Energy Transfer LP Beneish M-Score Historical Data
The historical data trend for Energy Transfer 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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Energy Transfer 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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-2.52 |
-3.19 |
-1.79 |
-2.38 |
-2.65 |
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Energy Transfer 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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|
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-2.38 |
-2.78 |
-3.10 |
-2.68 |
-2.65 |
Competitive Comparison
For the Oil & Gas Midstream subindustry, Energy Transfer 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.
Energy Transfer LP Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Energy Transfer LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Energy Transfer LP's Beneish M-Score falls into.
Energy Transfer 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 Energy Transfer 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 * 1.2216 | + | 0.528 * 0.8629 | + | 0.404 * 1.1277 | + | 0.892 * 0.8744 | + | 0.115 * 1.0082 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1066 | + | 4.679 * -0.048268 | - | 0.327 * 0.9918 |
| = | -2.65 |
* 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 $9,215 Mil.
Revenue was 20532 + 20739 + 18320 + 18995 = $78,586 Mil.
Gross Profit was 3594 + 3573 + 3167 + 3326 = $13,660 Mil.
Total Current Assets was $12,433 Mil.
Total Assets was $113,698 Mil.
Property, Plant and Equipment(Net PPE) was $86,177 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,385 Mil.
Selling, General, & Admin. Expense(SGA) was $985 Mil.
Total Current Liabilities was $11,277 Mil.
Long-Term Debt & Capital Lease Obligation was $52,158 Mil.
Net Income was 1327 + 584 + 911 + 1113 = $3,935 Mil.
Non Operating Income was 135 + -478 + 137 + 74 = $-132 Mil.
Cash Flow from Operations was 1296 + 2373 + 2536 + 3350 = $9,555 Mil.
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Total Receivables was $8,627 Mil.
Revenue was 20501 + 22939 + 25945 + 20491 = $89,876 Mil.
Gross Profit was 3378 + 3393 + 3384 + 3325 = $13,480 Mil.
Total Current Assets was $12,081 Mil.
Total Assets was $105,643 Mil.
Property, Plant and Equipment(Net PPE) was $81,130 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,164 Mil.
Selling, General, & Admin. Expense(SGA) was $1,018 Mil.
Total Current Liabilities was $10,368 Mil.
Long-Term Debt & Capital Lease Obligation was $49,058 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) |
| = | (9215 / 78586) | / | (8627 / 89876) |
| = | 0.11726 | / | 0.095988 |
| | = | 1.2216 |
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) |
| = | (13480 / 89876) | / | (13660 / 78586) |
| = | 0.149984 | / | 0.173822 |
| | = | 0.8629 |
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 - (12433 + 86177) / 113698) | / | (1 - (12081 + 81130) / 105643) |
| = | 0.132702 | / | 0.117679 |
| | = | 1.1277 |
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 |
| = | 78586 | / | 89876 |
| | = | 0.8744 |
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)) |
| = | (4164 / (4164 + 81130)) | / | (4385 / (4385 + 86177)) |
| = | 0.048819 | / | 0.04842 |
| | = | 1.0082 |
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) |
| = | (985 / 78586) | / | (1018 / 89876) |
| = | 0.012534 | / | 0.011327 |
| | = | 1.1066 |
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) |
| = | ((52158 + 11277) / 113698) | / | ((49058 + 10368) / 105643) |
| = | 0.557925 | / | 0.562517 |
| | = | 0.9918 |
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 |
| = | (3935 - -132 | - | 9555) | / | 113698 |
| | = | -0.048268 |
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.
Energy Transfer LP has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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