Keyera Beneish M-Score Historical Data
The historical data trend for Keyera'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.
Keyera Beneish M-Score Chart
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Keyera Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.78 |
-2.72 |
-1.85 |
-2.48 |
-2.89 |
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Keyera Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.43 |
-2.73 |
-2.77 |
-2.89 |
-3.02 |
Competitive Comparison of Keyera's Beneish M-Score
For the Oil & Gas Midstream subindustry, Keyera'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.
Keyera's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Keyera's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Keyera's Beneish M-Score falls into.
Keyera 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 Keyera 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 * 0.8859 | + | 0.528 * 0.8642 | + | 0.404 * 1.0032 | + | 0.892 * 0.9476 | + | 0.115 * 0.8204 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2338 | + | 4.679 * -0.056946 | - | 0.327 * 0.9591 |
| = | -3.02 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was C$646 Mil.
Revenue was 1520.686 + 2301.63 + 1462.765 + 1499.228 = C$6,784 Mil.
Gross Profit was 196.482 + 356.218 + 199.355 + 294.601 = C$1,047 Mil.
Total Current Assets was C$999 Mil.
Total Assets was C$8,662 Mil.
Property, Plant and Equipment(Net PPE) was C$7,437 Mil.
Depreciation, Depletion and Amortization(DDA) was C$337 Mil.
Selling, General, & Admin. Expense(SGA) was C$155 Mil.
Total Current Liabilities was C$926 Mil.
Long-Term Debt & Capital Lease Obligation was C$3,837 Mil.
Net Income was 70.914 + 49.192 + 78.112 + 158.939 = C$357 Mil.
Non Operating Income was -6.493 + -203.975 + -4.625 + 3.452 = C$-212 Mil.
Cash Flow from Operations was 398.04 + 230.739 + 197.422 + 235.836 = C$1,062 Mil.
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Total Receivables was C$769 Mil.
Revenue was 1789.503 + 1775.154 + 1718.059 + 1876.79 = C$7,160 Mil.
Gross Profit was 260.25 + 142.179 + 248.139 + 303.921 = C$954 Mil.
Total Current Assets was C$1,063 Mil.
Total Assets was C$8,912 Mil.
Property, Plant and Equipment(Net PPE) was C$7,618 Mil.
Depreciation, Depletion and Amortization(DDA) was C$281 Mil.
Selling, General, & Admin. Expense(SGA) was C$133 Mil.
Total Current Liabilities was C$914 Mil.
Long-Term Debt & Capital Lease Obligation was C$4,196 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) |
| = | (645.503 / 6784.309) | / | (768.928 / 7159.506) |
| = | 0.095146 | / | 0.1074 |
| | = | 0.8859 |
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) |
| = | (954.489 / 7159.506) | / | (1046.656 / 6784.309) |
| = | 0.133318 | / | 0.154276 |
| | = | 0.8642 |
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 - (998.759 + 7437.271) / 8661.541) | / | (1 - (1063.23 + 7617.627) / 8912.144) |
| = | 0.026036 | / | 0.025952 |
| | = | 1.0032 |
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 |
| = | 6784.309 | / | 7159.506 |
| | = | 0.9476 |
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)) |
| = | (280.802 / (280.802 + 7617.627)) | / | (336.877 / (336.877 + 7437.271)) |
| = | 0.035552 | / | 0.043333 |
| | = | 0.8204 |
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) |
| = | (155.218 / 6784.309) | / | (132.758 / 7159.506) |
| = | 0.022879 | / | 0.018543 |
| | = | 1.2338 |
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) |
| = | ((3837.319 + 925.877) / 8661.541) | / | ((4196.459 + 913.695) / 8912.144) |
| = | 0.549925 | / | 0.573392 |
| | = | 0.9591 |
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 |
| = | (357.157 - -211.641 | - | 1062.037) | / | 8661.541 |
| | = | -0.056946 |
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.
Keyera has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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