Enterprise Products Partners LP Beneish M-Score Historical Data
The historical data trend for Enterprise 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.
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Enterprise Products Partners 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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-2.23 |
-2.92 |
-2.09 |
-2.40 |
-2.62 |
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Enterprise Products Partners LP Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.40 |
-2.68 |
-2.90 |
-2.75 |
-2.62 |
Competitive Comparison
For the Oil & Gas Midstream subindustry, Enterprise 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.
Enterprise Products Partners LP Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Enterprise Products Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enterprise Products Partners LP's Beneish M-Score falls into.
Enterprise 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 Enterprise 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 * 1.3041 | + | 0.528 * 0.8526 | + | 0.404 * 0.9464 | + | 0.892 * 0.8544 | + | 0.115 * 0.9835 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1217 | + | 4.679 * -0.035403 | - | 0.327 * 1.0023 |
| = | -2.62 |
* 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 $7,772 Mil.
Revenue was 14622 + 11998 + 10651 + 12444 = $49,715 Mil.
Gross Profit was 1865 + 1632 + 1514 + 1687 = $6,698 Mil.
Total Current Assets was $12,248 Mil.
Total Assets was $70,982 Mil.
Property, Plant and Equipment(Net PPE) was $45,804 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,072 Mil.
Selling, General, & Admin. Expense(SGA) was $231 Mil.
Total Current Liabilities was $13,131 Mil.
Long-Term Debt & Capital Lease Obligation was $27,771 Mil.
Net Income was 1568 + 1319 + 1254 + 1391 = $5,532 Mil.
Non Operating Income was 115 + 122 + 135 + 104 = $476 Mil.
Cash Flow from Operations was 2366 + 1718 + 1902 + 1583 = $7,569 Mil.
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Total Receivables was $6,975 Mil.
Revenue was 13650 + 15468 + 16060 + 13008 = $58,186 Mil.
Gross Profit was 1698 + 1656 + 1719 + 1611 = $6,684 Mil.
Total Current Assets was $10,598 Mil.
Total Assets was $68,108 Mil.
Property, Plant and Equipment(Net PPE) was $44,401 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,974 Mil.
Selling, General, & Admin. Expense(SGA) was $241 Mil.
Total Current Liabilities was $12,265 Mil.
Long-Term Debt & Capital Lease Obligation was $26,892 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) |
| = | (7772 / 49715) | / | (6975 / 58186) |
| = | 0.156331 | / | 0.119874 |
| | = | 1.3041 |
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) |
| = | (6684 / 58186) | / | (6698 / 49715) |
| = | 0.114873 | / | 0.134728 |
| | = | 0.8526 |
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 - (12248 + 45804) / 70982) | / | (1 - (10598 + 44401) / 68108) |
| = | 0.182159 | / | 0.192474 |
| | = | 0.9464 |
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 |
| = | 49715 | / | 58186 |
| | = | 0.8544 |
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)) |
| = | (1974 / (1974 + 44401)) | / | (2072 / (2072 + 45804)) |
| = | 0.042566 | / | 0.043278 |
| | = | 0.9835 |
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) |
| = | (231 / 49715) | / | (241 / 58186) |
| = | 0.004646 | / | 0.004142 |
| | = | 1.1217 |
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) |
| = | ((27771 + 13131) / 70982) | / | ((26892 + 12265) / 68108) |
| = | 0.576231 | / | 0.574925 |
| | = | 1.0023 |
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 |
| = | (5532 - 476 | - | 7569) | / | 70982 |
| | = | -0.035403 |
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.
Enterprise Products Partners LP has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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