TC Pipelines LP Beneish M-Score Historical Data
The historical data trend for TC Pipelines 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.
TC Pipelines LP Beneish M-Score Chart
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TC Pipelines LP Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.42 |
-3.01 |
-2.77 |
-3.24 |
-3.11 |
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TC Pipelines LP Quarterly Data
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Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
| Beneish M-Score |
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-3.24 |
-3.07 |
-2.92 |
-2.85 |
-3.11 |
Competitive Comparison of TC Pipelines LP's Beneish M-Score
For the Oil & Gas Midstream subindustry, TC Pipelines 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.
TC Pipelines LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, TC Pipelines LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TC Pipelines LP's Beneish M-Score falls into.
TC Pipelines 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 TC Pipelines 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 * 0.7088 | + | 0.528 * 1.038 | + | 0.404 * 0.8854 | + | 0.892 * 0.9901 | + | 0.115 * 1.0019 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2626 | + | 4.679 * -0.096661 | - | 0.327 * 0.9979 |
| = | -3.28 |
* 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 (Dec20) TTM: | Last Year (Dec19) TTM: |
Total Receivables was $40.0 Mil.
Revenue was 104 + 99 + 95 + 101 = $399.0 Mil.
Gross Profit was 83 + 70 + 76 + 81 = $310.0 Mil.
Total Current Assets was $257.0 Mil.
Total Assets was $3,145.0 Mil.
Property, Plant and Equipment(Net PPE) was $1,747.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $89.0 Mil.
Selling, General, & Admin. Expense(SGA) was $10.0 Mil.
Total Current Liabilities was $487.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,768.0 Mil.
Net Income was 74 + 65 + 57 + 88 = $284.0 Mil.
Non Operating Income was 47 + 41 + 31 + 56 = $175.0 Mil.
Cash Flow from Operations was 74 + 111 + 97 + 131 = $413.0 Mil.
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Total Receivables was $57.0 Mil.
Revenue was 104 + 93 + 93 + 113 = $403.0 Mil.
Gross Profit was 84 + 74 + 74 + 93 = $325.0 Mil.
Total Current Assets was $156.0 Mil.
Total Assets was $2,853.0 Mil.
Property, Plant and Equipment(Net PPE) was $1,528.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $78.0 Mil.
Selling, General, & Admin. Expense(SGA) was $8.0 Mil.
Total Current Liabilities was $170.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,880.0 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) |
| = | (40 / 399) | / | (57 / 403) |
| = | 0.100251 | / | 0.141439 |
| | = | 0.7088 |
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) |
| = | (325 / 403) | / | (310 / 399) |
| = | 0.806452 | / | 0.776942 |
| | = | 1.038 |
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 - (257 + 1747) / 3145) | / | (1 - (156 + 1528) / 2853) |
| = | 0.362798 | / | 0.409744 |
| | = | 0.8854 |
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 |
| = | 399 | / | 403 |
| | = | 0.9901 |
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)) |
| = | (78 / (78 + 1528)) | / | (89 / (89 + 1747)) |
| = | 0.048568 | / | 0.048475 |
| | = | 1.0019 |
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) |
| = | (10 / 399) | / | (8 / 403) |
| = | 0.025063 | / | 0.019851 |
| | = | 1.2626 |
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) |
| = | ((1768 + 487) / 3145) | / | ((1880 + 170) / 2853) |
| = | 0.717011 | / | 0.718542 |
| | = | 0.9979 |
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 |
| = | (284 - 175 | - | 413) | / | 3145 |
| | = | -0.096661 |
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.
TC Pipelines LP has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.
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