Vertex Energy Beneish M-Score Historical Data
The historical data trend for Vertex 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.
Vertex Energy Beneish M-Score Chart
|
Vertex Energy Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
9.48 |
5.24 |
-2.30 |
10.27 |
-2.47 |
|
Vertex Energy Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
11.04 |
-1.63 |
-2.58 |
-2.47 |
-2.95 |
Competitive Comparison of Vertex Energy's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Vertex 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.
Vertex Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Vertex Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vertex Energy's Beneish M-Score falls into.
Vertex 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 Vertex 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 * 0.7842 | + | 0.528 * 1.9424 | + | 0.404 * 1.0915 | + | 0.892 * 0.9015 | + | 0.115 * 0.7419 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1316 | + | 4.679 * -0.136677 | - | 0.327 * 1.1436 |
| = | -2.97 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €38 Mil.
Revenue was 639.7 + 671.927 + 954.247 + 678.306 = €2,944 Mil.
Gross Profit was 32.298 + -6.293 + 79.616 + -1.279 = €104 Mil.
Total Current Assets was €317 Mil.
Total Assets was €768 Mil.
Property, Plant and Equipment(Net PPE) was €437 Mil.
Depreciation, Depletion and Amortization(DDA) was €32 Mil.
Selling, General, & Admin. Expense(SGA) was €154 Mil.
Total Current Liabilities was €310 Mil.
Long-Term Debt & Capital Lease Obligation was €283 Mil.
Net Income was -16.315 + -58.496 + 18.593 + -75.133 = €-131 Mil.
Non Operating Income was 5.16 + 2.353 + 4.205 + 8.403 = €20 Mil.
Cash Flow from Operations was -26.796 + 12.092 + 37.184 + -68.95 = €-46 Mil.
|
Total Receivables was €54 Mil.
Revenue was 645.527 + 829.096 + 817.624 + 973.783 = €3,266 Mil.
Gross Profit was 63.001 + 88.265 + 56.384 + 17.182 = €225 Mil.
Total Current Assets was €368 Mil.
Total Assets was €753 Mil.
Property, Plant and Equipment(Net PPE) was €373 Mil.
Depreciation, Depletion and Amortization(DDA) was €20 Mil.
Selling, General, & Admin. Expense(SGA) was €151 Mil.
Total Current Liabilities was €250 Mil.
Long-Term Debt & Capital Lease Obligation was €258 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) |
| = | (38.234 / 2944.18) | / | (54.086 / 3266.03) |
| = | 0.012986 | / | 0.01656 |
| | = | 0.7842 |
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) |
| = | (224.832 / 3266.03) | / | (104.342 / 2944.18) |
| = | 0.06884 | / | 0.03544 |
| | = | 1.9424 |
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 - (317.363 + 437.253) / 768.249) | / | (1 - (367.594 + 372.913) / 752.745) |
| = | 0.017746 | / | 0.016258 |
| | = | 1.0915 |
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 |
| = | 2944.18 | / | 3266.03 |
| | = | 0.9015 |
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)) |
| = | (20.141 / (20.141 + 372.913)) | / | (32.439 / (32.439 + 437.253)) |
| = | 0.051242 | / | 0.069064 |
| | = | 0.7419 |
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) |
| = | (153.899 / 2944.18) | / | (150.864 / 3266.03) |
| = | 0.052272 | / | 0.046192 |
| | = | 1.1316 |
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) |
| = | ((283.078 + 310.034) / 768.249) | / | ((258.058 + 250.092) / 752.745) |
| = | 0.772031 | / | 0.675063 |
| | = | 1.1436 |
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 |
| = | (-131.351 - 20.121 | - | -46.47) | / | 768.249 |
| | = | -0.136677 |
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.
Vertex Energy has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
STU:5VE has been successfully added to your