Genesis Energy, L.P.
GEL Energy Oil & Gas Midstream
In the quarter to June 2026, revenue grew 41.0%, EPS grew 316.7%, free cash flow grew 2,417.5% and total debt rose 3.10%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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Genesis Energy, L.P. (GEL) Beneish M-score
Genesis Energy, L.P.'s Beneish M-score for fiscal 2025 is −2.91; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.91 | (0.02) |
| FY2024 | −2.88 | (0.21) |
| FY2023 | −2.67 | (0.59) |
| FY2022 | −2.09 | 0.68 |
| FY2021 | −2.77 | 0.29 |
| FY2020 | −3.05 | (0.65) |
| FY2019 | −2.40 | 0.35 |
| FY2018 | −2.76 | (1.17) |
| FY2017 | −1.59 | 1.21 |
| FY2016 | −2.79 | 0.22 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.29 | — | 1.19 | |
| Gross margin index | 0.81 | — | 0.43 | |
| Asset quality index | 0.40 | — | 0.16 | |
| Sales growth index | 0.98 | — | 0.88 | |
| Depreciation index | 1.20 | — | 0.14 | |
| SG&A index | 1.51 | — | −0.26 | |
| Total accruals to total assets | (0.05) | — | −0.21 | |
| Leverage index | 1.18 | — | −0.39 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.91 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| FLNG Flex LNG Ltd. compare | −3.2× |
| NGL NGL Energy Partners LP compare | −3.2× |
| GEL Genesis Energy, L.P. | −2.9× |
| NVGS Navigator Holdings Ltd. compare | −2.6× |
| GLP Global Partners LP compare | −2.5× |
| NAT Nordic American Tankers Limited compare | −2.4× |
| TEN Tsakos Energy Navigation Ltd compare | −2.2× |
| LPG Dorian LPG Ltd. compare | −1.8× |
| PBT Permian Basin Royalty Trust compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI