Kinetik Holdings Beneish M-Score Historical Data
The historical data trend for Kinetik 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.
Kinetik Holdings Beneish M-Score Chart
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Kinetik Holdings Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.68 |
-2.72 |
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Kinetik Holdings Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.24 |
-3.34 |
-3.12 |
-2.72 |
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Competitive Comparison of Kinetik Holdings's Beneish M-Score
For the Oil & Gas Midstream subindustry, Kinetik 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.
Kinetik Holdings's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Kinetik Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kinetik Holdings's Beneish M-Score falls into.
Kinetik 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 Kinetik 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 * 1.0211 | + | 0.528 * 0.9271 | + | 0.404 * 1.012 | + | 0.892 * 1.0354 | + | 0.115 * 1.0045 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0031 | + | 4.679 * -0.057992 | - | 0.327 * 0.9668 |
| = | -2.72 |
* 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 $216 Mil.
Revenue was 348.868 + 330.301 + 296.203 + 281.04 = $1,256 Mil.
Gross Profit was 134.532 + 112.61 + 116.254 + 96.309 = $460 Mil.
Total Current Assets was $257 Mil.
Total Assets was $6,497 Mil.
Property, Plant and Equipment(Net PPE) was $2,781 Mil.
Depreciation, Depletion and Amortization(DDA) was $281 Mil.
Selling, General, & Admin. Expense(SGA) was $98 Mil.
Total Current Liabilities was $250 Mil.
Long-Term Debt & Capital Lease Obligation was $3,572 Mil.
Net Income was 267.354 + 43.131 + 71.668 + 4.299 = $386 Mil.
Non Operating Income was 47.075 + 47.827 + 37.473 + 46.362 = $179 Mil.
Cash Flow from Operations was 178.895 + 174.538 + 111.456 + 119.591 = $584 Mil.
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Total Receivables was $204 Mil.
Revenue was 295.493 + 325.176 + 335.572 + 257.249 = $1,213 Mil.
Gross Profit was 104.436 + 114.963 + 116.277 + 75.951 = $412 Mil.
Total Current Assets was $242 Mil.
Total Assets was $5,920 Mil.
Property, Plant and Equipment(Net PPE) was $2,564 Mil.
Depreciation, Depletion and Amortization(DDA) was $260 Mil.
Selling, General, & Admin. Expense(SGA) was $94 Mil.
Total Current Liabilities was $228 Mil.
Long-Term Debt & Capital Lease Obligation was $3,375 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) |
| = | (215.721 / 1256.412) | / | (204.036 / 1213.49) |
| = | 0.171696 | / | 0.16814 |
| | = | 1.0211 |
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) |
| = | (411.627 / 1213.49) | / | (459.705 / 1256.412) |
| = | 0.339209 | / | 0.365887 |
| | = | 0.9271 |
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 - (257.299 + 2780.796) / 6496.873) | / | (1 - (241.867 + 2563.763) / 5919.711) |
| = | 0.532376 | / | 0.526053 |
| | = | 1.012 |
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 |
| = | 1256.412 | / | 1213.49 |
| | = | 1.0354 |
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)) |
| = | (260.345 / (260.345 + 2563.763)) | / | (280.986 / (280.986 + 2780.796)) |
| = | 0.092187 | / | 0.091772 |
| | = | 1.0045 |
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) |
| = | (97.906 / 1256.412) | / | (94.268 / 1213.49) |
| = | 0.077925 | / | 0.077683 |
| | = | 1.0031 |
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) |
| = | ((3572.158 + 250.144) / 6496.873) | / | ((3374.533 + 227.828) / 5919.711) |
| = | 0.588329 | / | 0.608537 |
| | = | 0.9668 |
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 |
| = | (386.452 - 178.737 | - | 584.48) | / | 6496.873 |
| | = | -0.057992 |
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.
Kinetik Holdings has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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