USDP (USD Partners LP) Beneish M-Score: 0.00 (As of Jul. 05, 2026)


USDP USD Partners LP USDP
12 GF Score
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What is USD Partners LP Beneish M-Score?

USD Partners LP USDP -66.67% 12 Beneish M-Score is 0.00 as of Jul. 05, 2026. GuruFocus rates USDP with a GF Score™ of 12/100.

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.

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

During the past 11 years, the highest Beneish M-Score of USD Partners LP was 0.00. The lowest was 0.00. And the median was 0.00.

USD Partners LP Beneish M-Score Historical Data

* Premium members only.

The historical data trend for USD 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.

USD Partners LP Beneish M-Score Chart

USD Partners LP Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.71 -2.74 -3.43 -3.04 -5.16

USD Partners LP Quarterly Data
Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -4.69 -5.16 -5.29 -5.14 -3.55

USDP vs RVSN, PNYG, RAIL: Beneish M-Score Comparison

For the Railroads subindustry, USD 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.

USD Partners LP Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, USD Partners LP's Beneish M-Score distribution charts can be found below:

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


USDP
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USD Partners LP USDP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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USD 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 USD Partners 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 * 1.519+0.528 * 0.899+0.404 * 0.1839+0.892 * 0.579+0.115 * 1.6509
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1659+4.679 * -0.167261-0.327 * 1.1547
=-3.55

* 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 (Sep23) TTM:Last Year (Sep22) TTM:
Total Receivables was $2.26 Mil.
Revenue was 11.077 + 19.471 + 21.126 + 20.649 = $72.32 Mil.
Gross Profit was 3.205 + 8.574 + 8.396 + 7.266 = $27.44 Mil.
Total Current Assets was $41.81 Mil.
Total Assets was $104.63 Mil.
Property, Plant and Equipment(Net PPE) was $61.27 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.22 Mil.
Selling, General, & Admin. Expense(SGA) was $19.22 Mil.
Total Current Liabilities was $209.07 Mil.
Long-Term Debt & Capital Lease Obligation was $0.71 Mil.
Net Income was -2.805 + 4.635 + 1.975 + -3.211 = $0.59 Mil.
Non Operating Income was 3.273 + 4.789 + 4.332 + -1.551 = $10.84 Mil.
Cash Flow from Operations was 0.868 + -1.306 + -0.582 + 8.272 = $7.25 Mil.
 Total Receivables was $2.57 Mil.
Revenue was 21.479 + 33.741 + 35.786 + 33.897 = $124.90 Mil.
Gross Profit was 4.102 + 12.603 + 13.741 + 12.16 = $42.61 Mil.
Total Current Assets was $17.64 Mil.
Total Assets was $138.68 Mil.
Property, Plant and Equipment(Net PPE) was $109.83 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.15 Mil.
Selling, General, & Admin. Expense(SGA) was $28.47 Mil.
Total Current Liabilities was $19.17 Mil.
Long-Term Debt & Capital Lease Obligation was $221.61 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)
=(2.264 / 72.323) / (2.574 / 124.903)
=0.031304 / 0.020608
=1.519

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)
=(42.606 / 124.903) / (27.441 / 72.323)
=0.341113 / 0.379423
=0.899

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 - (41.806 + 61.273) / 104.633) / (1 - (17.643 + 109.833) / 138.675)
=0.014852 / 0.080757
=0.1839

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
=72.323 / 124.903
=0.579

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))
=(23.151 / (23.151 + 109.833)) / (7.223 / (7.223 + 61.273))
=0.174089 / 0.105451
=1.6509

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)
=(19.223 / 72.323) / (28.474 / 124.903)
=0.265794 / 0.227969
=1.1659

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)
=((0.712 + 209.066) / 104.633) / ((221.609 + 19.171) / 138.675)
=2.004893 / 1.73629
=1.1547

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
=(0.594 - 10.843 - 7.252) / 104.633
=-0.167261

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.

USD Partners LP has a M-score of -3.55 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
USD Partners LP (USDP) has a Beneish M-Score of 0.00 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on USD Partners LP and its competitors.
Is USD Partners LP's Beneish M-Score too high?
USD Partners LP's current Beneish M-Score is 0.00. Overall, USD Partners LP has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does USD Partners LP's Beneish M-Score compare to RVSN and PNYG?
USD Partners LP's Beneish M-Score of 0.00 can be compared against companies in the Transportation industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Transportation company?
A good Beneish M-Score depends on the Transportation industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on USD Partners LP and its competitors. USD Partners LP's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is USD Partners LP stock overvalued right now?
USD Partners LP (USDP) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. USD Partners LP's overall GF Score™ is 12/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For USD Partners LP (USDP), the current Beneish M-Score is 0.00 as of Jul. 05, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

USD Partners LP Business Description

Address 811 Main Street, Suite 2800, Houston, TX, USA, 77002
USD Partners LP is formed to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels, and other energy-related products. The company's network of crude oil terminals facilitates the transportation of heavy crude oil from Western Canada to key demand centers across North America. The company's operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading and other related logistics services. The company also provides one of the customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons by rail. The company manages its business in two reportable segments: Terminalling services and Fleet services.
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