Star Group, L.P.
SGU Energy Oil & Gas Refining & Marketing
Star Group, L.P.’s revenue for fiscal 2025 (year ended September 2025) was $1.8 billion, up 1.04% from fiscal 2024. In the quarter to June 2026, revenue grew 17.2%, EPS fell 75.0%, free cash flow grew 68.5% and total debt fell 10.7%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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Star Group, L.P. (SGU) Beneish M-score
Star Group, L.P.'s Beneish M-score for fiscal 2025 is −2.40; 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 | −2.40 | 0.74 |
| FY2024 | −3.14 | (0.03) |
| FY2023 | −3.11 | (1.11) |
| FY2022 | −2.01 | 0.16 |
| FY2021 | −2.16 | 1.31 |
| FY2020 | −3.48 | (0.40) |
| FY2019 | −3.07 | (0.97) |
| FY2018 | −2.11 | 0.02 |
| FY2017 | −2.12 | 0.93 |
| FY2016 | −3.05 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.06 | — | 0.98 | |
| Gross margin index | 0.90 | — | 0.48 | |
| Asset quality index | 1.09 | — | 0.44 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 1.07 | — | 0.12 | |
| SG&A index | 1.08 | — | −0.19 | |
| Total accruals to total assets | 0.00 | — | 0.01 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.40 | ||
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 |
|---|---|
| CLNE Clean Energy Fuels Corp. compare | −4.0× |
| WKC World Kinect Corporation compare | −3.4× |
| CSANY Cosan S.A. Sponsored ADR compare | −3.4× |
| DK Delek US Holdings, Inc. compare | −3.3× |
| PARR Par Pacific Holdings, Inc. compare | −3.0× |
| CAPL CrossAmerica Partners LP compare | −2.9× |
| SGU Star Group, L.P. | −2.4× |
| DKL Delek Logistics Partners, L.P. compare | −0.5× |
| SHI SINOPEC Shangai Petrochemical Company, Ltd. 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