Hess Midstream LP Beneish M-Score Historical Data
The historical data trend for Hess Midstream LP'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.
Hess Midstream LP Beneish M-Score Chart
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Hess Midstream LP Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.94 |
-3.20 |
-3.22 |
-3.42 |
-3.27 |
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Hess Midstream LP 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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-3.64 |
-3.67 |
-3.32 |
-3.27 |
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Competitive Comparison of Hess Midstream LP's Beneish M-Score
For the Oil & Gas Midstream subindustry, Hess Midstream LP'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.
Hess Midstream LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Hess Midstream LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hess Midstream LP's Beneish M-Score falls into.
Hess Midstream LP 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 Hess Midstream LP 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 * 0.9566 | + | 0.528 * 1.0007 | + | 0.404 * 1.4165 | + | 0.892 * 1.0573 | + | 0.115 * 0.9608 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0728 | + | 4.679 * -0.199367 | - | 0.327 * 1.0609 |
| = | -3.27 |
* 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 $124 Mil.
Revenue was 359.5 + 361.3 + 321.9 + 303.4 = $1,346 Mil.
Gross Profit was 309.1 + 313.6 + 274.9 + 256 = $1,154 Mil.
Total Current Assets was $137 Mil.
Total Assets was $3,790 Mil.
Property, Plant and Equipment(Net PPE) was $3,229 Mil.
Depreciation, Depletion and Amortization(DDA) was $193 Mil.
Selling, General, & Admin. Expense(SGA) was $26 Mil.
Total Current Liabilities was $210 Mil.
Long-Term Debt & Capital Lease Obligation was $3,199 Mil.
Net Income was 37.5 + 35.3 + 25.1 + 20.7 = $119 Mil.
Non Operating Income was 2.4 + 2 + 1.7 + 1.6 = $8 Mil.
Cash Flow from Operations was 247.6 + 215.5 + 204.6 + 198.7 = $866 Mil.
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Total Receivables was $123 Mil.
Revenue was 313.9 + 334.2 + 313 + 312.1 = $1,273 Mil.
Gross Profit was 267.5 + 288.7 + 268 + 267.7 = $1,092 Mil.
Total Current Assets was $132 Mil.
Total Assets was $3,588 Mil.
Property, Plant and Equipment(Net PPE) was $3,173 Mil.
Depreciation, Depletion and Amortization(DDA) was $181 Mil.
Selling, General, & Admin. Expense(SGA) was $23 Mil.
Total Current Liabilities was $160 Mil.
Long-Term Debt & Capital Lease Obligation was $2,883 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) |
| = | (124.4 / 1346.1) | / | (123 / 1273.2) |
| = | 0.092415 | / | 0.096607 |
| | = | 0.9566 |
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) |
| = | (1091.9 / 1273.2) | / | (1153.6 / 1346.1) |
| = | 0.857603 | / | 0.856994 |
| | = | 1.0007 |
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 - (136.8 + 3229.2) / 3789.5) | / | (1 - (132.3 + 3172.8) / 3588.2) |
| = | 0.111756 | / | 0.078897 |
| | = | 1.4165 |
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 |
| = | 1346.1 | / | 1273.2 |
| | = | 1.0573 |
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)) |
| = | (181.3 / (181.3 + 3172.8)) | / | (192.5 / (192.5 + 3229.2)) |
| = | 0.054053 | / | 0.056259 |
| | = | 0.9608 |
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) |
| = | (26.2 / 1346.1) | / | (23.1 / 1273.2) |
| = | 0.019464 | / | 0.018143 |
| | = | 1.0728 |
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) |
| = | ((3198.9 + 210.2) / 3789.5) | / | ((2883.1 + 159.5) / 3588.2) |
| = | 0.899617 | / | 0.847946 |
| | = | 1.0609 |
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 |
| = | (118.6 - 7.7 | - | 866.4) | / | 3789.5 |
| | = | -0.199367 |
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.
Hess Midstream LP has a M-score of -3.27 suggests that the company is unlikely to be a manipulator.
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