HP has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Helmerich & Payne Inc has a M-score of -2.97 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Helmerich & Payne Inc was -1.99. The lowest was -3.94. And the median was -2.73.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Helmerich & Payne Inc 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 * 0.9886||+||0.528 * 0.9707||+||0.404 * 0.5312||+||0.892 * 1.0466||+||0.115 * 0.9453|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0286||+||4.679 * -0.0687||-||0.327 * 0.9618|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $624 Mil.|
Revenue was 893.43 + 889.152 + 864.536 + 840.197 = $3,487 Mil.
Gross Profit was 413.263 + 415.104 + 391.366 + 389.207 = $1,609 Mil.
Total Current Assets was $1,389 Mil.
Total Assets was $6,488 Mil.
Property, Plant and Equipment(Net PPE) was $4,801 Mil.
Depreciation, Depletion and Amortization(DDA) was $481 Mil.
Selling, General & Admin. Expense(SGA) was $128 Mil.
Total Current Liabilities was $438 Mil.
Long-Term Debt was $80 Mil.
Net Income was 174.57 + 173.182 + 159.797 + 266.159 = $774 Mil.
Non Operating Income was 21.32 + -0.345 + 3.186 + 152.155 = $176 Mil.
Cash Flow from Operations was 235.153 + 304.858 + 235.542 + 267.33 = $1,043 Mil.
|Accounts Receivable was $603 Mil.
Revenue was 838.309 + 844.572 + 829.447 + 819.785 = $3,332 Mil.
Gross Profit was 376.572 + 377.701 + 382.112 + 355.85 = $1,492 Mil.
Total Current Assets was $932 Mil.
Total Assets was $6,012 Mil.
Property, Plant and Equipment(Net PPE) was $4,561 Mil.
Depreciation, Depletion and Amortization(DDA) was $429 Mil.
Selling, General & Admin. Expense(SGA) was $119 Mil.
Total Current Liabilities was $305 Mil.
Long-Term Debt was $195 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(624.108 / 3487.315)||/||(603.238 / 3332.113)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(415.104 / 3332.113)||/||(413.263 / 3487.315)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (1388.984 + 4801.236) / 6488.281)||/||(1 - (931.976 + 4560.562) / 6012.452)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(429.359 / (429.359 + 4560.562))||/||(480.791 / (480.791 + 4801.236))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(127.667 / 3487.315)||/||(118.596 / 3332.113)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((80 + 438.488) / 6488.281)||/||((195 + 304.537) / 6012.452)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(773.708 - 176.316||-||1042.883)||/||6488.281|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Helmerich & Payne Inc has a M-score of -2.97 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Helmerich & Payne Inc Annual Data
Helmerich & Payne Inc Quarterly Data