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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.
ONEOK Inc has a M-score of signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of ONEOK Inc was 0.00. The lowest was 0.00. And the median was 0.00.
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 ONEOK 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 *||+||0.528 *||+||0.404 *||+||0.892 *||+||0.115 *|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 *||+||4.679 *||-||0.327 *|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $1,097 Mil.|
Revenue was 3066.882 + 3163.296 + 4140.111 + 3571.925 = $13,942 Mil.
Gross Profit was 495.48 + 510.627 + 651.654 + 561.188 = $2,219 Mil.
Total Current Assets was $2,060 Mil.
Total Assets was $14,385 Mil.
Property, Plant and Equipment(Net PPE) was $9,871 Mil.
Depreciation, Depletion and Amortization(DDA) was $353 Mil.
Selling, General & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,851 Mil.
Long-Term Debt was $7,197 Mil.
Net Income was 61.59 + 93.515 + 90.737 + 62.356 = $308 Mil.
Non Operating Income was 28.509 + 20.505 + 34.726 + 38.974 = $123 Mil.
Cash Flow from Operations was 45.924 + 490.383 + 273.221 + 233.265 = $1,043 Mil.
|Accounts Receivable was $1,159 Mil.
Revenue was 2768.984 + 2517.955 + 3659.924 + 3028.775 = $11,976 Mil.
Gross Profit was 412.758 + 371.107 + 604.32 + 553.972 = $1,942 Mil.
Total Current Assets was $1,890 Mil.
Total Assets was $15,842 Mil.
Property, Plant and Equipment(Net PPE) was $10,979 Mil.
Depreciation, Depletion and Amortization(DDA) was $350 Mil.
Selling, General & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $2,649 Mil.
Long-Term Debt was $6,511 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)|
|=||(1097.008 / 13942.214)||/||(1158.738 / 11975.638)|
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)|
|=||(510.627 / 11975.638)||/||(495.48 / 13942.214)|
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 - (2059.655 + 9870.664) / 14384.538)||/||(1 - (1889.589 + 10979.485) / 15842.274)|
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))|
|=||(349.925 / (349.925 + 10979.485))||/||(353.196 / (353.196 + 9870.664))|
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)|
|=||(0 / 13942.214)||/||(0 / 11975.638)|
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)|
|=||((7196.988 + 1851.171) / 14384.538)||/||((6511.359 + 2648.779) / 15842.274)|
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|
|=||(308.198 - 122.714||-||1042.793)||/||14384.538|
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.
ONEOK Inc has a M-score of signals that the company is likely to 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
ONEOK Inc Annual Data
ONEOK Inc Quarterly Data