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Calumet Specialty Products Partners LP (Calumet Specialty Products Partners LP) Beneish M-Score

: -2.46 (As of Today)
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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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Calumet Specialty Products Partners LP's Beneish M-Score or its related term are showing as below:

CLMT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.72   Med: -2.78   Max: -2.1
Current: -2.46

During the past 13 years, the highest Beneish M-Score of Calumet Specialty Products Partners LP was -2.10. The lowest was -3.72. And the median was -2.78.


Calumet Specialty Products Partners LP Beneish M-Score Historical Data

The historical data trend for Calumet Specialty Products Partners 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.

* Premium members only.

Calumet Specialty Products Partners LP Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.06 -2.10 -2.38 -2.83 -2.46

Calumet Specialty Products Partners 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.83 -2.84 -2.77 -2.40 -2.46

Competitive Comparison

For the Oil & Gas E&P subindustry, Calumet Specialty Products Partners 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.


Calumet Specialty Products Partners LP Beneish M-Score Distribution

For the Oil & Gas industry and Energy sector, Calumet Specialty Products Partners LP's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Calumet Specialty Products Partners LP's Beneish M-Score falls into.



Calumet Specialty Products Partners 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 Calumet Specialty Products Partners 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 * 1.201+0.528 * 0.6947+0.404 * 1.0083+0.892 * 0.8922+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0675+4.679 * 0.022644-0.327 * 1.0144
=-2.46

* 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 $286 Mil.
Revenue was 976.9 + 1149.4 + 1017.8 + 1036.9 = $4,181 Mil.
Gross Profit was 22 + 261.6 + 71.4 + 96.7 = $452 Mil.
Total Current Assets was $795 Mil.
Total Assets was $2,751 Mil.
Property, Plant and Equipment(Net PPE) was $1,621 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $188 Mil.
Total Current Liabilities was $1,113 Mil.
Long-Term Debt & Capital Lease Obligation was $1,869 Mil.
Net Income was -65.2 + 103.1 + -18.5 + 28.7 = $48 Mil.
Non Operating Income was 20.6 + -54 + 8.8 + 25.3 = $1 Mil.
Cash Flow from Operations was -7.5 + 45.2 + -25.9 + -26.7 = $-15 Mil.
Total Receivables was $267 Mil.
Revenue was 999.4 + 1165 + 1424 + 1097.9 = $4,686 Mil.
Gross Profit was 35.8 + 139.3 + 143.9 + 32.7 = $352 Mil.
Total Current Assets was $820 Mil.
Total Assets was $2,741 Mil.
Property, Plant and Equipment(Net PPE) was $1,590 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $197 Mil.
Total Current Liabilities was $1,351 Mil.
Long-Term Debt & Capital Lease Obligation was $1,577 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)
=(286.2 / 4181) / (267.1 / 4686.3)
=0.068453 / 0.056996
=1.201

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)
=(351.7 / 4686.3) / (451.7 / 4181)
=0.075049 / 0.108036
=0.6947

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 - (794.7 + 1620.7) / 2751.3) / (1 - (819.6 + 1589.5) / 2741)
=0.122088 / 0.121087
=1.0083

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
=4181 / 4686.3
=0.8922

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))
=(0 / (0 + 1589.5)) / (0 / (0 + 1620.7))
=0 / 0
=1

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)
=(187.9 / 4181) / (197.3 / 4686.3)
=0.044941 / 0.042101
=1.0675

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)
=((1868.7 + 1112.7) / 2751.3) / ((1577.2 + 1350.9) / 2741)
=1.083633 / 1.06826
=1.0144

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
=(48.1 - 0.7 - -14.9) / 2751.3
=0.022644

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.

Calumet Specialty Products Partners LP has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.


Calumet Specialty Products Partners LP Beneish M-Score Related Terms

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Calumet Specialty Products Partners LP (Calumet Specialty Products Partners LP) Business Description

Traded in Other Exchanges
N/A
Address
2780 Waterfront Parkway East Drive, Suite 200, Indianapolis, IN, USA, 46214
Calumet Specialty Products Partners LP is an independent producer of specialty hydrocarbon products in North America. The company operates through three segments namely Specialty Products and Solutions segment manufacture and market solvents, waxes, customized lubricating oils, white oils, petrolatum's, gels, esters, and other products. In Performance Brands segment, the company blend, package and market high performance products through its Royal Purple, Bel-Ray, and TruFuel brands. The Montana/Renewables segment is comprised of two businesses - renewable diesel and specialty asphalt. The Corporate segment primarily consists of general and administrative expenses not allocated to the Specialty Products and Solutions, Performance Brands or Montana/Renewables segments.
Executives
Stephen P Mawer director 2780 WATERFRONT PKWY E. DRIVE, SUITE 200, INDIANAPOLIS IN 46214
John G. Boss director 260 HUDSON RIVER ROAD, WATERFORD NY 12188
Ryan Willman officer: Chief Accounting Officer 2780 WATERFRONT PKWY E. DR., STE. 200, INDIANAPOLIS IN 46214
Scott Obermeier officer: EVP - Commercial 2780 WATERFRONT PARKWAY, E. DRIVE, INDIANAPOLIS IN 46214
Daniel J Sajkowski director 5400 WEST 86TH STREET, INDIANAPOLIS IN 46268
James S Carter director 2780 WATERFRONT PKWY. E. DRIVE, SUITE 200, INDIANPOLIS IN 46214
Louis Todd Borgmann officer: SVP and Interim CFO 2780 WATERFRONT PARKWAY, E. DRIVE, SUITE 200, INDIANAPOLIS IN 46214
Karen A. Twitchell director 9 COURTLANDT PLACE, HOUSTON TX 77006
Marc Lawn officer: EVP - Performance Brands 2780 WATERFRONT PKWY E. DRIVE, SUITE 200, INDIANAPOLIS IN 46214
Paul C Raymond director HERCULES PLAZA, 1313 N MARKET STREET, WILMINGTON DE 19894
Vincent Donargo officer: Chief Accounting Officer ONE CELADON DRIVE, 9503 E. 33RD STREET, INDIANAPOLIS IN 46235
H. Keith Jennings officer: Chief Financial Officer 2000 ST. JAMES PLACE, HOUSTON TX 77056
A Anderson William officer: VP - Sales and Marketing 2780 WATERFRONT PARKWAY E. DRIVE,, SUITE 200, INDIANAPOLIS IN 46214
Daniel L Sheets director 29400 LAKELAND BOULEVARD, WICKLIFFE OH 44092
David West Griffin officer: EVP and CFO 2780 WATERFRONT PARKWAY E. DRIVE, SUITE 200, INDIANAPOLIS IN 46214