Equitrans Midstream Beneish M-Score Historical Data
The historical data trend for Equitrans Midstream'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.
Equitrans Midstream Beneish M-Score Chart
|
Equitrans Midstream Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
-2.67 |
-2.69 |
-2.94 |
-2.76 |
-2.75 |
|
Equitrans Midstream Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.82 |
-2.78 |
-2.69 |
-2.75 |
-2.64 |
Competitive Comparison of Equitrans Midstream's Beneish M-Score
For the Oil & Gas Midstream subindustry, Equitrans Midstream'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.
Equitrans Midstream's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Equitrans Midstream's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Equitrans Midstream's Beneish M-Score falls into.
Equitrans Midstream 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 Equitrans Midstream 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 * 1.0801 | + | 0.528 * 1.0092 | + | 0.404 * 1.4023 | + | 0.892 * 0.9928 | + | 0.115 * 0.9931 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5264 | + | 4.679 * -0.064653 | - | 0.327 * 0.991 |
| = | -2.64 |
* 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 $242 Mil.
Revenue was 364.274 + 360.609 + 338.514 + 318.469 = $1,382 Mil.
Gross Profit was 276.397 + 273.801 + 252.962 + 232.233 = $1,035 Mil.
Total Current Assets was $362 Mil.
Total Assets was $11,849 Mil.
Property, Plant and Equipment(Net PPE) was $8,008 Mil.
Depreciation, Depletion and Amortization(DDA) was $346 Mil.
Selling, General, & Admin. Expense(SGA) was $199 Mil.
Total Current Liabilities was $576 Mil.
Long-Term Debt & Capital Lease Obligation was $7,490 Mil.
Net Income was 108.999 + 148.87 + 127.432 + 67.245 = $453 Mil.
Non Operating Income was 63.345 + 72.149 + 70.773 + 43.495 = $250 Mil.
Cash Flow from Operations was 177.491 + 291.218 + 201.586 + 298.554 = $969 Mil.
|
Total Receivables was $226 Mil.
Revenue was 376.337 + 355.239 + 331.751 + 328.611 = $1,392 Mil.
Gross Profit was 290.728 + 270.111 + 246.975 + 244.749 = $1,053 Mil.
Total Current Assets was $321 Mil.
Total Assets was $10,399 Mil.
Property, Plant and Equipment(Net PPE) was $7,901 Mil.
Depreciation, Depletion and Amortization(DDA) was $339 Mil.
Selling, General, & Admin. Expense(SGA) was $131 Mil.
Total Current Liabilities was $313 Mil.
Long-Term Debt & Capital Lease Obligation was $6,831 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) |
| = | (242.017 / 1381.866) | / | (225.703 / 1391.938) |
| = | 0.175138 | / | 0.16215 |
| | = | 1.0801 |
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) |
| = | (1052.563 / 1391.938) | / | (1035.393 / 1381.866) |
| = | 0.756185 | / | 0.749272 |
| | = | 1.0092 |
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 - (361.997 + 8008.138) / 11848.841) | / | (1 - (321.241 + 7900.743) / 10399.132) |
| = | 0.29359 | / | 0.209359 |
| | = | 1.4023 |
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 |
| = | 1381.866 | / | 1391.938 |
| | = | 0.9928 |
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)) |
| = | (339.375 / (339.375 + 7900.743)) | / | (346.473 / (346.473 + 8008.138)) |
| = | 0.041186 | / | 0.041471 |
| | = | 0.9931 |
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) |
| = | (199.081 / 1381.866) | / | (131.377 / 1391.938) |
| = | 0.144067 | / | 0.094384 |
| | = | 1.5264 |
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) |
| = | ((7490.152 + 576.21) / 11848.841) | / | ((6830.6 + 312.852) / 10399.132) |
| = | 0.680772 | / | 0.686928 |
| | = | 0.991 |
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 |
| = | (452.546 - 249.762 | - | 968.849) | / | 11848.841 |
| | = | -0.064653 |
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.
Equitrans Midstream has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ETRN has been successfully added to your