Kinder Morgan Beneish M-Score Historical Data
The historical data trend for Kinder Morgan'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.
Kinder Morgan Beneish M-Score Chart
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Kinder Morgan Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.81 |
-2.81 |
-2.26 |
-2.44 |
-3.08 |
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Kinder Morgan Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.77 |
-3.13 |
-3.08 |
-3.08 |
-2.83 |
Competitive Comparison of Kinder Morgan's Beneish M-Score
For the Oil & Gas Midstream subindustry, Kinder Morgan'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.
Kinder Morgan's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Kinder Morgan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kinder Morgan's Beneish M-Score falls into.
Kinder Morgan 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 Kinder Morgan 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 * 1.3378 | + | 0.528 * 0.7932 | + | 0.404 * 0.991 | + | 0.892 * 0.7826 | + | 0.115 * 1.0392 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2891 | + | 4.679 * -0.067372 | - | 0.327 * 0.9923 |
| = | -2.83 |
* 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 €1,292 Mil.
Revenue was 3534.64 + 3702.846 + 3660.859 + 3231.423 = €14,130 Mil.
Gross Profit was 1976.16 + 1947.708 + 1818.717 + 1821.079 = €7,564 Mil.
Total Current Assets was €2,122 Mil.
Total Assets was €65,077 Mil.
Property, Plant and Equipment(Net PPE) was €34,328 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,100 Mil.
Selling, General, & Admin. Expense(SGA) was €626 Mil.
Total Current Liabilities was €4,209 Mil.
Long-Term Debt & Capital Lease Obligation was €27,757 Mil.
Net Income was 686.32 + 544.698 + 498.484 + 540.878 = €2,270 Mil.
Non Operating Income was 241.96 + 157.724 + 208.014 + 188.292 = €796 Mil.
Cash Flow from Operations was 1093.88 + 2129.274 + 1204.982 + 1430.65 = €5,859 Mil.
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Total Receivables was €1,234 Mil.
Revenue was 3631.392 + 4322.576 + 5228.77 + 4872.846 = €18,056 Mil.
Gross Profit was 1968.872 + 1948.416 + 1928.09 + 1821.05 = €7,666 Mil.
Total Current Assets was €2,518 Mil.
Total Assets was €64,382 Mil.
Property, Plant and Equipment(Net PPE) was €33,287 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,121 Mil.
Selling, General, & Admin. Expense(SGA) was €620 Mil.
Total Current Liabilities was €4,460 Mil.
Long-Term Debt & Capital Lease Obligation was €27,409 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) |
| = | (1291.68 / 14129.768) | / | (1233.814 / 18055.584) |
| = | 0.091416 | / | 0.068334 |
| | = | 1.3378 |
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) |
| = | (7666.428 / 18055.584) | / | (7563.664 / 14129.768) |
| = | 0.424601 | / | 0.5353 |
| | = | 0.7932 |
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 - (2122.44 + 34327.96) / 65077.12) | / | (1 - (2518.064 + 33286.826) / 64381.554) |
| = | 0.439889 | / | 0.443864 |
| | = | 0.991 |
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 |
| = | 14129.768 | / | 18055.584 |
| | = | 0.7826 |
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)) |
| = | (2120.874 / (2120.874 + 33286.826)) | / | (2099.747 / (2099.747 + 34327.96)) |
| = | 0.059899 | / | 0.057641 |
| | = | 1.0392 |
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) |
| = | (625.588 / 14129.768) | / | (620.104 / 18055.584) |
| = | 0.044274 | / | 0.034344 |
| | = | 1.2891 |
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) |
| = | ((27757.32 + 4209) / 65077.12) | / | ((27409.164 + 4459.85) / 64381.554) |
| = | 0.491207 | / | 0.495002 |
| | = | 0.9923 |
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 |
| = | (2270.38 - 795.99 | - | 5858.786) | / | 65077.12 |
| | = | -0.067372 |
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.
Kinder Morgan has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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