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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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Plains GP Holdings LP's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Plains GP Holdings LP was -1.28. The lowest was -3.48. And the median was -2.66.
The historical data trend for Plains GP Holdings 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.
Plains GP Holdings LP Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.48 | -2.65 | -1.69 | -2.78 | -3.14 |
Plains GP Holdings LP Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.48 | -2.87 | -3.14 | -3.00 | -2.66 |
For the Oil & Gas Midstream subindustry, Plains GP Holdings 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.
For the Oil & Gas industry and Energy sector, Plains GP Holdings LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Plains GP Holdings LP's Beneish M-Score falls into.
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 Plains GP Holdings 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 * 1.3472 | + | 0.528 * 0.9927 | + | 0.404 * 0.91 | + | 0.892 * 0.9701 | + | 0.115 * 0.99 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1276 | + | 4.679 * -0.085046 | - | 0.327 * 1.0345 | |||||||
= | -2.66 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $4,208 Mil. Revenue was 12933 + 11995 + 12698 + 12071 = $49,697 Mil. Gross Profit was 818 + 824 + 866 + 704 = $3,212 Mil. Total Current Assets was $5,380 Mil. Total Assets was $28,667 Mil. Property, Plant and Equipment(Net PPE) was $15,928 Mil. Depreciation, Depletion and Amortization(DDA) was $1,045 Mil. Selling, General, & Admin. Expense(SGA) was $373 Mil. Total Current Liabilities was $5,398 Mil. Long-Term Debt & Capital Lease Obligation was $7,490 Mil. Net Income was 39 + 42 + 52 + 29 = $162 Mil. Non Operating Income was 109 + 90 + 117 + 121 = $437 Mil. Cash Flow from Operations was 652 + 418 + 1010 + 83 = $2,163 Mil. |
Total Receivables was $3,220 Mil. Revenue was 11602 + 12341 + 12952 + 14336 = $51,231 Mil. Gross Profit was 798 + 761 + 702 + 1026 = $3,287 Mil. Total Current Assets was $4,660 Mil. Total Assets was $28,167 Mil. Property, Plant and Equipment(Net PPE) was $15,561 Mil. Depreciation, Depletion and Amortization(DDA) was $1,010 Mil. Selling, General, & Admin. Expense(SGA) was $341 Mil. Total Current Liabilities was $4,654 Mil. Long-Term Debt & Capital Lease Obligation was $7,587 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) |
= | (4208 / 49697) | / | (3220 / 51231) | |
= | 0.084673 | / | 0.062853 | |
= | 1.3472 |
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) | |
= | (3287 / 51231) | / | (3212 / 49697) | |
= | 0.06416 | / | 0.064632 | |
= | 0.9927 |
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 - (5380 + 15928) / 28667) | / | (1 - (4660 + 15561) / 28167) | |
= | 0.256706 | / | 0.282103 | |
= | 0.91 |
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 | |
= | 49697 | / | 51231 | |
= | 0.9701 |
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)) |
= | (1010 / (1010 + 15561)) | / | (1045 / (1045 + 15928)) | |
= | 0.06095 | / | 0.061568 | |
= | 0.99 |
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) |
= | (373 / 49697) | / | (341 / 51231) | |
= | 0.007505 | / | 0.006656 | |
= | 1.1276 |
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) |
= | ((7490 + 5398) / 28667) | / | ((7587 + 4654) / 28167) | |
= | 0.449576 | / | 0.434587 | |
= | 1.0345 |
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 | |
= | (162 - 437 | - | 2163) | / | 28667 | |
= | -0.085046 |
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.
Plains GP Holdings LP has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Plains GP Holdings LP's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Willie Cw Chiang | director, officer: Chairman & CEO | 370 17TH STREET, SUITE 2775, DENVER CO 80202 |
Jeremy L. Goebel | officer: EVP & CCO | 333 CLAY STREET, SUITE 1600, HOUSTON TX 77002 |
Ellen Desanctis | director | 12326 OLD OAKS, HOUSTON TX 77024 |
Kevin S Mccarthy | director | C/O KAYNE ANDERSON CAPITAL ADVISORS, LP, 1800 AVENUE OF THE STARS, SECOND FLOOR, LOS ANGELES CA 90067 |
Gary R Petersen | director | 210 HEDWIG, HOUSTON TX 77019 |
Victor Burk | director | C/O ENERVEST MANAGEMENT PARTNERS LTD, 1001 FANNIN STREET, SUITE 800, HOUSTON TX 77002 |
Lawrence Michael Ziemba | director | 600 NORTH DAIRY ASHFORD, HOUSTON TX 77079 |
John T Raymond | director | THE ENERGY & MINERALS GROUP, 811 MAIN STREET, SUITE 4200, HOUSTON TX 77002 |
Alexandra Pruner | director | 1201 LAKE ROBBINS DRIVE, THE WOODLANDS TX 77380 |
Bobby S Shackouls | director | 5051 WESTHEIMER, STE 1400, HOUSTON TX 77056-5604 |
Chris Temple | director | 3953 MAPLE AVENUE, SUITE 180, DALLAS TX 75219 |
Emg Investment, Llc | director, See Remarks | 1401 MCKINNEY STREET, SUITE 1025, HOUSTON TX 77010 |
Robert V Sinnott | director | 1800 AVENUE OF THE STARS, 3RD FLOOR, LOS ANGELES CA 90067 |
Greg L Armstrong | director, 10 percent owner, officer: Chairman & CEO | |
Harry N Pefanis | officer: President & COO | 333 CLAY STREET, STE 1600, HOUSTON TX 77002 |
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