Ferrellgas Partners LP (Ferrellgas Partners LP) Beneish M-Score

: -3.18 (As of Today)

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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 -3.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FGPRB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.49 Med: -2.94 Max: -2.28
Current: -3.18

During the past 13 years, the highest Beneish M-Score of Ferrellgas Partners LP was -2.28. The lowest was -3.49. And the median was -2.94.

Ferrellgas Partners LP Beneish M-Score Historical Data

The historical data trend for Ferrellgas 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.

* Premium members only.

Array ( [0] => - [1] => - [2] => - [3] => - [4] => - [5] => -2.97 [6] => -3.14 [7] => -2.48 [8] => -2.66 [9] => -2.99 )

Ferrellgas Partners LP Annual Data

Trend

Jul14

Jul15

Jul16

Jul17

Jul18

Jul19

Jul20

Jul21

Jul22

Jul23

Beneish M-Score

-2.97

-3.14

-2.48

-2.66

-2.99

Ferrellgas Partners LP Quarterly Data
	Apr19	Jul19	Oct19	Jan20	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24
Beneish M-Score																-2.94	-3.07	-2.99	-3.32	-3.18

Competitive Comparison

For the Oil & Gas Refining & Marketing subindustry, Ferrellgas 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.

Ferrellgas Partners LP Beneish M-Score Distribution

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

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

Ferrellgas 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 Ferrellgas Partners LP 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 * 1.0843

0.528 * 0.8823

0.404 * 1.0041

0.892 * 0.8958

0.115 * 0.9779

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1158

4.679 * -0.130272

0.327 * 0.9899

-3.18

This Year (Jan24) TTM:

Last Year (Jan23) TTM:

Total Receivables was $227 Mil.
Revenue was 609.877 + 371.013 + 341.886 + 587.347 = $1,910 Mil.
Gross Profit was 328.309 + 194.392 + 187.707 + 291.848 = $1,002 Mil.
Total Current Assets was $515 Mil.
Total Assets was $1,621 Mil.
Property, Plant and Equipment(Net PPE) was $677 Mil.
Depreciation, Depletion and Amortization(DDA) was $97 Mil.
Selling, General, & Admin. Expense(SGA) was $88 Mil.
Total Current Liabilities was $300 Mil.
Long-Term Debt & Capital Lease Obligation was $1,489 Mil.
Net Income was 28.434 + -17.556 + 9.522 + 22.429 = $43 Mil.
Non Operating Income was 0.467 + 0.001 + -2.003 + -0.106 = $-2 Mil.
Cash Flow from Operations was 119.401 + -18.854 + 69.095 + 85.992 = $256 Mil.

Total Receivables was $234 Mil.
Revenue was 683.943 + 413.289 + 387.553 + 647.543 = $2,132 Mil.
Gross Profit was 332.208 + 195.432 + 178.092 + 281.409 = $987 Mil.
Total Current Assets was $537 Mil.
Total Assets was $1,641 Mil.
Property, Plant and Equipment(Net PPE) was $672 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $88 Mil.
Total Current Liabilities was $336 Mil.
Long-Term Debt & Capital Lease Obligation was $1,493 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)
	=	(226.92 / 1910.123)	/	(233.625 / 2132.328)
	=	0.118799	/	0.109563
	=	1.0843

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)
	=	(987.141 / 2132.328)	/	(1002.256 / 1910.123)
	=	0.462941	/	0.524708
	=	0.8823

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 - (515.332 + 676.969) / 1620.953)	/	(1 - (537.04 + 671.778) / 1640.993)
	=	0.264444	/	0.263362
	=	1.0041

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
	=	1910.123	/	2132.328
	=	0.8958

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))
	=	(93.358 / (93.358 + 671.778))	/	(96.509 / (96.509 + 676.969))
	=	0.122015	/	0.124773
	=	0.9779

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)
	=	(88.277 / 1910.123)	/	(88.316 / 2132.328)
	=	0.046215	/	0.041418
	=	1.1158

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)
	=	((1489.038 + 299.657) / 1620.953)	/	((1493.283 + 335.912) / 1640.993)
	=	1.103484	/	1.114688
	=	0.9899

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
	=	(42.829 - -1.641	-	255.634)	/	1620.953
	=	-0.130272

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.

Ferrellgas Partners LP has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.

Ferrellgas Partners LP Beneish M-Score Related Terms

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Ferrellgas Partners LP (Ferrellgas Partners LP) Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

FGPR:USA

Address

One Liberty Plaza, Liberty, MO, USA, 64068

Website

https://www.ferrellgas.com

Ferrellgas Partners LP operates as a propane distributor. Its operations primarily include the distribution and sale of propane and related equipment and supplies within the Midwest, Southeast, Southwest, and Northwest regions of the United States. The firm caters to residential, industrial, commercial, portable tank exchange, agricultural, wholesale and other, customers. Ferrellgas earns revenue primarily through the distribution of propane, as well as through the sale of propane related equipment and supplies.