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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Refinaria De Petroleos Manguinhos (BSP:RPMG3) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Jun. 2025, Refinaria De Petroleos Manguinhos has a Sloan Ratio of -16.60%, indicating there is a warning stage of accrual build up.
Refinaria De Petroleos Manguinhos Sloan Ratio % Related Terms
Refinaria De Petroleos Manguinhos Sloan Ratio % Historical Data
* 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.
Refinaria De Petroleos Manguinhos Sloan Ratio % Chart
BSP:RPMG3 vs VLO, MPC, PSX: Sloan Ratio % Comparison
For the Oil & Gas Refining & Marketing subindustry, Refinaria De Petroleos Manguinhos's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
Refinaria De Petroleos Manguinhos Sloan Ratio % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Refinaria De Petroleos Manguinhos's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Refinaria De Petroleos Manguinhos's Sloan Ratio % falls into.
Refinaria De Petroleos Manguinhos Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Refinaria De Petroleos Manguinhos's Net Income for the trailing twelve months (TTM) ended in Jun. 2025 was -372.353 (Sep. 2024 ) + -363.089 (Dec. 2024 ) + -408.816 (Mar. 2025 ) + -514.368 (Jun. 2025 ) = R$-1,659 Mil.
Refinaria De Petroleos Manguinhos's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2025 was 4.266 (Sep. 2024 ) + 98.808 (Dec. 2024 ) + 1.73 (Mar. 2025 ) + 29.014 (Jun. 2025 ) = R$134 Mil.
Refinaria De Petroleos Manguinhos's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2025 was -7.98 (Sep. 2024 ) + -6.256 (Dec. 2024 ) + -50.93 (Mar. 2025 ) + -19.718 (Jun. 2025 ) = R$-85 Mil.
* 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.
Refinaria De Petroleos Manguinhos (BSP:RPMG3) has a Sloan Ratio % of -16.60% as of Jun. 2025. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Refinaria De Petroleos Manguinhos and its competitors.
Is Refinaria De Petroleos Manguinhos' Sloan Ratio % too high?
Refinaria De Petroleos Manguinhos' current Sloan Ratio % is -16.60%. Overall, Refinaria De Petroleos Manguinhos has a GF Score™ of 50/100, reflecting its overall financial health beyond just this single metric.
How does Refinaria De Petroleos Manguinhos' Sloan Ratio % compare to VLO and MPC?
Refinaria De Petroleos Manguinhos' Sloan Ratio % of -16.60% can be compared against companies in the Oil & Gas industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for an Oil & Gas company?
A good Sloan Ratio % depends on the Oil & Gas industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Refinaria De Petroleos Manguinhos and its competitors. Refinaria De Petroleos Manguinhos's current Sloan Ratio % is -16.60%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Refinaria De Petroleos Manguinhos stock overvalued right now?
Refinaria De Petroleos Manguinhos (BSP:RPMG3) has a current Sloan Ratio % of -16.60%. The current Sloan Ratio % is -16.60%. Refinaria De Petroleos Manguinhos' overall GF Score™ is 50/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Refinaria De Petroleos Manguinhos (BSP:RPMG3), the current Sloan Ratio % is -16.60% as of Jun. 2025. 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.
Refinaria De Petroleos Manguinhos SA is engaged in the operation of the oil refinery, import, sale and export of crude oil and its derivatives, and provision of services related to the refining activity, among others.
50GF Score
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