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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for MPLX LP's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of MPLX LP was 4.19. The lowest was -5.50. And the median was -2.63.
The historical data trend for MPLX 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.
MPLX LP Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.70 | -2.94 | -2.56 | -2.56 | -2.78 |
MPLX LP Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.56 | -2.78 | -2.84 | -2.92 | -2.78 |
For the Oil & Gas Midstream subindustry, MPLX 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.
For the Oil & Gas industry and Energy sector, MPLX LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MPLX LP's Beneish M-Score falls into.
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 MPLX 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 * 1.0829 | + | 0.528 * 0.9304 | + | 0.404 * 0.9469 | + | 0.892 * 0.9898 | + | 0.115 * 1.0327 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1429 | + | 4.679 * -0.060664 | - | 0.327 * 1.0074 | |||||||
= | -2.78 |
* 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 $1,566 Mil. Revenue was 2675 + 2714 + 2496 + 2549 = $10,434 Mil. Gross Profit was 1212 + 1102 + 1098 + 1151 = $4,563 Mil. Total Current Assets was $2,808 Mil. Total Assets was $36,529 Mil. Property, Plant and Equipment(Net PPE) was $19,755 Mil. Depreciation, Depletion and Amortization(DDA) was $1,213 Mil. Selling, General, & Admin. Expense(SGA) was $379 Mil. Total Current Liabilities was $2,624 Mil. Long-Term Debt & Capital Lease Obligation was $19,733 Mil. Net Income was 1134 + 918 + 933 + 943 = $3,928 Mil. Non Operating Income was 288 + 159 + 163 + 137 = $747 Mil. Cash Flow from Operations was 1489 + 1244 + 1437 + 1227 = $5,397 Mil. |
Total Receivables was $1,461 Mil. Revenue was 2501 + 2743 + 2796 + 2501 = $10,541 Mil. Gross Profit was 1004 + 1134 + 1088 + 1063 = $4,289 Mil. Total Current Assets was $1,905 Mil. Total Assets was $35,665 Mil. Property, Plant and Equipment(Net PPE) was $19,359 Mil. Depreciation, Depletion and Amortization(DDA) was $1,230 Mil. Selling, General, & Admin. Expense(SGA) was $335 Mil. Total Current Liabilities was $2,401 Mil. Long-Term Debt & Capital Lease Obligation was $19,266 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) |
= | (1566 / 10434) | / | (1461 / 10541) | |
= | 0.150086 | / | 0.138602 | |
= | 1.0829 |
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) | |
= | (4289 / 10541) | / | (4563 / 10434) | |
= | 0.406887 | / | 0.43732 | |
= | 0.9304 |
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 - (2808 + 19755) / 36529) | / | (1 - (1905 + 19359) / 35665) | |
= | 0.382326 | / | 0.403785 | |
= | 0.9469 |
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 | |
= | 10434 | / | 10541 | |
= | 0.9898 |
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)) |
= | (1230 / (1230 + 19359)) | / | (1213 / (1213 + 19755)) | |
= | 0.059741 | / | 0.05785 | |
= | 1.0327 |
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) |
= | (379 / 10434) | / | (335 / 10541) | |
= | 0.036324 | / | 0.031781 | |
= | 1.1429 |
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) |
= | ((19733 + 2624) / 36529) | / | ((19266 + 2401) / 35665) | |
= | 0.612034 | / | 0.607514 | |
= | 1.0074 |
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 | |
= | (3928 - 747 | - | 5397) | / | 36529 | |
= | -0.060664 |
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.
MPLX LP has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of MPLX LP's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Christine S Breves | director | 600 GRANT STREET, SUITE 6100, PITTSBURGH PA 16059 |
Shawn M Lyon | officer: Senior VP, Log. & Storage | C/O MPLX, 200 E HARDIN STREET, FINDLAY OH 45840 |
Gregory Scott Floerke | officer: Exec VP and CCO | C/O MARKWEST ENERGY PARTNERS, L.P., 1515 ARAPAHOE STREET, TOWER 1, SUITE 160, DENVER CO 80202 |
Frank M Semple | director, officer: Vice Chairman | 1515 ARAPAHOE ST., TOWER 2, SUITE 700, DENVER CO 80202 |
Kelly D Wright | officer: VP and Controller | C/O MPLX LP, 200 E HARDIN STREET, FINDLAY OH 45840 |
John J Quaid | officer: Exec VP and CFO | C/O MARATHON PETROLEUM CORPORATION, 539 SOUTH MAIN STREET, FINDLAY OH 45840 |
Maryann T. Mannen | director | C/O MARATHON PETROLEUM CORPORATION, 539 SOUTH MAIN ST, FINDLAY OH 45840 |
Ttc Holdings Llc | 10 percent owner | 539 SOUTH MAIN STREET, FINDLAY OH 45840 |
Timothy J Aydt | officer: Chief Comm. Ofc.,Exec. VP | C/O MPLX LP, 200 E. HARDIN STREET, FINDLAY OH 45840 |
Garry L. Peiffer | director, officer: President | C/O MARATHON PETROLEUM CORPORATION, 539 S. MAIN STREET, FINDLAY OH 45840 |
Gary R Heminger | director, officer: Chief Executive Officer | C/O MARATHON PETROLEUM CORPORATION, 539 S. MAIN STREET, FINDLAY OH 45840 |
Dan D Sandman | director | |
Tesoro Logistics Gp, Llc | other: Less than 10% owner | 200 E. HARDIN STREET, FINDLAY OH 45840 |
Western Refining, Inc. | 10 percent owner | 539 SOUTH MAIN STREET, FINDLAY OH 45840-3229 |
Tesoro Refining & Marketing Co Llc | other: Less than 10% owner | 539 SOUTH MAIN STREET, FINDLAY OH 45840-3229 |
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