Adams Resources & Energy Beneish M-Score Historical Data
The historical data trend for Adams Resources & 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.
Adams Resources & Energy Beneish M-Score Chart
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Adams Resources & Energy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.26 |
-0.41 |
-3.28 |
-0.85 |
-2.95 |
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Adams Resources & Energy Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.58 |
-0.68 |
-1.57 |
-2.95 |
-2.77 |
Competitive Comparison of Adams Resources & Energy's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Adams Resources & 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.
Adams Resources & Energy's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Adams Resources & Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Adams Resources & Energy's Beneish M-Score falls into.
Adams Resources & 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 Adams Resources & 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 * 1.41 | + | 0.528 * 0.5947 | + | 0.404 * 0.8544 | + | 0.892 * 0.8186 | + | 0.115 * 0.8923 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9529 | + | 4.679 * -0.04585 | - | 0.327 * 1.0247 |
| = | -2.76 |
* 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 €170 Mil.
Revenue was 608.166 + 650.842 + 712.695 + 576.659 = €2,548 Mil.
Gross Profit was 4.066 + 3.308 + 7.578 + 3.226 = €18 Mil.
Total Current Assets was €242 Mil.
Total Assets was €360 Mil.
Property, Plant and Equipment(Net PPE) was €101 Mil.
Depreciation, Depletion and Amortization(DDA) was €25 Mil.
Selling, General, & Admin. Expense(SGA) was €14 Mil.
Total Current Liabilities was €226 Mil.
Long-Term Debt & Capital Lease Obligation was €35 Mil.
Net Income was -0.458 + -0.801 + 2.116 + 0.763 = €2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 12.018 + 20.575 + 10.725 + -25.212 = €18 Mil.
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Total Receivables was €148 Mil.
Revenue was 607.251 + 705.849 + 861.43 + 938.479 = €3,113 Mil.
Gross Profit was 2.001 + -3.278 + 7.699 + 6.784 = €13 Mil.
Total Current Assets was €219 Mil.
Total Assets was €347 Mil.
Property, Plant and Equipment(Net PPE) was €110 Mil.
Depreciation, Depletion and Amortization(DDA) was €24 Mil.
Selling, General, & Admin. Expense(SGA) was €18 Mil.
Total Current Liabilities was €204 Mil.
Long-Term Debt & Capital Lease Obligation was €42 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) |
| = | (170.472 / 2548.362) | / | (147.69 / 3113.009) |
| = | 0.066895 | / | 0.047443 |
| | = | 1.41 |
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) |
| = | (13.206 / 3113.009) | / | (18.178 / 2548.362) |
| = | 0.004242 | / | 0.007133 |
| | = | 0.5947 |
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 - (242.353 + 101.24) / 359.565) | / | (1 - (219.087 + 109.911) / 347.04) |
| = | 0.04442 | / | 0.051988 |
| | = | 0.8544 |
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 |
| = | 2548.362 | / | 3113.009 |
| | = | 0.8186 |
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)) |
| = | (23.695 / (23.695 + 109.911)) | / | (25.115 / (25.115 + 101.24)) |
| = | 0.17735 | / | 0.198765 |
| | = | 0.8923 |
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) |
| = | (13.81 / 2548.362) | / | (17.703 / 3113.009) |
| = | 0.005419 | / | 0.005687 |
| | = | 0.9529 |
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) |
| = | ((34.702 + 226.478) / 359.565) | / | ((41.584 + 204.427) / 347.04) |
| = | 0.726378 | / | 0.708884 |
| | = | 1.0247 |
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 |
| = | (1.62 - 0 | - | 18.106) | / | 359.565 |
| | = | -0.04585 |
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.
Adams Resources & Energy has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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