PBF Energy Beneish M-Score Historical Data
The historical data trend for PBF Energy'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.
PBF Energy Beneish M-Score Chart
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PBF Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.93 |
-4.53 |
-3.76 |
-2.95 |
-1.78 |
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PBF Energy Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.04 |
-1.78 |
-1.46 |
-1.84 |
70.96 |
Competitive Comparison of PBF Energy's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, PBF Energy'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.
PBF Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, PBF Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PBF Energy's Beneish M-Score falls into.
PBF Energy 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 PBF Energy 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 * 0.9029 | + | 0.528 * 140.9381 | + | 0.404 * 1.2076 | + | 0.892 * 0.8719 | + | 0.115 * 0.9751 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9774 | + | 4.679 * -0.068907 | - | 0.327 * 1.0132 |
| = | 70.96 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $1,246 Mil.
Revenue was 8382.3 + 8736.1 + 8645.6 + 9138.7 = $34,903 Mil.
Gross Profit was -288.2 + 6.3 + 218.2 + 84 = $20 Mil.
Total Current Assets was $5,109 Mil.
Total Assets was $13,131 Mil.
Property, Plant and Equipment(Net PPE) was $5,823 Mil.
Depreciation, Depletion and Amortization(DDA) was $619 Mil.
Selling, General, & Admin. Expense(SGA) was $299 Mil.
Total Current Liabilities was $3,826 Mil.
Long-Term Debt & Capital Lease Obligation was $1,891 Mil.
Net Income was -285.9 + -65.2 + 106.6 + -48.4 = $-293 Mil.
Non Operating Income was -28.9 + -12 + -6.1 + -20.1 = $-67 Mil.
Cash Flow from Operations was -68 + 425.3 + 15.8 + 305.9 = $679 Mil.
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Total Receivables was $1,583 Mil.
Revenue was 10733.5 + 9157.6 + 9295 + 10846.3 = $40,032 Mil.
Gross Profit was 1227.8 + 510.4 + 576.4 + 969.1 = $3,284 Mil.
Total Current Assets was $6,921 Mil.
Total Assets was $14,693 Mil.
Property, Plant and Equipment(Net PPE) was $5,735 Mil.
Depreciation, Depletion and Amortization(DDA) was $593 Mil.
Selling, General, & Admin. Expense(SGA) was $351 Mil.
Total Current Liabilities was $4,393 Mil.
Long-Term Debt & Capital Lease Obligation was $1,921 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) |
| = | (1246.4 / 34902.7) | / | (1583.4 / 40032.4) |
| = | 0.035711 | / | 0.039553 |
| | = | 0.9029 |
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) |
| = | (3283.7 / 40032.4) | / | (20.3 / 34902.7) |
| = | 0.082026 | / | 0.000582 |
| | = | 140.9381 |
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 - (5109.3 + 5822.7) / 13130.7) | / | (1 - (6920.7 + 5734.8) / 14692.8) |
| = | 0.167447 | / | 0.13866 |
| | = | 1.2076 |
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 |
| = | 34902.7 | / | 40032.4 |
| | = | 0.8719 |
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)) |
| = | (593.3 / (593.3 + 5734.8)) | / | (619.4 / (619.4 + 5822.7)) |
| = | 0.093756 | / | 0.096149 |
| | = | 0.9751 |
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) |
| = | (299 / 34902.7) | / | (350.9 / 40032.4) |
| = | 0.008567 | / | 0.008765 |
| | = | 0.9774 |
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) |
| = | ((1891.2 + 3825.5) / 13130.7) | / | ((1920.8 + 4392.7) / 14692.8) |
| = | 0.435369 | / | 0.4297 |
| | = | 1.0132 |
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 |
| = | (-292.9 - -67.1 | - | 679) | / | 13130.7 |
| | = | -0.068907 |
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.
PBF Energy has a M-score of 70.96 signals that the company is likely to be a manipulator.
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