O. Box 2054, Herzliya, ISR, 4612001

Website

https://www.delek-group.com

Delek Group Ltd operates in the oil and natural gas exploration, development, production and marketing sector in Israel and abroad. through investees. The operating segments of the company are, 1) Energy in Israel segment includes the development, production and sale of natural gas in the existing oil assets of the Partnership, and oil and natural gas exploration in the Mediterranean Sea, 2) the Foreign energy segment includes projects of the UK continental shelf in the North sea region through Ithaca Energy plc which is controlled indirectly by the company and 3) additional operations. The company operates primarily in Israel and North Sea region.