Delek US Holdings Beneish M-Score Historical Data
The historical data trend for Delek US Holdings'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.
Delek US Holdings Beneish M-Score Chart
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Delek US Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.92 |
-5.00 |
-3.98 |
-2.18 |
-3.47 |
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Delek US Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.18 |
-3.05 |
-2.49 |
-2.67 |
-3.47 |
Competitive Comparison of Delek US Holdings's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Delek US Holdings'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.
Delek US Holdings's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Delek US Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Delek US Holdings's Beneish M-Score falls into.
Delek US Holdings 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 Delek US Holdings 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 * 0.7608 | + | 0.528 * 1.0503 | + | 0.404 * 1.1367 | + | 0.892 * 0.8128 | + | 0.115 * 0.8402 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0338 | + | 4.679 * -0.150709 | - | 0.327 * 0.988 |
| = | -3.51 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €733 Mil.
Revenue was 3713.025 + 4449.251 + 3872.539 + 3665.296 = €15,700 Mil.
Gross Profit was 12.196 + 297.31 + 145.557 + 221.451 = €677 Mil.
Total Current Assets was €2,445 Mil.
Total Assets was €6,577 Mil.
Property, Plant and Equipment(Net PPE) was €2,745 Mil.
Depreciation, Depletion and Amortization(DDA) was €326 Mil.
Selling, General, & Admin. Expense(SGA) was €266 Mil.
Total Current Liabilities was €2,462 Mil.
Long-Term Debt & Capital Lease Obligation was €2,445 Mil.
Net Income was -151.213 + 120.592 + -7.661 + 60.056 = €22 Mil.
Non Operating Income was 0.55 + 23.612 + 23.075 + 20.268 = €68 Mil.
Cash Flow from Operations was 83.264 + 405.346 + 87.777 + 369.023 = €945 Mil.
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Total Receivables was €1,185 Mil.
Revenue was 4228.365 + 5378.149 + 5659.54 + 4048.863 = €19,315 Mil.
Gross Profit was 36.25 + 136.047 + 609.697 + 92.162 = €874 Mil.
Total Current Assets was €3,509 Mil.
Total Assets was €7,734 Mil.
Property, Plant and Equipment(Net PPE) was €2,790 Mil.
Depreciation, Depletion and Amortization(DDA) was €273 Mil.
Selling, General, & Admin. Expense(SGA) was €316 Mil.
Total Current Liabilities was €2,914 Mil.
Long-Term Debt & Capital Lease Obligation was €2,928 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) |
| = | (732.866 / 15700.111) | / | (1185.003 / 19314.917) |
| = | 0.046679 | / | 0.061352 |
| | = | 0.7608 |
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) |
| = | (874.156 / 19314.917) | / | (676.514 / 15700.111) |
| = | 0.045258 | / | 0.04309 |
| | = | 1.0503 |
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 - (2444.722 + 2744.948) / 6576.541) | / | (1 - (3508.754 + 2790.37) / 7734.003) |
| = | 0.210882 | / | 0.185529 |
| | = | 1.1367 |
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 |
| = | 15700.111 | / | 19314.917 |
| | = | 0.8128 |
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)) |
| = | (273.416 / (273.416 + 2790.37)) | / | (326.197 / (326.197 + 2744.948)) |
| = | 0.089241 | / | 0.106213 |
| | = | 0.8402 |
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) |
| = | (265.739 / 15700.111) | / | (316.232 / 19314.917) |
| = | 0.016926 | / | 0.016372 |
| | = | 1.0338 |
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) |
| = | ((2445.18 + 2462.237) / 6576.541) | / | ((2927.91 + 2913.562) / 7734.003) |
| = | 0.7462 | / | 0.755297 |
| | = | 0.988 |
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 |
| = | (21.774 - 67.505 | - | 945.41) | / | 6576.541 |
| | = | -0.150709 |
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.
Delek US Holdings has a M-score of -3.51 suggests that the company is unlikely to be a manipulator.
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