Targa Resources Beneish M-Score Historical Data
The historical data trend for Targa Resources'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.
Targa Resources Beneish M-Score Chart
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Targa Resources Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.01 |
-2.94 |
-1.81 |
-2.73 |
-3.18 |
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Targa Resources Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.22 |
-3.27 |
-3.42 |
-3.18 |
-2.59 |
Competitive Comparison of Targa Resources's Beneish M-Score
For the Oil & Gas Midstream subindustry, Targa Resources'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.
Targa Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Targa Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Targa Resources's Beneish M-Score falls into.
Targa Resources 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 Targa Resources 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 * 1.8875 | + | 0.528 * 0.7221 | + | 0.404 * 0.8105 | + | 0.892 * 0.7566 | + | 0.115 * 1.0315 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3842 | + | 4.679 * -0.086841 | - | 0.327 * 1.0088 |
| = | -2.58 |
* 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 €1,365 Mil.
Revenue was 4197.408 + 3887.621 + 3651.114 + 3141.615 = €14,878 Mil.
Gross Profit was 923.588 + 916.633 + 820.156 + 925.492 = €3,586 Mil.
Total Current Assets was €1,815 Mil.
Total Assets was €19,178 Mil.
Property, Plant and Equipment(Net PPE) was €14,980 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,243 Mil.
Selling, General, & Admin. Expense(SGA) was €326 Mil.
Total Current Liabilities was €2,589 Mil.
Long-Term Debt & Capital Lease Obligation was €11,580 Mil.
Net Income was 253.184 + 274.733 + 206.14 + 303.944 = €1,038 Mil.
Non Operating Income was 4.14 + 4.493 + 2.717 + 1.292 = €13 Mil.
Cash Flow from Operations was 806.288 + 878.211 + 381.64 + 624.686 = €2,691 Mil.
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Total Receivables was €956 Mil.
Revenue was 4222.147 + 4299.731 + 5413.701 + 5728.787 = €19,664 Mil.
Gross Profit was 1099.038 + 850.261 + 774.266 + 698.716 = €3,422 Mil.
Total Current Assets was €1,531 Mil.
Total Assets was €17,770 Mil.
Property, Plant and Equipment(Net PPE) was €13,515 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,160 Mil.
Selling, General, & Admin. Expense(SGA) was €311 Mil.
Total Current Liabilities was €2,304 Mil.
Long-Term Debt & Capital Lease Obligation was €10,710 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) |
| = | (1365.004 / 14877.758) | / | (955.856 / 19664.366) |
| = | 0.091748 | / | 0.048609 |
| | = | 1.8875 |
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) |
| = | (3422.281 / 19664.366) | / | (3585.869 / 14877.758) |
| = | 0.174035 | / | 0.241022 |
| | = | 0.7221 |
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 - (1815.16 + 14980.176) / 19178.412) | / | (1 - (1530.639 + 13514.98) / 17769.817) |
| = | 0.124258 | / | 0.153305 |
| | = | 0.8105 |
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 |
| = | 14877.758 | / | 19664.366 |
| | = | 0.7566 |
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)) |
| = | (1160.091 / (1160.091 + 13514.98)) | / | (1243.28 / (1243.28 + 14980.176)) |
| = | 0.079052 | / | 0.076635 |
| | = | 1.0315 |
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) |
| = | (326.063 / 14877.758) | / | (311.339 / 19664.366) |
| = | 0.021916 | / | 0.015833 |
| | = | 1.3842 |
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) |
| = | ((11579.58 + 2589.34) / 19178.412) | / | ((10709.991 + 2303.804) / 17769.817) |
| = | 0.738795 | / | 0.732354 |
| | = | 1.0088 |
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 |
| = | (1038.001 - 12.642 | - | 2690.825) | / | 19178.412 |
| | = | -0.086841 |
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.
Targa Resources has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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