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 Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-1.92 |
-5.00 |
-3.98 |
-2.18 |
-3.47 |
|
Delek US Holdings 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.18 |
-3.05 |
-2.49 |
-2.67 |
-3.47 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 0.7619 | + | 0.528 * 1.0587 | + | 0.404 * 1.1367 | + | 0.892 * 0.8356 | + | 0.115 * 0.842 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0308 | + | 4.679 * -0.14868 | - | 0.327 * 0.988 |
| = | -3.47 |
* 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 $799 Mil.
Revenue was 4049.1 + 4748.4 + 4195.6 + 3924.3 = $16,917 Mil.
Gross Profit was 13.3 + 317.3 + 157.7 + 237.1 = $725 Mil.
Total Current Assets was $2,666 Mil.
Total Assets was $7,172 Mil.
Property, Plant and Equipment(Net PPE) was $2,993 Mil.
Depreciation, Depletion and Amortization(DDA) was $352 Mil.
Selling, General, & Admin. Expense(SGA) was $286 Mil.
Total Current Liabilities was $2,685 Mil.
Long-Term Debt & Capital Lease Obligation was $2,667 Mil.
Net Income was -164.9 + 128.7 + -8.3 + 64.3 = $20 Mil.
Non Operating Income was 0.6 + 25.2 + 25 + 21.7 = $73 Mil.
Cash Flow from Operations was 90.8 + 432.6 + 95.1 + 395.1 = $1,014 Mil.
|
Total Receivables was $1,255 Mil.
Revenue was 4479.2 + 5324.9 + 5982.6 + 4459.1 = $20,246 Mil.
Gross Profit was 38.4 + 134.7 + 644.5 + 101.5 = $919 Mil.
Total Current Assets was $3,717 Mil.
Total Assets was $8,193 Mil.
Property, Plant and Equipment(Net PPE) was $2,956 Mil.
Depreciation, Depletion and Amortization(DDA) was $287 Mil.
Selling, General, & Admin. Expense(SGA) was $333 Mil.
Total Current Liabilities was $3,086 Mil.
Long-Term Debt & Capital Lease Obligation was $3,102 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) |
| = | (799.2 / 16917.4) | / | (1255.3 / 20245.8) |
| = | 0.047241 | / | 0.062003 |
| | = | 0.7619 |
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) |
| = | (919.1 / 20245.8) | / | (725.4 / 16917.4) |
| = | 0.045397 | / | 0.042879 |
| | = | 1.0587 |
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 - (2666 + 2993.4) / 7171.8) | / | (1 - (3716.9 + 2955.9) / 8192.8) |
| = | 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 |
| = | 16917.4 | / | 20245.8 |
| | = | 0.8356 |
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)) |
| = | (287 / (287 + 2955.9)) | / | (351.6 / (351.6 + 2993.4)) |
| = | 0.088501 | / | 0.105112 |
| | = | 0.842 |
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) |
| = | (286.4 / 16917.4) | / | (332.5 / 20245.8) |
| = | 0.016929 | / | 0.016423 |
| | = | 1.0308 |
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) |
| = | ((2666.5 + 2685.1) / 7171.8) | / | ((3101.6 + 3086.4) / 8192.8) |
| = | 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 |
| = | (19.8 - 72.5 | - | 1013.6) | / | 7171.8 |
| | = | -0.14868 |
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 -3.47 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
DK has been successfully added to your