Foresight Energy LP Beneish M-Score Historical Data
The historical data trend for Foresight Energy 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.
Foresight Energy LP Beneish M-Score Chart
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Foresight Energy LP Annual Data
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Dec10 |
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Dec15 |
Dec16 |
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Dec19 |
| Beneish M-Score |
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-2.39 |
-3.79 |
-2.83 |
-2.78 |
11.38 |
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Foresight Energy LP Quarterly Data
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Jun15 |
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Mar20 |
| Beneish M-Score |
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-2.94 |
-3.02 |
11.38 |
-4.97 |
Competitive Comparison of Foresight Energy LP's Beneish M-Score
For the Thermal Coal subindustry, Foresight Energy 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.
Foresight Energy LP's Beneish M-Score Distribution in the Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Foresight Energy LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Foresight Energy LP's Beneish M-Score falls into.
Foresight Energy 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 Foresight Energy 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 * 0.7351 | + | 0.528 * -1.7945 | + | 0.404 * 0.4669 | + | 0.892 * 0.5931 | + | 0.115 * 0.6625 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1581 | + | 4.679 * -0.101529 | - | 0.327 * 0.1226 |
| = | -5.03 |
* 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 (Mar20) TTM: | Last Year (Mar19) TTM: |
Total Receivables was $30.3 Mil.
Revenue was 99.689 + 162.447 + 183.082 + 226.916 = $672.1 Mil.
Gross Profit was -17.91 + -43.295 + 9.481 + 9.576 = $-42.1 Mil.
Total Current Assets was $197.0 Mil.
Total Assets was $2,120.1 Mil.
Property, Plant and Equipment(Net PPE) was $1,891.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $166.7 Mil.
Selling, General, & Admin. Expense(SGA) was $27.8 Mil.
Total Current Liabilities was $127.3 Mil.
Long-Term Debt & Capital Lease Obligation was $56.6 Mil.
Net Income was 35.698 + -235.849 + -34.106 + -33.672 = $-267.9 Mil.
Non Operating Income was 85.128 + -150.12 + -1.176 + 0 = $-66.2 Mil.
Cash Flow from Operations was -12.192 + 11.61 + 22.365 + -8.295 = $13.5 Mil.
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Total Receivables was $69.4 Mil.
Revenue was 269.072 + 298.907 + 293.936 + 271.422 = $1,133.3 Mil.
Gross Profit was 27.334 + 44.078 + 39.935 + 16.188 = $127.5 Mil.
Total Current Assets was $174.2 Mil.
Total Assets was $2,384.2 Mil.
Property, Plant and Equipment(Net PPE) was $2,134.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $121.0 Mil.
Selling, General, & Admin. Expense(SGA) was $40.4 Mil.
Total Current Liabilities was $295.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,391.1 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) |
| = | (30.251 / 672.134) | / | (69.391 / 1133.337) |
| = | 0.045007 | / | 0.061227 |
| | = | 0.7351 |
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) |
| = | (127.535 / 1133.337) | / | (-42.148 / 672.134) |
| = | 0.112531 | / | -0.062708 |
| | = | -1.7945 |
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 - (197.015 + 1891.564) / 2120.067) | / | (1 - (174.156 + 2134.244) / 2384.245) |
| = | 0.014852 | / | 0.031811 |
| | = | 0.4669 |
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 |
| = | 672.134 | / | 1133.337 |
| | = | 0.5931 |
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)) |
| = | (121.021 / (121.021 + 2134.244)) | / | (166.729 / (166.729 + 1891.564)) |
| = | 0.053662 | / | 0.081004 |
| | = | 0.6625 |
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) |
| = | (27.776 / 672.134) | / | (40.44 / 1133.337) |
| = | 0.041325 | / | 0.035682 |
| | = | 1.1581 |
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) |
| = | ((56.608 + 127.261) / 2120.067) | / | ((1391.07 + 295.616) / 2384.245) |
| = | 0.086728 | / | 0.70743 |
| | = | 0.1226 |
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 |
| = | (-267.929 - -66.168 | - | 13.488) | / | 2120.067 |
| | = | -0.101529 |
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.
Foresight Energy LP has a M-score of -5.03 suggests that the company is unlikely to be a manipulator.
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