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Enterprise Products Partners L.P. earnings quality score

How much of the reported profit is backed by cash, and how many markers of managed earnings the filings show

Score62 / 100 · grade C · rank 634 of 1027

Enterprise Products Partners L.P. (EPD) scores 62 of 100 for earnings quality, grade C: rank 634 of 1027 companies and 34 of 55 in utilities. It loses the most points on accruals of -3.6% of assets, higher than 56% of companies (profit backed by cash), Montier C-score 2 of 4 checks failed, Piotroski F-score 6 of 9. It earns full or near-full marks for adjusted and GAAP earnings agree.

What earned and lost points

ComponentWhat the filings showPointsOf
Accrualsaccruals of -3.6% of assets, higher than 56% of companies (profit backed by cash)1329
Montier C-scoreMontier C-score 2 of 4 checks failed1121
Discretionary accrualsdiscretionary accruals of -0.9% of assets (modified Jones), smaller than most1214
Piotroski F-scorePiotroski F-score 6 of 91014
Non-GAAP gapadjusted and GAAP earnings agree1414
Earnings smoothnessprofit steadier than cash flow (smoothness 0.38)37
EPD: share of the available points, by componentEPD: share of the available points, by componentAccruals44%Discretionary accruals85%Montier C-score50%Piotroski F-score66%Non-GAAP gap99%Earnings smoothness37%

How the score is built

Eight published measures, each scored against the whole universe or on its own scale and weighted: accruals 20, discretionary accruals 10, Beneish M 15, Dechow F 15, Montier C 15, Piotroski F 10, the non-GAAP gap 10, smoothness 5. A measure that cannot be computed (Beneish for a bank, say) drops out and the rest is rescaled, so every company is scored on what applies to it.

Every company ranked → The full quality workbench, live → Enterprise Products Partners L.P.: cash flow →

Computed from the companies’ own XBRL filings (latest fiscal year) by published formulas; a statistical screen, not an audit or an accusation. A low score means the reported profit shows more of the markers of managed or low-quality earnings than its peers. Not investment advice.